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Information H Mig. s a. Purchased $100,000 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 $48,200 23,600 71,800 8,620 $80,420 for its first month of operations follows. c. Time tickets show the following labor used for the month. Job 201 $39,200 Job 202 12,600 Total direct labor 51,800 Indirect labor 24,200 Total labor used $76,000 . 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. f. Sold Job 201 for $163,760 on credit. 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 Preporo ai $32,000 500 800 3,000 $36,300 Exercise 19-6 Computing job gross profit P phoot for Job 201 and for Job 202 for the month. Use the following simplified form.

Information H Mig. s a. Purchased $100,000 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 $48,200 23,600 71,800 8,620 $80,420 for its first month of operations follows. c. Time tickets show the following labor used for the month. Job 201 $39,200 Job 202 12,600 Total direct labor 51,800 Indirect labor 24,200 Total labor used $76,000 . 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. f. Sold Job 201 for $163,760 on credit. 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 Preporo ai $32,000 500 800 3,000 $36,300 Exercise 19-6 Computing job gross profit P phoot for Job 201 and for Job 202 for the month. Use the following simplified form.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Information on Kwon Mfg.'s activities for its first month of operations follows. a. Purchased $100,000 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 $48,200 23,600 71,800 8,620 $80,420 c. Time tickets show the following labor used for the month. Job 201 $39,200 Job 202 12,600 Total direct labor 51,800 Indirect labor 24,200 Total labor used $76,000 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 $163,760 on credit. 9. 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 $32,000 500 800 3,000 Job No. Materials. Labor... Overhead Total cost Total other factory overhead costs $36,300 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. Use the following simplified form. Exercise 19-6 Computing job costs and gross profit P1 P2 P3 2. Compute gross profit on the sale of Job 201.
Transcribed Image Text:Information on Kwon Mfg.'s activities for its first month of operations follows. a. Purchased $100,000 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 $48,200 23,600 71,800 8,620 $80,420 c. Time tickets show the following labor used for the month. Job 201 $39,200 Job 202 12,600 Total direct labor 51,800 Indirect labor 24,200 Total labor used $76,000 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 $163,760 on credit. 9. 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 $32,000 500 800 3,000 Job No. Materials. Labor... Overhead Total cost Total other factory overhead costs $36,300 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. Use the following simplified form. Exercise 19-6 Computing job costs and gross profit P1 P2 P3 2. Compute gross profit on the sale of Job 201.
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