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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 $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 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 $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs

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 $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 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 $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs

FINANCIAL ACCOUNTING
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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Prepare 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 $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 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 $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs
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 $102,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50,200 Job 202 25,600 Total direct materials 75,800 Indirect materials 10,620 Total materials used $ 86,420 c. Time tickets show the following labor used for the month. Job 201 $ 41,200 Job 202 14,600 Total direct labor Indirect labor Total labor used 55,800 26,200 $ 82,000 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 $169,760 on credit. g. Incurred the following actual other overhead costs for the month. $ 34,000 700 1,000 5,000 $ 40,700 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs
Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 2 Record materials purchases. Transaction a. Note: Enter debits before credits. 3 4 5 6 7 8 9 10 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 2 Record materials purchases. Transaction a. Note: Enter debits before credits. 3 4 5 6 7 8 9 10 Record entry General Journal Clear entry Debit Credit View general journal
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