Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. information on kwon manufacturings activities for

Information on Kwon Manufacturings activities for its first month of operations follows: ...

70.2K

Verified Solution

Question

Accounting

Information on Kwon Manufacturings activities for its first month of operations follows:
Purchased $101,700 of raw materials on credit.
Materials requisitions show the following materials used for the month.
Job 201 $ 49,900
Job 20225,300
Total direct materials 75,200
Indirect materials 10,320
Total materials used $ 85,520
Time tickets show the following labor used for the month.
Job 201 $ 40,900
Job 20214,300
Total direct labor 55,200
Indirect labor 25,900
Total labor used $ 81,100
Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost.
Transferred Job 201 to Finished Goods Inventory.
Sold Job 201 for $168,860 on credit.
Incurred the following actual other overhead costs for the month.
Depreciation of factory equipment $ 33,700
Rent on factory building (payable)670
Factory utilities (payable)970
Expired factory insurance 4,700
Total other factory overhead costs $ 40,040
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students