2. Assume you worked on this one product. An analysis of Time Cards for the Employees showed the following: - Direct Laborer (you) assume 40 hours @ $32 per hour - Supervisor $890.00 2380'52 Assume FICA rates are 6.2% +1.45% = 7.65% and Employee Income Tax Withholding is at 7% of wages. Assume FUTA and SUTA rates of 4% and 1% respectively on the first $10,000 of wages. Action items: Record the journal entry for the wages; Update Job Cost Sheet (round to nearest cent) Long to the UGG Cou) LO nbags op co2 20 Co rest oxige BOLOU OXING 0'32 T 212:00 29'72 218 12 21a 00 218 00 21500 23000 3. Other Miscellaneous activities include: 00 - Paid Utilities on the factory building of $2,100 250'00 omway Gurch locus 22:00 2530'00 - Monthly depreciation on plant assets were calculated. On an annual basis, the Action Items: Record company writes off (rounded to the nearest dollar): ue uem bloqne CING combu na Factory buildings Machinery and Equip Office Equip $2,500 coum the journal entry for each GLWINGO OAGLUE GLUUIUGQ $7,100 $12,000 Adjust the balance of the prepaid insurance account, which represents a two-year premium for a fire insurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on January 1. (Round your journal entry to the nearest dollar.) A69L 9uq 262 ]op orgs come a lop 1 nuiding 4. Post all above journal entries to T Accounts to determine ending balances. carous CHU 1262 IO CLOSEG 5. Calculate the applied overhead for the job. Record the journal entry. Update Job Cost Sheet. Record the journal entry for the job you completed (the Catt Family Project). Top Olger Coo 6. Jobs Jones and Xiong were delivered to cash customers during the month. Sale price is 65% markup over cost. 7. Create a Cost of Goods Manufactured, Cost of Goods Sold, Income Statement, and Balance Sheet for January. For purposes of these financial statements, treat the Over/Under Applied Overhead account as an amount on the Balance Sheet (Other Asset if it is a Debit, Other Liability if it is a Credit). Note that if this was the final Balance Sheet for the year we would actually close the account and not show it at all. Account (a plece for the lanes fus unts. of direct labor costs. da piece issioned to make for Action 525.00 $28.00 Update Job Cost Sheet (round to the nearest cent) Job Order Costing In Action - Christian Wolff Enterprises objets cac Christian Wolff Enterprises keeps several artists and interns on staff to create special made to order blown glass artwork for high income clients. The company operates on a calendar year and uses job order costing since each job is unique. and a. Exhibit 1 shows a post-closing trial balance as of December 31, 2020. s biscsqu wou sug of 120 SUCS b. Exhibit 1 also shows subsidiary ledgers for the Finished Goods Account (a piece for the Jones family and a piece for the Xiong family). You are also given detail of the Materials accounts. OL Oluice Ednib 215'000 c. The company uses a plantwide predetermined overhead rate of 175% of direct labor costs. ESCOLA profa 23.200 sacp 1. Review the materials requisitioned (below) for the new product you have been commissioned to make for the Catt family. von 2: stor Units Description 62 ou Requisitioned que Unit Cost Total Silicon dioxide 35 $8.00 $280.00 Alumina 2 $10.00 $20.00 Magnesia 2 $12.00 $24.00 Boron oxide 1 $19.00 $19.00 Lead oxide 0.75 $25.00 $18.75 Lime LUG L2 0.15 $21.02 $3.15 Silver 0.45 Copper 0.2 $35.00 Sug $28.00 SUG Ewbox $5.60 $15.75 9uq Total $386.25 anbor 2830:00 DILGC rapoLGL (Aon) szans go poz @235 bel pont EL Embossz pomoc s pont: S' yaanus Aon monkey ou sous bloqncr yupo Action Items: Record the journal entry for the materials issued; Update Job Cost Sheet (round to the nearest cent) omus curco Christian Wolff Enterprises Post-Closing Trial Balance December 31, 2020 Debit Credit Cash 5,795 Accounts Receivable 50,000 Finished Goods* 29,000 Work in Process 0 Materials* 17,395 Prepaid Insurance 7,200 Building 100,000 Machinery and Equipment 50,000 Office Equipment 60,000 Accumulated Depreciation 137,000 Accounts Payable 10,000 FICA Tax Payable 3,000 FUTA and SUTA Payable Employee Income Tax Payable Capital Stock 300 5,000 50,000 Retained Earnings 114,090 319,390 319,390 Subsidiary Ledger detail: Finished Goods Inventory Jones Piece Xiong Piece Total Direct Materials Direct Labor Factory Overhead $5,000 $10,000 $15,000 $3,000 $7,000 $10,000 $1,000 $3,000 $4,000 $9,000 $20,000 $29,000 Direct Materials Inventory Description Silicon dioxide Alumina Magnesia Boron oxide Lead oxide Lime Silver Copper Units 1,500.00 150.00 Unit Cost $8.00 Total $12,000.00 $10.00 $1,500.00 150.00 $12.00 $1,800.00 60.00 $19.00 $1,140.00 25.00 3.99 4.00 $35.00 $25.00 $625.00 $21.02 $83.88 $140.00 3.79 $28.00 $106.12 $17,395.00