а. sed $100, materials on crec b. Materials requisitions show the following materials used for the month. $ 48,300 23,700 72,000 8,720 $ 80,720 Job 201 Job 202 Total direct materials Indirect materials Total materials used c. Time tickets show the following labor used for the month. $ 39,300 12,700 52,000 Job 201 Job 202 Total direct labor 24,300 $ 76,300 Indirect labor Total labor used
а. sed $100, materials on crec b. Materials requisitions show the following materials used for the month. $ 48,300 23,700 72,000 8,720 $ 80,720 Job 201 Job 202 Total direct materials Indirect materials Total materials used c. Time tickets show the following labor used for the month. $ 39,300 12,700 52,000 Job 201 Job 202 Total direct labor 24,300 $ 76,300 Indirect labor Total labor used
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $100,100 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201
$ 48,300
Job 202
23,700
72,000
8,720
Total direct materials
Indirect materials
Total materials used
$ 80,720
c. Time tickets show the following labor used for the month.
Job 201
$ 39,300
12,700
52,000
24,300
$ 76,300
Job 202
Total direct labor
Indirect labor
Total labor used
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 $164,060 on credit. (2) Record cost of goods sold for Job 201.
g. Incurred the following actual other overhead costs for the month.
$ 32,100
Depreciation of factory equipment
Rent on factory building (payable)
Factory utilities (payable)
510
810
Expired factory insurance
3,100
Total other factory overhead costs
$ 36,520
1. Prepare a job cost sheet for Job 201 and for Job 202 for the month.
2. Compute gross profit on the sale of Job 201.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare a job cost sheet for Job 201 and for Job 202 for the month.
Job Number 201 Job Number 202
Materials
Labor
Overhead
Total cost
$
0 $](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa364cc5d-3edb-4088-86c7-74e13c8a5163%2F4bce70f4-519d-4653-8ef4-c3337cacaa20%2Fb842ful_processed.png&w=3840&q=75)
Transcribed Image Text:!
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 $100,100 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201
$ 48,300
Job 202
23,700
72,000
8,720
Total direct materials
Indirect materials
Total materials used
$ 80,720
c. Time tickets show the following labor used for the month.
Job 201
$ 39,300
12,700
52,000
24,300
$ 76,300
Job 202
Total direct labor
Indirect labor
Total labor used
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 $164,060 on credit. (2) Record cost of goods sold for Job 201.
g. Incurred the following actual other overhead costs for the month.
$ 32,100
Depreciation of factory equipment
Rent on factory building (payable)
Factory utilities (payable)
510
810
Expired factory insurance
3,100
Total other factory overhead costs
$ 36,520
1. Prepare a job cost sheet for Job 201 and for Job 202 for the month.
2. Compute gross profit on the sale of Job 201.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare a job cost sheet for Job 201 and for Job 202 for the month.
Job Number 201 Job Number 202
Materials
Labor
Overhead
Total cost
$
0 $
Transcribed Image Text:Required 1
Required 2
Compute gross profit on the sale of Job 201.
Job 201
Gross Profit
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
Raw Materials Inventory
Work in Process Inventory
Beginning Balance
Beginning Balance
Ending balance
Ending balance
Factory Overhead
Finished Goods Inventory
Beginning Balance
Beginning Balance
Ending balance
Ending balance
Cost of Goods Sold
Beginning Balance
Ending balance
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