fx A Calibri v 11 A BI Av V Evab B C D E F G H 2 B Subsidiary Ledger detail: 4 Finished Goods Inventory 5 6 Direct Materials 7 Direct Labor 8 Factory Overhead 9 Jones Piece Xiong Piece Total $5,000 $10,000 $15,000 $3,000 $7,000 $10,000 $1,000 $3,000 $4,000 $9,000 $20,000 $29,000 0 1 Direct Materials Inventory 2 Description 3 Silicon dioxide Units 1,500.00 Unit Cost $8.00 Total $12,000.00 E4 Alumina 150.00 $10.00 $1,500.00 5 Magnesia 36 Boron oxide 37 Lead oxide 38 Lime 39 Silver 40 Copper 41 42 150.00 $12.00 $1,800.00 60.00 $19.00 $1,140.00 25.00 $25.00 $625.00 3.99 $21.02 $83.88 4.00 $35.00 $140.00 3.79 $28.00 $106.12 $17,395.00 13. M11 A fx B Job Order Costing In Action Christian Wolff Enterprises 1 D E F GHI K M 4 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 5 6 calendar year and uses job order costing since each job is unique. 7 8 a. Exhibit 1 shows a post-closing trial balance as of December 31, 2020. 9 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. 10 c. The company uses a plantwide predetermined overhead rate of 175% of direct labor costs. 11 13 1. Review the materials requisitioned (below) for the new product you have been commissioned to make 14 for the Catt family. 15 Description Units Requisitioned 16 Silicon dioxide 35 Unit Cost $8.00 Total $280.00 17 Alumina 18 Magnesia 22 $10.00 $20.00 $12.00 $24.00 19 Boron oxide 1 $19.00 $19.00 20 Lead oxide 0.75 $25.00 $18.75 21 Lime 0.15 $1.02 $3.15 22 Silver 0.45 $35.00 $15.75 Action Items: Record the journal entry for the materials issued; Update Job Cost Sheet (round to the nearest cent) 23 Copper 0.2 $28.00 $5.60 24 Total $386.25 25 26 le Home Insert Formulas Data Review View Automate Help Open in D 10 A BI v Av Av ... A5 V Arial fx B to record applied overhead 5 to record completion of job 6 6 to record sale to record sale D E F File Home Insert Formulas Data Review View Automate Help Open in Deskto 11 ABI Av V ab E Calibri Y fx A B C D E F G H 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 Capital Stock FUTA and SUTA Payable Employee Income Tax Payable Retained Earnings 300 5,000 50,000 114,090 319,390 319,390 92. Assume you worked on this one product. An analysis of Time Cards for the 0 Employees showed the following: 1 2 - Direct Laborer (you) assume 40 hours @ $32 per hour Supervisor $890.00 3 4 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. 35 Action items: Record the journal entry for the wages; Update Job Cost Sheet (round to nearest cent) 86 37 3. Other Miscellaneous activities include: 38 39 - Paid Utilities on the factory building of $2,100 40 Monthly depreciation on plant assets were calculated. On an annual basis, the Action Items: Record 41 company writes off (rounded to the nearest dollar): 42 Factory buildings $2,500 the journal entry for each 43 44 Machinery and Equip Office Equip $7,100 $12,000 45 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 46 month and became effective on January 1. (Round your journal entry to the nearest dollar.) 47 48 49 4. Post all above journal entries to T Accounts to determine ending balances. 50 Excel Lauren Mini Comp Prob - Saved Search le Home Insert Formulas Data Review View Automate Help Open in Desktop App V Calibri 11 A BI Av.. ab Merg fx A B C D E F GHI J K L 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). 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. A B C D E F G H K Transaction Reference 1 2 3 1 4 5 6 7 2 8 9 10 11 12 13 15 21 NOTIO2222222222 14 2 16 17 18 19 3 20 23 3 24 25 26 27 28 3 29 30 Account Debit Credit to record requisition of materials to record employee payroll to record employer payroll taxes to record utilities to record depreciation to record prepaid insurance 4