Ch 15 acc 12

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

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 materials73,400 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 labor53,400 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, 2:17 AMAssignment Print View https://ezto.mheducation.com/api/caa/activity/C15Print?jwt=eyJhbGciOiJSUzI1NiJ9.eyJlbnZpcm9ubWVudCI6InByb2QiLCJpc3MiOiJlenQiLCJwcmlud...2/313. Award:3.86 out of 7.72 points Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. Raw Materials InventoryWork in Process Inventory Beginning Balance0Beginning Balance0 100,80073,40073,400  9,42053,400  58,720128,200  Ending balance17,980 Ending balance57,320 Factory OverheadFinished Goods Inventory Beginning Balance0Beginning Balance0 9,420128,200  25,000128,200  38,060  58,720 Ending balance 0 Ending balance 13,760 Cost of Goods Sold Beginning Balance0 128,200  Ending balance128,200 References WorksheetLearning Objective: 15-P1Describe and record the flow ofmaterials 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.