Question: This is one question. Thank you for your help in advance. Required information Use the following information to answer questions. (Static) [The following information applies

 This is one question. Thank you for your help in advance.

Required information Use the following information to answer questions. (Static) [The following

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

for its first month of operations follows: a. Purchased $100,000 of raw

materials on credit. b. Materials requisitions show the following materials used for

This is one question. Thank you for your help in advance.

Required information Use the following information to answer questions. (Static) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. c. Time tickets show the following labor used for the month. 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 $163,760 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. ercise 15-7 (Static) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in items a through g. Record materials purchases. Record direct materials used. 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. 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. 7 Record the completion of Job 201. 8 Record the sale of job 201 on credit. Record the cost of goodsthold for Job 201. 10 Record other actual factory overhead costs. Note : = journal entry has been entered Note: Enter debits before credits

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