(The following information opplies to the questions displayed below] Information on Kwon Manufacturing's activities for its first month of operations follows: . Purchased $100,000 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 $ 48,200 23,600 71,800 5,620 S 0,420 Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,100 24, 200 3 76,000 Total labor used 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 t0 Finished Goods Inventory 1. Sold Job 201 for $163.760 on credit. 9. Incurred the following actual other overhead costs for the month Depreciation of factory equipnent Rent on factory building (payable) Factory utilities (payable) Expired factory insurance $ 32,000 3,000 $ 36, 300 Total other factory overhead costs
(The following information opplies to the questions displayed below] Information on Kwon Manufacturing's activities for its first month of operations follows: . Purchased $100,000 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 $ 48,200 23,600 71,800 5,620 S 0,420 Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,100 24, 200 3 76,000 Total labor used 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 t0 Finished Goods Inventory 1. Sold Job 201 for $163.760 on credit. 9. Incurred the following actual other overhead costs for the month Depreciation of factory equipnent Rent on factory building (payable) Factory utilities (payable) Expired factory insurance $ 32,000 3,000 $ 36, 300 Total other factory overhead costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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