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 $100,400 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 48,600 Job 202 Total direct materials Indirect materials Total materials used 24,000 72,600 9,020 $ 81,620 c. Time tickets show the following labor used for the month. $ 39,600 Job 201 Job 202 Total direct labor Indirect labor Total labor used 13,000 52,600 24,600 $ 77,200 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 $164,960 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,400 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs 540 840 3,400 $ 37,180 epare journal entries to record the transactions reflected in Items a through g.
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 $100,400 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 48,600 Job 202 Total direct materials Indirect materials Total materials used 24,000 72,600 9,020 $ 81,620 c. Time tickets show the following labor used for the month. $ 39,600 Job 201 Job 202 Total direct labor Indirect labor Total labor used 13,000 52,600 24,600 $ 77,200 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 $164,960 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,400 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs 540 840 3,400 $ 37,180 epare journal entries to record the transactions reflected in Items a through g.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
2
![!
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 $100,400 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
$ 48,600
24,000
72,600
9,020
$ 81,620
Job 201
Job 202
Total direct materials.
Indirect materials
Total materials used
c. Time tickets show the following
Job 201
Job 202
Total direct labor
Indirect labor
Total labor used.
labor used for the month.
$ 39,600
13,000
52,600
24,600
$ 77,200
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 $164,960 on credit.
g. Incurred the following actual other overhead costs for the month.
Depreciation of factory equipment
$ 32,400
Rent on factory building (payable)
Factory utilities (payable)
Expired factory insurance
Total other factory overhead costs
540
840
3,400
$ 37,180
Prepare Journal entries to record the transactions reflected in Items a through g.
No
1
2
3
4
Required information
5
6
7
8
9
10
Transaction
a.
b(1).
b(2).
c(1).
c(2).
d.
e.
f(1).
f(2).
9.
Raw materials inventory
Accounts payable
Factory overhead
Work in process inventory
Raw materials inventory
Work in process inventory
Factory wages payable
Raw materials inventory
Factory overhead
Factory wages payable
Work in process inventory
Factory overhead
Accounts receivable
Sales
X Answer is not complete.
Finished goods inventory
Work in process inventory
Cost of goods sold
General Journal
Factory overhead
Finished goods inventory
Prepaid insurance
Rent payable
Utilities payable
Accumulated depreciation-Factory equipment
✔
✔
✓
✔
lala
›› ››
✔
✔
33 33
✔
✓
✓
✓✔
✔
✔
✓
♥
✔
✓
Debit
100,400✔
72,600✔
9,020✔
52,600✔
24,600✔
58,080✔
127,080✔
164,960✔
127,080✔
37,180✔
Credit
100,400✔
72,600✔
9,020✔
52,600
24,600✔
127,080✔
164,960
127,080✔
333 3
32,400✔
3,400✔
540
›
840✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e7d43b9-cd52-4428-a787-0f17b47f4dde%2F523b5754-390e-4e57-9315-331c941f8401%2Frp6ij3n_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 $100,400 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
$ 48,600
24,000
72,600
9,020
$ 81,620
Job 201
Job 202
Total direct materials.
Indirect materials
Total materials used
c. Time tickets show the following
Job 201
Job 202
Total direct labor
Indirect labor
Total labor used.
labor used for the month.
$ 39,600
13,000
52,600
24,600
$ 77,200
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 $164,960 on credit.
g. Incurred the following actual other overhead costs for the month.
Depreciation of factory equipment
$ 32,400
Rent on factory building (payable)
Factory utilities (payable)
Expired factory insurance
Total other factory overhead costs
540
840
3,400
$ 37,180
Prepare Journal entries to record the transactions reflected in Items a through g.
No
1
2
3
4
Required information
5
6
7
8
9
10
Transaction
a.
b(1).
b(2).
c(1).
c(2).
d.
e.
f(1).
f(2).
9.
Raw materials inventory
Accounts payable
Factory overhead
Work in process inventory
Raw materials inventory
Work in process inventory
Factory wages payable
Raw materials inventory
Factory overhead
Factory wages payable
Work in process inventory
Factory overhead
Accounts receivable
Sales
X Answer is not complete.
Finished goods inventory
Work in process inventory
Cost of goods sold
General Journal
Factory overhead
Finished goods inventory
Prepaid insurance
Rent payable
Utilities payable
Accumulated depreciation-Factory equipment
✔
✔
✓
✔
lala
›› ››
✔
✔
33 33
✔
✓
✓
✓✔
✔
✔
✓
♥
✔
✓
Debit
100,400✔
72,600✔
9,020✔
52,600✔
24,600✔
58,080✔
127,080✔
164,960✔
127,080✔
37,180✔
Credit
100,400✔
72,600✔
9,020✔
52,600
24,600✔
127,080✔
164,960
127,080✔
333 3
32,400✔
3,400✔
540
›
840✔
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education