Reference no: EM133119727
Question - Information on Kwon Manufacturing's activities for its first month of operations follows:
a. Purchased $101,100 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201 $49,300
Job 202 24,700
Total direct materials 74,000
Indirect materials 9,720
Total materials used $83,720
c. Time tickets show the following labor used for the month.
Job 201 $40,300
Job 202 13,700
Total direct labor 54,000
Indirect labor 25,300
Total labor used $79,300
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 $167,060 on credit.
g. Incurred the following actual other overhead costs for the month.
Depreciation of factory equipment $33,100
Rent on factory building (payable) 610
Factory utilities (payable) 910
Expired factory insurance 4,100
Total other factory overhead costs $38,720
Required - Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
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