(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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Exercise 19-8 (Static) T-accounts for manufacturing activities LO P1, P2, P3
Post entres for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
Raw Materials Inventory
Work in Process Inventory
Beginning Balance
Beginning Balance
01
Ending balance
Ending balance
Factory Overhead
Finished Goods Inventory
Beginning Balance
Beginning Balance
Ending balance
Ending balance
Cost of Goods Sold
Beginning Balance
Ending balance
Transcribed Image Text:Exercise 19-8 (Static) T-accounts for manufacturing activities LO P1, P2, P3 Post entres for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. Raw Materials Inventory Work in Process Inventory Beginning Balance Beginning Balance 01 Ending balance Ending balance Factory Overhead Finished Goods Inventory Beginning Balance Beginning Balance Ending balance Ending balance Cost of Goods Sold Beginning Balance Ending balance
Required Information
Use the following Informatlon to answer questlons. (Static)
[The following information apples to the questions displayed below)
Information on Kwon Manufacturing's activitles for Its first month of operatlons follows:
6. Purchased $100,000 of raw matertals 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
8,620
S se,420
Total materials used
c. Time tickets show the following labor used for the month.
ces
Job 201
Job 202
Total direct labor
Indirect labor
$39, 200
12,600
51,800
24,200
$ 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 to Finished Goods Inventory
1. Sold Job 201 for $163,760 on credit.
g. 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
$ 32,0ee
s00
3,000
$ 36,300
Total other factory overhead costs
Transcribed Image Text:Required Information Use the following Informatlon to answer questlons. (Static) [The following information apples to the questions displayed below) Information on Kwon Manufacturing's activitles for Its first month of operatlons follows: 6. Purchased $100,000 of raw matertals 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 8,620 S se,420 Total materials used c. Time tickets show the following labor used for the month. ces Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,800 24,200 $ 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 to Finished Goods Inventory 1. Sold Job 201 for $163,760 on credit. g. 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 $ 32,0ee s00 3,000 $ 36,300 Total other factory overhead costs
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