Required Information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities...

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 $100,500 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 $ 48,700 24,100 72,800 9,120 $ 81,920 c. Time tickets show the following labor used for the month. Job 201 $ 39,700 Job 202 13,100 Total direct labor 52,800 24,700 $ 77,500 Indirect labor 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 $165,260 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) $ 32,500 550 850 3,500 Expired factory insurance Total other factory overhead costs $ 37,400 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a job cost sheet for Job 201 and for Job 202 for the month. Materials Job Number Job Number 201 202 Labor Overhead Total cost $ S 0 Required 1 Required 2 > 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 $100,500 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 $ 48,700 24,100 72,800 9,120 $ 81,920 c. Time tickets show the following labor used for the month. Job 201 $ 39,700 Job 202 13,100 Total direct labor 52,800 24,700 $ 77,500 Indirect labor 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 $165,260 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) $ 32,500 550 850 3,500 Expired factory insurance Total other factory overhead costs $ 37,400 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a job cost sheet for Job 201 and for Job 202 for the month. Materials Job Number Job Number 201 202 Labor Overhead Total cost $ S 0 Required 1 Required 2 >