Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,600 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 $ 49,800 25,200 75,000 10,220 $ 85,220 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used. $ 40,800 14,200 55,000 25,800 $ 80,800 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 $168,560 on credit. (2) Record cost of goods sold for Job 201. g. 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 $ 33,600 660 960 4,600 $ 39,820

Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,600 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 $ 49,800 25,200 75,000 10,220 $ 85,220 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used. $ 40,800 14,200 55,000 25,800 $ 80,800 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 $168,560 on credit. (2) Record cost of goods sold for Job 201. g. 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 $ 33,600 660 960 4,600 $ 39,820

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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Journalize the entries for the following transactions: March 10: 600 units of raw materials were purchased on account at $6.00 per unit. March 15: 500 units of raw materials were requisitioned at $6.50 per unit for production, Job 872. March 25: 400 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Date Account Debit Credit March 10 March 15 March 25
Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.
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The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Job 301 Job 302 Job 303 ProcessImprovement Landon Vincent 17 13 9 4 Fahad Hamad 10 13 13 3 Ivory Argo 11 17 8 5 The direct labor rate earned per hour by the three employees is as follows: Landon Vincent $23 Fahad Hamad 17 Ivory Argo 20 The process improvement category includes training, quality improvement, and other indirect tasks. Question Content Area a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -
Journalize the entries for the following transactions: March 10: 500 units of raw materials were purchased on account at $4.00 per unit. March 15: 250 units of raw materials were requisitioned at $ 4.50 per unit for production, Job 872. March 25: 215 units of raw materials were requisitioned at $5.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank. Date AccountDebitCredit March 10 March 15 March 25
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials. Direct labor Overhead applied Additional Information Job 5 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
Question: X Company began manufacturing operations on January 1. The following information is for the year: Direct materials purchased $5,260 Direct materials used Overhead $4,198 $24,991 As of December 31, all jobs were finished, but there were four jobs that were not sold, with costs totaling $1,358. Cost of goods sold for the year was $38,987. What was direct labor for the year?
Using the attached Prepare a schedule of cost of goods manufactured.
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Journalize the following transactions: March 10: 400 units of raw materials were purchased on account at $6.00 per unit.March 15: 300 units of raw materials were requisitioned at $6.50 per unit for production, Job 872.March 25: 200 units of raw materials were requisitioned at $6.00 per unit for production, Job 879. If an amount box does not require an entry, leave it blank
[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…