Information on Kwon Manufacturing's activities for its first month of operations follows: Purchased $100,900 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,100 Job 202 24,500 Total direct materials 73,600 Indirect materials 9,520 Total materials used $ 83,120 Time tickets show the following labor used for the month. Job 201 $ 40,100 Job 202 13,500 Total direct labor 53,600 Indirect labor 25, 100 Total labor used $ 78,700 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. Sold Job 201 for $166,460 on credit. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,900 Rent on factory building (payable) 590 Factory utilities ( payable) 890 Expired factory insurance 3,900 Total other factory overhead costs $ 38,280 Prepare a job cost sheet for Job 201 and for Job 202 fo

Information on Kwon Manufacturing's activities for its first month of operations follows: Purchased $100,900 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,100 Job 202 24,500 Total direct materials 73,600 Indirect materials 9,520 Total materials used $ 83,120 Time tickets show the following labor used for the month. Job 201 $ 40,100 Job 202 13,500 Total direct labor 53,600 Indirect labor 25, 100 Total labor used $ 78,700 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. Sold Job 201 for $166,460 on credit. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,900 Rent on factory building (payable) 590 Factory utilities ( payable) 890 Expired factory insurance 3,900 Total other factory overhead costs $ 38,280 Prepare a job cost sheet for Job 201 and for Job 202 fo

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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