Q3. Prepare journal entries to record the transactions reflected in items a through g. Information on Kwon

 Q3. Prepare journal entries to record the transactions reflected in items a through g.

Transcribed Image Text:

Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,100 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 $ 48,300 23,700 72,000 8,720 $ 80,720 c. Time tickets show the following labor used for the month. Job 201 $ 39,300 Job 202 Indirect labor 12,700 52,000 Total direct labor 24,300 $ 76,300 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. f. Sold Job 201 for $164,060 on credit. 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 $ 32,100 510 810 3,100 $ 36,520 Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,100 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 $ 48,300 23,700 72,000 8,720 $ 80,720 c. Time tickets show the following labor used for the month. Job 201 $ 39,300 Job 202 Indirect labor 12,700 52,000 Total direct labor 24,300 $ 76,300 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. f. Sold Job 201 for $164,060 on credit. 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 $ 32,100 510 810 3,100 $ 36,520

Answer rating: 100% (QA)

Answer To calculate the total other factory overhead co... View the full answer