Required Information The Following Information Applies To The Questions Displayed Below Information On Kwon Manufactu 1 (120.6 KiB) Viewed 8 times
Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,400 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials. Total materials used $ 48,600 24,000 72,600 9,020 $ 81,620 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used. $ 39,600 13,000 52,600 24,600 $ 77,200 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $164,960 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 32,400 540 840 3,400 $ 37,180
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. Beginning Balance Ending balance Beginning Balance Ending balance Beginning Balance Ending balance Raw Materials Inventory 0 0 Factory Overhead 0 Cost of Goods Sold 0 0 Beginning Balance Ending balance Beginning Balance Ending balance Work in Process Inventory 0 0 Finished Goods Inventory 0 0
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