journal entry worksheet

1. record material purchases

2.record direct material used

3. record indirect materials used

4. Record direct labor used

5. Record indirect labor used

6. Record overhead applied to jobs at the rate of 80% of direct materials cost

7. record the competion of Job 201

8. record the sale of job 201 on credit

9. record the cost of goods sold for job 201

10. record other actual factory overhead costs.

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 $101,700 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 $ 49,900 25, 300 75,200 10,320 $ 85,520 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,900 14,300 55,200 25,900 $ 81,100 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 $168,860 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 $ 33,700 670 970 4,700 $ 40,040 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit on the sale of Job 201. Job 201 Gross Profit