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Exercise 19-6 Computing job costs and gross profit...

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Accounting

Exercise 19-6
Computing job costs and gross profit P1 P2 P3
Information on Kwon Mfg.s activities for its first month of operations follows.
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 of 80% of direct materials cost.
e. Transferred Job 201 to Finished Goods Inventory.
f. Sold Job 201 for $163,760 on credit.
g. Incurred the following actual other overhead costs for the month.
1.Prepare a job cost sheet for Job 201 and for Job 202 for the month. Use the following simplified form.
Job no.
Materials $
Labor
Overhead
Total cost $
2. Compute gross profit on the sale of Job 201.

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