Information on Kwon Manufacturing's activities for its first month of operations follows:a. Purchased $100,000 of raw materials on credit.b. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materialsIndirect materialsTotal materials used.Job 201Job 202Total direct labor$ 48,20023,600c. Time tickets show the following labor used for the month.Indirect laborTotal labor used71,8008,620$ 80,420$ 39,20012,60051,80024,200$ 76,000d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost.e. Transferred Job 201 to Finished Goods Inventory.f. (1) Sold Job 201 for $163,760 on credit. (2) Record cost of goods sold for Job 201.g. Incurred the following actual other overhead costs for the month.Depreciation of factory equipmentRent on factory building (payable)Factory utilities (payable)Expired factory insurance.Total other factory overhead costs$ 32,0005008003,000$ 36,300 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.Beginning BalanceEnding balanceBeginning BalanceEnding balanceBeginning BalanceEnding balanceRaw Materials Inventory0Factory Overhead0Cost of Goods Sold00Beginning BalanceEnding balanceBeginning BalanceEnding balanceWork In Process Inventory0Finished Goods Inventory00

The direct costs includes direct materials, direct labor and factory overhead applied costs. The…

Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,000 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 $ 48,200 23,600 71,800 8,620 $ 80,420 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $ 39,200 12,600 51,800 24,200

Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,000 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 $ 48,200 23,600 71,800 8,620 $ 80,420 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $ 39,200 12,600 51,800 24,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: X Company began manufacturing operations on January 1. The following information is for the year: Direct materials purchased $5,260 Direct materials used Overhead $4,198 $24,991 As of December 31, all jobs were finished, but there were four jobs that were not sold, with costs totaling $1,358. Cost of goods sold for the year was $38,987. What was direct labor for the year?
Journal Entries, T-Accounts Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,860 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $59,000 were transferred to Finished Goods. g. Jobs costing $58,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Required: $1,300 3,400 2,640 1 more notification 1. Prepare the journal entries for the preceding events.
Using the attached Prepare a schedule of cost of goods manufactured.
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Required information Skip to question [The following information applies to the questions displayed below.] Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $100,100 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 48,300 Job 202 23,700 Total direct materials 72,000 Indirect materials 8,720 Total materials used $ 80,720 Time tickets show the following labor used for the month. Job 201 $ 39,300 Job 202 12,700 Total direct labor 52,000 Indirect labor 24,300 Total labor used $ 76,300 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $164,060 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,100 Rent on factory building (payable) 510 Factory…
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $260 $ 240 $ 267 270 0 Cost of goods sold for May Finished goods inventory at the end of May 1 Work in process inventory at the end of May. Job 820 $ 240 $ 240 $ 250 $ 280 0 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $216 0 Job E50 $ 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished.…
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[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
15. During January, Ark employees worked on Job #479. At the end of the month, $714 of overhead had been applied to this job. Total Work in Process Inventory at the end of the month was $6,800 and all other jobs had a total cost of $3,981. What amount of direct material is included in Job #479? a. $677 b. $1,391 c. $2,142 d. $4,658
Kelley Company shows the following costs for three jobs worked on in April Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 387 Job 308 $31,000 22,080 11,000 $ 38,000 19,000 9,508 137,000 80,000 7 223,000 155,000 $ 101,000 105,000 7 Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $502,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are Indirect materials, $51,000; Indirect labor. $24,000; factory rent, $33,000; factory utilities. $20,000; and factory equipment depreciation. $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $610,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement…
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Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 213 $250 $ 230 $ 257 260 0 Job B20 $ 230 $ 230 $ 240 $ 270 0 0 Job C30 $ 222 $ 280 $ 150 $ 118 120 120 Job D40 $ 198 $ 180 $ 260 $212 0 0 Job E50 $255 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? $360 $290 $265 290 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end…