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Chapter 15 Homework 14 Required Information Part 2 of 2 eBook gt = •i ct o Use the following Information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 282 Total direct materials Indirect materials Total materials used $50,100 25,500 75,600 10,520 $86,120 c. Time tickets show the following labor used for the month. Job 201 Job 202 $ 41,100 14,500 Saved Help Save & Exit Submit References Indirect labor Total direct labor 55,600 26,100 $ 81,700 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 $169,460 on credit g. Incurred the following actual other overhead costs for the month. Mc Depreciation of factory equipment $33,900 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $40,480 Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in Items a through g View transaction Net Journal entry worksheet < Record other actual factory overhead costs. 10 > Note: Enter debits before credits S.No/Date Account Title Debit Credit Factory overhead 40,480 Accumulated depreciation-Factory equipment Rent payable Utites payable Prepaid insurance 33.900 000 000 4,000 Record entry View general journal < Prev 14 of 19 Next > Check my work

Chapter 15 Homework 14 Required Information Part 2 of 2 eBook gt = •i ct o Use the following Information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 282 Total direct materials Indirect materials Total materials used $50,100 25,500 75,600 10,520 $86,120 c. Time tickets show the following labor used for the month. Job 201 Job 202 $ 41,100 14,500 Saved Help Save & Exit Submit References Indirect labor Total direct labor 55,600 26,100 $ 81,700 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 $169,460 on credit g. Incurred the following actual other overhead costs for the month. Mc Depreciation of factory equipment $33,900 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $40,480 Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in Items a through g View transaction Net Journal entry worksheet < Record other actual factory overhead costs. 10 > Note: Enter debits before credits S.No/Date Account Title Debit Credit Factory overhead 40,480 Accumulated depreciation-Factory equipment Rent payable Utites payable Prepaid insurance 33.900 000 000 4,000 Record entry View general journal < Prev 14 of 19 Next > Check my work

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter4: Job-order Costing And Overhead Application
Section: Chapter Questions
Problem 63P: (Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses...
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Chapter 15 Homework 14 Required Information Part 2 of 2 eBook gt = •i ct o Use the following Information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 282 Total direct materials Indirect materials Total materials used $50,100 25,500 75,600 10,520 $86,120 c. Time tickets show the following labor used for the month. Job 201 Job 202 $ 41,100 14,500 Saved Help Save & Exit Submit References Indirect labor Total direct labor 55,600 26,100 $ 81,700 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 $169,460 on credit g. Incurred the following actual other overhead costs for the month. Mc Depreciation of factory equipment $33,900 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $40,480 Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in Items a through g View transaction Net Journal entry worksheet < Record other actual factory overhead costs. 10 > Note: Enter debits before credits S.No/Date Account Title Debit Credit Factory overhead 40,480 Accumulated depreciation-Factory equipment Rent payable Utites payable Prepaid insurance 33.900 000 000 4,000 Record entry View general journal < Prev 14 of 19 Next > Check my work
Transcribed Image Text:Chapter 15 Homework 14 Required Information Part 2 of 2 eBook gt = •i ct o Use the following Information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 282 Total direct materials Indirect materials Total materials used $50,100 25,500 75,600 10,520 $86,120 c. Time tickets show the following labor used for the month. Job 201 Job 202 $ 41,100 14,500 Saved Help Save & Exit Submit References Indirect labor Total direct labor 55,600 26,100 $ 81,700 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 $169,460 on credit g. Incurred the following actual other overhead costs for the month. Mc Depreciation of factory equipment $33,900 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $40,480 Exercise 15-7 (Algo) Recording materials, labor, overhead, and sales LO P1, P2, P3 Prepare journal entries to record the transactions reflected in Items a through g View transaction Net Journal entry worksheet < Record other actual factory overhead costs. 10 > Note: Enter debits before credits S.No/Date Account Title Debit Credit Factory overhead 40,480 Accumulated depreciation-Factory equipment Rent payable Utites payable Prepaid insurance 33.900 000 000 4,000 Record entry View general journal < Prev 14 of 19 Next > Check my work
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