cherry cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding it's latest job. a. Materials were purchased on account $18,996

Required: 1. Complete the T-Accounts below. \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Work In Process } \\ \hline Debit & Credit \\ \hline 5,628 & \\ 1,226 & \\ 11,205 & \\ 3,420 & \\ \hline 21,479 & \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Finished Goods } \\ \hline Debit & Credit \\ \hline 1,260 & \\ & \\ \hline 1,260 & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Salaries/Wages Payable } \\ \hline Debit & Credit \\ \hline & \\ \hline & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Sales Revenue } \\ \hline Debit & Credit \\ \hline & \\ \hline & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Manufacturing Overhead } \\ \hline Debit & Credit \\ \hline & \\ & \\ \hline & \\ \hline \hline \end{tabular} Note: When calculating amounts below, use the total in the T-Accounts. 2. Determine the Cost of Goods Manufactured. Cost of Goods Manufactured 3. Create a journal entry to dispose of the Over/Underapplied Overhead. \begin{tabular}{|l|l|l|l|} \hline Date & \multicolumn{1}{|c|}{ Account } & Debit & Credit \\ \hline 4. Determine the Cost of Goods Sold after disposing of the Over/Underapplied Overhead. & \\ \hline Cost of Goods Sold & & & \\ \hline & & & \\ \hline 5. Determine the Gross Profit for the month. & & & \\ \hline \end{tabular} Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding its latest job. a. Materials were purchased on account. $18,996 b. A materials requisition form shows an amount of materials required for this job, 10% of which were used for general use. c. A labor time sheet shows the following. \begin{tabular}{l|l|r|rr|rr|} \hline \multicolumn{9}{|c|}{ Job 345 } \\ \hline \multicolumn{1}{|c|}{ Employee } & \multicolumn{1}{c|}{ Role } & \multicolumn{1}{c|}{ Hours } & \multicolumn{2}{c|}{ Rate } & \multicolumn{2}{c|}{ Total } \\ \hline T. Walker & Crafting & 23 & $ & 12.50 & $ & 287.50 \\ M. Foster & Firing & 18 & $ & 13.75 & $ & 247.50 \\ C. Watson & Maintenance & 6 & $ & 11.00 & $ & 66.00 \\ K. Willis & Supervisor & 10 & $ & 23.00 & $ & 230.00 \\ \cline { 3 - 7 } & & & & $ & 831.00 \\ \hline \end{tabular} d. The additional list below shows costs incurred. \begin{tabular}{l|cc|} \hline Factory Utilities & $ & 395 \\ Advertising Expense & $ & 625 \\ Administrative Duties & $ & 348 \\ Factory Depreciation & $ & 487 \\ Factory Property Taxes & $ & 950 \\ \hline \end{tabular} e. At the beginning of the year, overhead costs and workload was estimated. Direct Labor hours drives the cost of overhead. \begin{tabular}{|c|c|c|} \hline Estimated Overhead Cost & $ & 90,000 \\ \hline Estimated Direct Labor Hours & & 1,500 \\ \hline \end{tabular} f. By month's end, all previous jobs were completed, but only 80% of the pots started this month were completed. g. 90% of the previous batch of pots were sold, while 70% of the pots completed this month were sold. Total Sales 90% 70% Required: 1. Complete the T-Accounts below. \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Work In Process } \\ \hline Debit & Credit \\ \hline 5,628 & \\ 1,226 & \\ 11,205 & \\ 3,420 & \\ \hline 21,479 & \\ \hline \hline \end{tabular} \begin{tabular}{|r|r|} \hline \multicolumn{2}{|c|}{ Finished Goods } \\ \hline Debit & Credit \\ \hline 1,260 & \\ & \\ \hline 1,260 & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Salaries/Wages Payable } \\ \hline Debit & Credit \\ \hline & \\ \hline & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Sales Revenue } \\ \hline Debit & Credit \\ \hline & \\ \hline & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Manufacturing Overhead } \\ \hline Debit & Credit \\ \hline & \\ & \\ \hline & \\ \hline \hline \end{tabular} Note: When calculating amounts below, use the total in the T-Accounts. 2. Determine the Cost of Goods Manufactured. Cost of Goods Manufactured 3. Create a journal entry to dispose of the Over/Underapplied Overhead. \begin{tabular}{|l|l|l|l|} \hline Date & \multicolumn{1}{|c|}{ Account } & Debit & Credit \\ \hline 4. Determine the Cost of Goods Sold after disposing of the Over/Underapplied Overhead. & \\ \hline Cost of Goods Sold & & & \\ \hline & & & \\ \hline 5. Determine the Gross Profit for the month. & & & \\ \hline \end{tabular} Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding its latest job. a. Materials were purchased on account. $18,996 b. A materials requisition form shows an amount of materials required for this job, 10% of which were used for general use. c. A labor time sheet shows the following. \begin{tabular}{l|l|r|rr|rr|} \hline \multicolumn{9}{|c|}{ Job 345 } \\ \hline \multicolumn{1}{|c|}{ Employee } & \multicolumn{1}{c|}{ Role } & \multicolumn{1}{c|}{ Hours } & \multicolumn{2}{c|}{ Rate } & \multicolumn{2}{c|}{ Total } \\ \hline T. Walker & Crafting & 23 & $ & 12.50 & $ & 287.50 \\ M. Foster & Firing & 18 & $ & 13.75 & $ & 247.50 \\ C. Watson & Maintenance & 6 & $ & 11.00 & $ & 66.00 \\ K. Willis & Supervisor & 10 & $ & 23.00 & $ & 230.00 \\ \cline { 3 - 7 } & & & & $ & 831.00 \\ \hline \end{tabular} d. The additional list below shows costs incurred. \begin{tabular}{l|cc|} \hline Factory Utilities & $ & 395 \\ Advertising Expense & $ & 625 \\ Administrative Duties & $ & 348 \\ Factory Depreciation & $ & 487 \\ Factory Property Taxes & $ & 950 \\ \hline \end{tabular} e. At the beginning of the year, overhead costs and workload was estimated. Direct Labor hours drives the cost of overhead. \begin{tabular}{|c|c|c|} \hline Estimated Overhead Cost & $ & 90,000 \\ \hline Estimated Direct Labor Hours & & 1,500 \\ \hline \end{tabular} f. By month's end, all previous jobs were completed, but only 80% of the pots started this month were completed. g. 90% of the previous batch of pots were sold, while 70% of the pots completed this month were sold. Total Sales 90% 70%