6 a. Purchased $101,800 of raw materials on credit.b. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materials.Indirect materialsTotal materials used4c. Time tickets show the following labor used for the month.Job 201Job 202Total direct laborIndirect laborTotal labor used$ 50,00025, 40075,40010, 420$ 85, 820$ 41,00014,400d. 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.View transaction list55,40026,000$ 81,400f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201.g. Incurred the following actual other overhead costs for the month.Depreciation of factory equipmentRent on factory building (payable)Factory utilities (payable)Expired factory insuranceTotal other factory overhead costsRecord direct labor used.pare journal entries to record the transactions reflected in items a through g.$ 33, 8006809804,800$ 40, 2605 Record indirect labor used.6 Record overhead applied to jobs at the rate of 80% ofdirect materials cost.7Record the completion of Job 201.8 Record the sale of job 201 on credit.9 Record the cost of goods sold for Job 201.10Record other actual factory overhead costs.X10Credit Information on Kwon Manufacturing's activities for its first month of operations follows:1a. Purchased $101,800 of raw materials on credit.b. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materialsIndirect materialsTotal materials used34c. Time tickets show the following labor used for the month.Job 201Job 202Total direct labor.Indirect laborTotal labor usedView transaction list$ 50,00025, 40075, 40010, 420$ 85, 820Record materials purchases.2 Record direct materials used.$ 41,00014, 400d. 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 $169,160 on credit. (2) Record cost of goods sold for Job 201.g. Incurred the following actual other overhead costs for the month.repare journal entries to record the transactions reflected in items a through g.55,40026,000$ 81,400Depreciation of factory equipmentRent on factory building (payable)Factory utilities (payable)Expired factory insuranceTotal other factory overhead costs$ 33,8006809804,800$ 40, 260Record indirect materials used.Record direct labor used.5 Record indirect labor used.6 Record overhead applied to jobs at the rate of 80% ofdirect materials cost.X10Credit

The journal entries are prepared to record the transactions on the regular basis. The direct costs…

a. Purchased $101,800 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 $ 50,000 25, 400 75, 400 10, 420 $ 85, 820 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor. Indirect labor Total labor used $ 41,000 14,400 55,400 26,000 $ 81,400 d. 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 $169,160 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 equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,800 680 980 4,800 $ 40, 260

a. Purchased $101,800 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 $ 50,000 25, 400 75, 400 10, 420 $ 85, 820 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor. Indirect labor Total labor used $ 41,000 14,400 55,400 26,000 $ 81,400 d. 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 $169,160 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 equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,800 680 980 4,800 $ 40, 260

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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