! 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 $101,400 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 $ 49,600 25,000 Job 201 Job 202 Total direct labor Indirect labor Total labor used 74,600 10,020 $ 84,620 e. Time tickets show the following labor used for the month. $ 40,600 14,000 54,600 25,600 5 80,200 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. (1) Sold Job 201 for $167,960 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 $ 33,400 640 940 4,400 $ 39,380 Exercise 15-8 (Algo) T-accounts for manufacturing activities LO P1, P2, P3 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
! 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 $101,400 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 $ 49,600 25,000 Job 201 Job 202 Total direct labor Indirect labor Total labor used 74,600 10,020 $ 84,620 e. Time tickets show the following labor used for the month. $ 40,600 14,000 54,600 25,600 5 80,200 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. (1) Sold Job 201 for $167,960 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 $ 33,400 640 940 4,400 $ 39,380 Exercise 15-8 (Algo) T-accounts for manufacturing activities LO P1, P2, P3 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![!
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 $101,400 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
$ 49,600
25,000
Job 201
Job 202
Total direct labor
Indirect labor
Total labor used
74,600
10,020
$ 84,620
e. Time tickets show the following labor used for the month.
$ 40,600
14,000
54,600
25,600
5 80,200
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.
(1) Sold Job 201 for $167,960 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
$ 33,400
640
940
4,400
$ 39,380
Exercise 15-8 (Algo) T-accounts for manufacturing activities LO P1, P2, P3
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531d22d6-41e3-4ab6-9b43-fd8dca83c239%2F9b464677-f0f6-4889-9528-d1f6f76ef009%2Frcf7a79_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
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 $101,400 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
$ 49,600
25,000
Job 201
Job 202
Total direct labor
Indirect labor
Total labor used
74,600
10,020
$ 84,620
e. Time tickets show the following labor used for the month.
$ 40,600
14,000
54,600
25,600
5 80,200
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.
(1) Sold Job 201 for $167,960 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
$ 33,400
640
940
4,400
$ 39,380
Exercise 15-8 (Algo) T-accounts for manufacturing activities LO P1, P2, P3
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance
Transcribed Image Text:Beginning Balance
a.
Ending balance
Beginning Balance
6
la
9
O
Ending balance
t
Raw Materials Inventory
Beginning Balance
Ending balan
000
0
100,000
10,500
Factory Overhead
0
O
9.420
25,000
30.000
71,800 b
8,620 b
128.200
00.000
Cost of Goods Sold
O
129.200
50.720
Answer is complete but not entirely correct.
Work in Process Inventory
0
33
•
Beginning Balance
b
C
d
Ending balance
Beginning Balance
Ending balance
000
71,800ER MARKE
INTE WES
Ⓒ
51,800
57 440
56,080
Finished Goods ferventory
0
128.200
125,900 Ⓒ
0
1201.200
Ⓒ
O
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