Ch 15 acc 11

School: Winston-Salem State University - Course: ACCOUNTING 2316 - Subject: Accounting

1/29/23, 2:16 AMAssignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud...1/3Score: 94.43/100Points94.43 % [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a.Purchased $100,800 of raw materials on credit. b.Materials requisitions show the following materials used for the month. Job 201 $ 49,000 Job 202 24,400 Total direct materials 73,400 Indirect materials 9,420 Total materials used $ 82,820 c.Time tickets show the following labor used for the month. Job 201 $ 40,000 Job 202 13,400 Total direct labor 53,400 Indirect labor 25,000 Total labor used $ 78,400 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 $166,160 on credit. (2) Record cost of goods sold for Job 201. g.Incurred the following actual other overhead costs for the month. Depreciation of factory equipment$ 32,800 Rent on factory building (payable) 580 Factory utilities (payable) 880 Expired factory insurance 3,800 Total other factory overhead costs $ 38,060 1/29/23, 2:16 AMAssignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud...2/311. Award:7.69 out of 7.69 points 1.Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2.Compute gross profit on the sale of Job 201. Required 1Required 2  Complete this question by entering your answers in the tabs below. Prepare a job cost sheet for Job 201 and for Job 202 for the month. Required 1Required 2 JobNumber201Job Number 202 Materials$49,000$24,400  Labor40,00013,400  Overhead39,20019,520  Total cost $128,200$57,320 References WorksheetLearning Objective: 15-P1Describe and record the flowof materials costs in job order costing. Learning Objective: 15-P3 Describe and record the flow of overhead costs in job order costing. Difficulty: 2 MediumLearning Objective: 15-P2 Describe and record the flow of labor costs in job order costing. 1.Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2.Compute gross profit on the sale of Job 201.