! Required information [The following information applies to the questions displayed below.] Information on Kwon Manufac

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Required Information The Following Information Applies To The Questions Displayed Below Information On Kwon Manufac 1 (108.38 KiB) Viewed 11 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 Job 201 Job 202 Total direct labor. Indirect labor. Total labor used. 72,600 9,020 $ 81,620 c. Time tickets show the following labor used for the month. $ 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

Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 Record materials purchases. Transaction a. 2 Note: Enter debits before credits. 3 Record entry 4 General Journal Raw materials purchased 5 Clear entry 6 7 8 9 Debit 10 Credit 100,400 View general journal

View transaction list Journal entry worksheet 1 2 Record direct materials used. Transaction b(1). 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal

View transaction list Journal entry worksheet 1 2 Transaction b(2). 3 Record indirect materials used. Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal

View transaction list Journal entry worksheet 1 2 Record direct labor used. Transaction c(1). 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal

View transaction list Journal entry worksheet < 1 2 Record indirect labor used. Transaction c(2). 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 9 10 Debit Credit View general journal

View transaction list Journal entry worksheet 1 2 Transaction d. 3 Note: Enter debits before credits. Record entry 4 5 Record overhead applied to jobs at the rate of 80% of direct materials cost. General Journal 6 Clear entry 7 8 9 Debit 10 Credit View general journal

View transaction list Journal entry worksheet 1 Transaction e. 2 Record the completion of Job 201. Note: Enter debits before credits. 3 Record entry 4 5 6 General Journal Clear entry 7 8 Debit 9 10 Credit View general journal

View transaction list Journal entry worksheet 1 2 Transaction f(1). 3 Record the sale of job 201 on credit. Note: Enter debits before credits. Record entry 4 5 6 7 General Journal Clear entry 8 Debit 9 10 Credit View general journal

View transaction list Journal entry worksheet 1 2 Record the cost of job 201. Transaction f(2). 3 Note: Enter debits before credits. Record entry 4 5 6 7 8 General Journal Clear entry Debit 9 10 Credit View general journal

View transaction list Journal entry worksheet 1 Record other actual factory overhead costs. 2 3 4 5 6 7 8 Note: Enter debits before credits. Transaction g. Record entry General Journal Clear entry Debit 9 10 Credit View general journal