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 $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 a. b. C. Job 202 Total direct 72,800 9,120 81,920 c. Time tickets show the following labor used for the month. $ Job 201 Beginning Balance materials Indirect materials. Total materials used Ending balance 48,700 24,100 39,700 13,100 Job 202 Total direct labor Indirect labor Total labor used 77,500 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 $165,260 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory 52,800 24,700 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. Answer is not complete. equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs 15,780 Raw Materials Inventory 0 101,900x 32,500 550 850 3,500 $ 37,400 75,600X 10,520x Beginning Balance b. d. 1. e. Work in Process Inventory 0 X 75,600x 55,600x 60,480X 131,280X
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 $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 a. b. C. Job 202 Total direct 72,800 9,120 81,920 c. Time tickets show the following labor used for the month. $ Job 201 Beginning Balance materials Indirect materials. Total materials used Ending balance 48,700 24,100 39,700 13,100 Job 202 Total direct labor Indirect labor Total labor used 77,500 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 $165,260 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory 52,800 24,700 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. Answer is not complete. equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs 15,780 Raw Materials Inventory 0 101,900x 32,500 550 850 3,500 $ 37,400 75,600X 10,520x Beginning Balance b. d. 1. e. Work in Process Inventory 0 X 75,600x 55,600x 60,480X 131,280X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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 $100,500 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
$
Job 201
a.
b.
C.
Job 202
Total direct
materials
Indirect materials,
Beginning
Balance
Total materials
used
Ending
balance
c. Time tickets show the following labor used for the month.
Job 201
$
Job 202
Total direct
labor
Indirect labor
48,700
24, 100
72,800
9,120
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 $165,260 on credit.
$
81,920
S
Total labor used 77,500
g. Incurred the following actual other overhead costs for the month.
Depreciation of factory
$
32,500
550
850
3,500
$
37,400
39,700
13,100
52,800
24,700
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
Answer is not complete.
✓ 101,900X
X
equipment
Rent on factory building
(payable)
Factory utilities (payable)
Expired factory insurance
Total other factory
overhead costs
Raw Materials Inventory
0
15,780
75,600X
10,520X
Beginning
Balance
b.
d.
f.
e.
Work in Process Inventory
0
>>× ×
X
75,600X
55,600X
60,480X
131,280X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed7684a8-5e4a-4bcf-86c5-d02b96c96db4%2F479b5128-e7cf-41a5-8c74-ec8b9d888908%2F4pfpa5h_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 $100,500 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
$
Job 201
a.
b.
C.
Job 202
Total direct
materials
Indirect materials,
Beginning
Balance
Total materials
used
Ending
balance
c. Time tickets show the following labor used for the month.
Job 201
$
Job 202
Total direct
labor
Indirect labor
48,700
24, 100
72,800
9,120
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 $165,260 on credit.
$
81,920
S
Total labor used 77,500
g. Incurred the following actual other overhead costs for the month.
Depreciation of factory
$
32,500
550
850
3,500
$
37,400
39,700
13,100
52,800
24,700
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
Answer is not complete.
✓ 101,900X
X
equipment
Rent on factory building
(payable)
Factory utilities (payable)
Expired factory insurance
Total other factory
overhead costs
Raw Materials Inventory
0
15,780
75,600X
10,520X
Beginning
Balance
b.
d.
f.
e.
Work in Process Inventory
0
>>× ×
X
75,600X
55,600X
60,480X
131,280X
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