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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text: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
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