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Applied $80 of direct materials to job 126 (requisition number 48), applied factory overhead at the rate given previously and applied $120 of direct labor
Applied $80 of direct materials to job 126 (requisition number 48), applied factory overhead at the rate given previously and applied $120 of direct labor (time ticket 33) withholding taxes at the rates given previously. This finished off the job so we transferred all costs from WIP into Finished Goods. |
Recorded the sale of Job 126 to the cash customer reporting the sale at the retail price of $672 and moving our cost of finished goods into Cost of Goods Sold. |
Paid Utility bill, $510. 85% for manufacturing area, 15% for nonmanufacturing area. |
Added $1,150 of materials to job 125. Remember to also apply factory overhead as shown earlier. Also added $1,462 of labor. Remember to withhold taxes as shown earlier. This finished off job 125. |
Sold job 125 to Oversize Games on account. Sales price is $8,010. Determine our total cost from the job cost records. |
Received an order for a medium bean bag game from a cash customer. Set up job 127. Began working on the job by applying $40 of direct materials (requisition number (49), applying factory overhead, and applying $20 of direct labor (time ticket 34) withholding the appropriate taxes. |
Received an order for 3 large Falling Orbs and 2 Medium Falling Orbs from Fun For All Backyard Games. Set up job 128. Began working on the job by applying $220 of direct materials (requisition number 50), apply factory overhead, and $410 of direct labor (time ticket number 35) withholding taxes. |
Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash customer from inventory. Our cost is $870. Sales price is $1,218. |
Received a check from Oversize Games for $3,290 in payment of their December 31 balance. |
Used materials on hand to work on all jobs currently in process, $217 |
Purchased paint and stain (direct materials) from Paint To Go on account, $692. |
Set up bookkeeper salary, $960 for the month, indicate withholding for federal income tax and FICA. Withhold payroll taxes at the same rate we used for direct labor transactions. |
Set up employer payroll taxes for both manufacturing employees and nonmanufacturing employees. Debit Factory Overhead 365.06; Debit Payroll Tax Expense 167.52; credit FICA Tax Payable 233.48; credit FUTA Tax Payable 24.42; credit SUTA Tax Payable 274.68. |
Paid all employees for wages earned in January. |
owner withdrew $3,200 for personal use. |
received $1,015.60 on account from Fun For All Backyard Games |
Received $2,650 on account from Utopian Backyard Fun |
Paid Local Got It All on account, $325 |
Paid Lumber Unlimited on account, $9,700 |
Paid Paint To Go on account, $1,120 |
Purchased materials on account from Lumber Unlimited, $4,300 |
Backyard Fun and Games | |||
Trial Balance | |||
January 1, 2020 | |||
DEBIT | CREDIT | ||
Cash | 100 | 18,428.00 | |
Accounts Receivable | 111 | 17,085.60 | |
Materials | 117 | 12,349.00 | |
Work in Process | 118 | 2,650.00 | |
Finsihed Goods | 119 | 22,948.00 | |
Equipment | 150 | 12,800.00 | |
Accumulated Depreciation - Equipment | 151 | 300.00 | |
Accounts Payable | 210 | 8,949.00 | |
Employees Federal Income Tax Payable | 214 | 3,744.00 | |
FICA Tax Payable | 215 | 1,909.44 | |
FUTA Tax Payable | 217 | 149.76 | |
SUTA Tax Payable | 218 | 2,995.20 | |
Frank Thompson, Capital | 310 | 68,213.20 | |
86,260.60 | 86,260.60 |
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