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 $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 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 $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs

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 $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 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 $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Describe and use the purchases jornal. What steps are followed in posting from the purchases journal to the general ledger ?
how is forcasting part of the bookkeeping process
The process of making the units of the filing name (pr segment) by which the record is to be stored is called:
Assume Sheffield uses a perpetual system. Prepare all necessary journal entries
Explain General Journal, Ledger and trial balance.
Why are transactions recorded in the journal? Group of answer choices To ensure that total debit equal total credits To help prepare the financial statements To ensure that all transactions are posted to the ledger To have a chronological record of all transactions
Draw the diamond rule structure that help in recording journal entries in debit and credit columns in General Journal. Explain the structure and its parts.
What is the process of recording a transaction in the journal called? Group of answer choices journalizing posting charting ledgering
It is the process of transferring the entries recorded in the journal to the respective accounts opened in the general ledger. a. Bookkeeping b. Posting c. Accounting d. Journalizing
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
Which of these processes leads to the preparation of Journal? O a. Classifying O b. Recording O c. Communication O d. Summarizing
The Ledger Where are the opening balances located when posting the journal entries? When are they used? Explain and provide example please.