4. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost.
5. Transferred Job 201 to Finished Goods Inventory.
6. (1) Sold Job 201 for $167,060 on credit. 
7. (2) Record cost of goods sold for Job 201.
8. Incurred the following actual other overhead costs for the month.

Depreciation of factory equipment	$ 33,100
Rent on factory building (payable)	610
Factory utilities (payable)	910
Expired factory insurance	4,100
Total other factory overhead costs	$ 38,720

1. Prepare a job cost sheet for Job 201 and for Job 202 for the month.
2. Compute gross profit on the sale of Job 201

 

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 $101,100 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 $ 49,300 24,700 Job 201 Job 202 Total direct labor Indirect labor Total labor used 74,000 9,720 $ 83,720 c. Time tickets show the following labor used for the month. $ 40,300 13,700 54,000 25,300 $ 79,300 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct ma e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $167,060 on.credit. (2) Record cost of goods sold for Job 201. 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 $101,100 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 $ 49,300 24,700 Job 201 Job 202 Total direct labor Indirect labor Total labor used 74,000 9,720 $ 83,720 c. Time tickets show the following labor used for the month. $ 40,300 13,700 54,000 25,300 $ 79,300 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct ma e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $167,060 on.credit. (2) Record cost of goods sold for Job 201.

Answer rating: 100% (QA)

Job Cost Sheet for Job 201 Job 201 Direct Materials Raw Materials 49300 Direc... View the full answer