i need help with last two

Keep It On Two Wheels Keep It On Two Wheels is a custom bike shop based in Chicago, Illinois. The company was founded in 2018 by two former Harold Washington graduates, Joan Jet and Pat Plane, who used Business 111 to draft the Business Plan. Understanding that Chicago's biking community is rapidly growing, the founders identified a unique niche in the city and now have a thriving business. The Company manufactures three lines of bikes. 1) Mountain Bikes, 2) Hybrid Bikes, and 3) Racing Bikes. All bikes are custom built and utilize a job-cost system. The Company runs on a fiscal year starting in January. Each month, the Company closes out the Factory Overhead account to Cost of Goods Sold Joan and Pat have hired the Spring, 2022 Managerial Accounting class to take over the accounting records. Your job starts on January 1, 2021. Direct Labor is recorded directly to work-in-process. Indirect Labor for factory staff is recorded directly to Factory Overhead. The salaries for non-factory personnel are recorded directly to the expense accounts. Factory Overhead is applied to each job at a rate of 50% of Direct Materials. Debits to Factory Overhead result from actual overhead incurred, and credits to Factory Overhead result from the application of overhead. All vendors are paid on account via Accounts Payable, expect for rent, which is paid directly out of cash. The bikes are marked up and sold to the public at a price of 30% for Hybrid Bikes, 35% for Mountain Bikes, and 40% for Racing Bikes above the total manufacturing costs. Your responsibilities are as follows: 1) Journalize all the transactions for the month of January (20 Points) 2) Post the entries to the correct General Ledger Accounts (DONE FOR YOU) 3) Update the schedule of unfinished jobs (10 points) 4) Update the schedule of finished jobs (10 points) 5) Prepare the trial balance as of January 31, 2021 (DONE FOR YOU) 6) Prepare the Statement of Goods Manufactured and the Income Statement for the month of January, 2021 (10 points) Credit Balance You are able to locate the following trial balance as of December 31, 2020. Account Number Account Debit Balance 101 Cash 68,000 102 Accounts Receivable 24,000 103 Prepaid Rent 2,000 104 Materials Inventory 12,000 105 Work In Process 14,000 106 Finished Goods 6,000 107 Equipment 10,000 108 Accumulated depreciation 109 Factory Overhead 0 201 Accounts Payable 202 Wages Payable 203 Long Term Note Payable 301 Capital Account - Jet 302 Capital Account - Plane Drawing Account - Jet 6,000 304 Drawing Account - Plane 6,000 401 Revenue 501 Cost of Goods Sold 502 Marketing Expenses 503 G&A Salaries 504 General Office Rent 505 Other Expenses 148,000 2,000 0 40,000 10,000 8,000 44,000 44,000 303 148,000 Schedule of Unfinished lobs: Direct Materials Direct Labor Job Classification Factory Overhead Total 1458 Mountain 1459 Racing 1460 Racing 1462 Hybrid 1463 Hybrid 600 1,200 1,200 700 700 1,400 2,000 2,000 1,000 1,000 300 600 600 350 350 2,300 3,800 3,800 2,050 2,050 Total 14,000 Schedule of finished Jobs: Job Classification Direct Materials Direct Labor Factory Overhead Total 1456 Mountain 1457 Mountain 900 900 1,650 1,650 450 450 3,000 3,000 Total 6,000 Transactions in January, 2021: 1/1: Performed a check run and paid a total of $22,000 from the Accounts Payable balance. 1/3: Purchased $10,000 in additional materials. 1/4: Sponsored a kids run as a marketing promotion for $1,000. 1/7: Sold job number #1456 to the customer. 1/8: Paid payroll from December for $5,000. 1/9: Collected $10,000 from customers from sales in December 1/10: Expense the prepaid rent for January, of this amount, $1,000 is for factory overhead and $1,000 is for general office facilities. 1/11: Incurred an additional $100 in materials, and $100 in direct labor for jobs #1462 and #1463, Note: They both incurred the same $200 additional costs. 1/11: Applied the additional factory overhead for job #1462 and #1463. 1/11: Completed job #1462 and #1463. 1/13: Received a bid to start job #1464 which will be a racing bike. Requisitioned $800 in direct materials from the storeroom and incurred $1,500 in direct labor. 1/13: Applied the factory overhead for this job. 1/15: Incurred indirect labor for $950 and general and administrative salaries for $2,000. 1/17: Sold job #1463 to the customer. 1/24: Received the utilities bill for the factory in the amount of $200. 1/24: Purchased lunch for the accountants during a working session in the general office $250. 1/31: Record the depreciation on the factory equipment for January. The equipment was purchased in January, 2018 for $10,000. It has an estimated useful life of 10 years with no residual value. The Company uses straight line depreciation 1/31: Clear out the factory overhead to Cost of Goods Sold. Factory Overhead 1. Journal Entries (20 Points): Date Account Account Description Debit Credit 1/1 201 Accounts payable 22000 101 Cash 22000 1/3 104 Materials inventory 10000 201 Accounts payable 10000 1/4 502 Marketing expenses 1000 201 Accounts payable 1000 1/7 501 3000 106 3000 Cost of goods sold Finished goods Accounts receivable Sales Revenue 102 4050 401 4050 1/8 202 Wages Payable 5000 101 Cash 5000 1/9 101 Cash 10000 102 Accounts receivable 10000 1/10 504 1000 109 General office rent Factory overhead Prepaid rent 1000 103 2000 1/11 109 400 Factory overhead Materials inventory Wages payable 200 104 200 202 105 Work in process 100 109 Factory overhead 100 106 4600 Finished goods Work in process 105 4600 1/13 105 2300 202 Work in process Wages payable Materials inventory 1500 104 800 105 400 Work in process Factory overhead 109 400 1/15 503 2000 109 G&A Salaries Factory overhead Wages payable 950 202 2950 1/17 501 2300 Cost of goods sold Finished goods 106 2300 102 2990 Accounts receivable Sales revenue 401 2990 1/24 505 200 Other expenses Accounts payable 201 200 505 Other expenses 250 250 201 Accounts payable 83 108 Accumulated depreciation 83 501 Costs of goods sold 1733 109 Factory overhead 1733 2: General Ledger (DONE FOR YOU) 101 Cash Debit Credit Dr. Balance Cr. Balance Date Item 68,000 1/1/2021 Beginning Balance 22,000 46,000 1-Jan 5,000 41,000 8-Jan 9-Jan 10,000 51,000 51,000 10-Jan 102 Accounts Receivable Debit Cr. Balance Credit Dr. Balance Date Item 24,000 1/1/2021 Beginning Balance 4,050 28,050 7-Jan 10,000 18,050 9-Jan 2.990 21,040 17-Jan 103 Prepaid Rent Debit Cr. Balance Credit Dr. Balance Date Item 2.000 1/1/2021 Beginning Balance 2,000 10-Jan 104 Material Inventory Debit Credit Dr. Balance Cr. Balance Date Item 12,000 1/1/2021 Beginning Balance 3-Jan 10,000 22,000 200 21,800 11-Jan 800 21,000 13-Jan 105 Work In Process Debit Credit Dr. Balance Cr. Balance Date Item 14,000 1/1/2021 Beginning Balance 400 14,400 11-Jan 100 14,500 11-Jan 4,600 9,900 11-Jan 2,300 12,200 13-Jan 400 12,600 13-Jan 106 Finished Goods Debit Cr. Balance Credit Dr. Balance Date Item 6,000 1/1/2021 Beginning Balance 3,000 3,000 7-Jan 7,600 4,600 11 Jan 2,300 5,300 17-Jan 107 Equipment Debit Cr. Balance Credit Dr. Balance Date Item 10,000 1/1/2021 Beginning Balance 108 Accumulated Depreciation Debit Credit Dr. Balance Cr. Balance Date Item 2,000 1/1/2021 Beginning Balance 83 2,083 31-Jan Accounts Payable 201 Date Item Debit Credit Dr. Balance Cr. Balance 1/1/2021 Beginning Balance 40,000 1-Jan 22,000 18,000 3-Jan 10,000 28,000 4-Jan 1,000 29,000 24-Jan 200 29,200 24-Jan 250 29,450 202 Wages Payable Debit Credit Dr. Balance Date Item Cr. Balance 10,000 1/1/2021 Beginning Balance 8-Jan 5,000 5,000 200 5,200 11-Jan 13-Jan 1,500 6,700 2,950 9,650 15-Jan 203 Long Term Note Payable Debit Credit Dr. Balance Cr. Balance Date Item 8,000 1/1/2021 Beginning Balance 301 Capital Account - Jet Debit Cr. Balance Credit Dr. Balance Date Item 44,000 1/1/2021 Beginning Balance 302 Capital Account - Plane Debit Cr. Balance Credit Dr. Balance Date Item 44,000 1/1/2021 Beginning Balance 303 Drawing Account - Jet Debit Cr. Balance Credit Dr. Balance Date Item 6,000 1/1/2021 Beginning Balance 304 Drawing Account - Plane Dr. Balance Cr. Balance Debit Credit Date Item 6,000 1/1/2021 Beginning Balance Revenue 401 Date Item Debit Credit Cr. Balance Dr. Balance 1/1/2021 Beginning Balance 7-Jan 4,050 4,050 17-Jan 2,990 7,040 Cost of Goods sold 501 Debit Credit Dr. Balance Date Item Cr. Balance 1/1/2021 Beginning Balance 7-Jan 3,000 3,000 17-Jan 2,300 5,300 1,733 7,033 31-Jan Closing Factory Overhead Marketing Expenses 502 Debit Credit Dr. Balance Date Item Cr. Balance 1/1/2021 Beginning Balance 4-Jan 1,000 1,000 503 G&A Salaries Debit Credit Dr. Balance Cr. Balance Date Item 1/1/2021 Beginning Balance 2,000 2,000 15-Jan 504 General Office Rent Dr. Balance Cr. Balance Debit Credit Item Date 1/1/2021 Beginning Balance 1,000 1,000 10-Jan 505 Other Expenses Dr. Balance Cr. Balance Debit Credit Date Item 1/1/2021 Beginning Balance 250 250 24-Jan 3 and 4 Schedule of Unfinished Jobs: Direct Direct Factory Overhead Job Classification Materials Labor Total 1458 Mountain 600 1400 300 2300 1459 Racing 1200 2000 600 3800 1460 Racing 1200 2000 600 3800 1464 Racing 800 1800 400 2700 Total 12600 Schedule of finished Jobs: Direct Materials Direct Labor Factory Overhead Total Job Classification 1462 Hybrid 1457 Mountain 800 1100 400 2300 900 1650 450 3000 Total 5300 5. Account Number Debit Balance Credit Balance Account 101 Cash 51,000 102 21,040 Accounts Receivable Prepaid Rent 103 104 Materials Inventory 21,000 105 12,600 Work In Process 106 5,300 Finished Goods 107 Equipment 10,000 2,083 108 Accumulated depreciation 29,450 201 Accounts Payable 9,650 202 Wages Payable 8,000 203 Long Term Note Payable Capital Account - Jet 44,000 301 44,000 302 Capital Account - Plane 303 6,000 Drawing Account - Jet 6,000 304 Drawing Account - Plane 7,040 401 Revenue 7,033 501 Cost of Goods Sold 1,000 502 Marketing Expenses 2,000 503 G&A Salaries 1,000 504 General Office Rent 250 505 Other Expenses Total: 144,223 144,223 6. Keep It On Two Wheels Statement of Cost of Goods Manufactured For the Month Ended January 31 14000 12000 10000 22000 21000 1000 Work in process inventory, January 1 Direct materials: Beg Inventory Purchases Cost of materials available for use Ending Materials Inventory Cost of direct materials used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less Ending WIP Cost of goods manufactured Keep It On Two Wheels Income Statement For the Month Ended January 31 7040 6000 5300 Sales Cost of goods sold: Beg Finished goods inventory Cost of goods manufactured Cost of finished goods available for sale Less Ending Finished Goods Cost of goods sold Plus / Minus COGS Write-Off Gross profit Operating expenses Net income Keep It On Two Wheels Keep It On Two Wheels is a custom bike shop based in Chicago, Illinois. The company was founded in 2018 by two former Harold Washington graduates, Joan Jet and Pat Plane, who used Business 111 to draft the Business Plan. Understanding that Chicago's biking community is rapidly growing, the founders identified a unique niche in the city and now have a thriving business. The Company manufactures three lines of bikes. 1) Mountain Bikes, 2) Hybrid Bikes, and 3) Racing Bikes. All bikes are custom built and utilize a job-cost system. The Company runs on a fiscal year starting in January. Each month, the Company closes out the Factory Overhead account to Cost of Goods Sold Joan and Pat have hired the Spring, 2022 Managerial Accounting class to take over the accounting records. Your job starts on January 1, 2021. Direct Labor is recorded directly to work-in-process. Indirect Labor for factory staff is recorded directly to Factory Overhead. The salaries for non-factory personnel are recorded directly to the expense accounts. Factory Overhead is applied to each job at a rate of 50% of Direct Materials. Debits to Factory Overhead result from actual overhead incurred, and credits to Factory Overhead result from the application of overhead. All vendors are paid on account via Accounts Payable, expect for rent, which is paid directly out of cash. The bikes are marked up and sold to the public at a price of 30% for Hybrid Bikes, 35% for Mountain Bikes, and 40% for Racing Bikes above the total manufacturing costs. Your responsibilities are as follows: 1) Journalize all the transactions for the month of January (20 Points) 2) Post the entries to the correct General Ledger Accounts (DONE FOR YOU) 3) Update the schedule of unfinished jobs (10 points) 4) Update the schedule of finished jobs (10 points) 5) Prepare the trial balance as of January 31, 2021 (DONE FOR YOU) 6) Prepare the Statement of Goods Manufactured and the Income Statement for the month of January, 2021 (10 points) Credit Balance You are able to locate the following trial balance as of December 31, 2020. Account Number Account Debit Balance 101 Cash 68,000 102 Accounts Receivable 24,000 103 Prepaid Rent 2,000 104 Materials Inventory 12,000 105 Work In Process 14,000 106 Finished Goods 6,000 107 Equipment 10,000 108 Accumulated depreciation 109 Factory Overhead 0 201 Accounts Payable 202 Wages Payable 203 Long Term Note Payable 301 Capital Account - Jet 302 Capital Account - Plane Drawing Account - Jet 6,000 304 Drawing Account - Plane 6,000 401 Revenue 501 Cost of Goods Sold 502 Marketing Expenses 503 G&A Salaries 504 General Office Rent 505 Other Expenses 148,000 2,000 0 40,000 10,000 8,000 44,000 44,000 303 148,000 Schedule of Unfinished lobs: Direct Materials Direct Labor Job Classification Factory Overhead Total 1458 Mountain 1459 Racing 1460 Racing 1462 Hybrid 1463 Hybrid 600 1,200 1,200 700 700 1,400 2,000 2,000 1,000 1,000 300 600 600 350 350 2,300 3,800 3,800 2,050 2,050 Total 14,000 Schedule of finished Jobs: Job Classification Direct Materials Direct Labor Factory Overhead Total 1456 Mountain 1457 Mountain 900 900 1,650 1,650 450 450 3,000 3,000 Total 6,000 Transactions in January, 2021: 1/1: Performed a check run and paid a total of $22,000 from the Accounts Payable balance. 1/3: Purchased $10,000 in additional materials. 1/4: Sponsored a kids run as a marketing promotion for $1,000. 1/7: Sold job number #1456 to the customer. 1/8: Paid payroll from December for $5,000. 1/9: Collected $10,000 from customers from sales in December 1/10: Expense the prepaid rent for January, of this amount, $1,000 is for factory overhead and $1,000 is for general office facilities. 1/11: Incurred an additional $100 in materials, and $100 in direct labor for jobs #1462 and #1463, Note: They both incurred the same $200 additional costs. 1/11: Applied the additional factory overhead for job #1462 and #1463. 1/11: Completed job #1462 and #1463. 1/13: Received a bid to start job #1464 which will be a racing bike. Requisitioned $800 in direct materials from the storeroom and incurred $1,500 in direct labor. 1/13: Applied the factory overhead for this job. 1/15: Incurred indirect labor for $950 and general and administrative salaries for $2,000. 1/17: Sold job #1463 to the customer. 1/24: Received the utilities bill for the factory in the amount of $200. 1/24: Purchased lunch for the accountants during a working session in the general office $250. 1/31: Record the depreciation on the factory equipment for January. The equipment was purchased in January, 2018 for $10,000. It has an estimated useful life of 10 years with no residual value. The Company uses straight line depreciation 1/31: Clear out the factory overhead to Cost of Goods Sold. Factory Overhead 1. Journal Entries (20 Points): Date Account Account Description Debit Credit 1/1 201 Accounts payable 22000 101 Cash 22000 1/3 104 Materials inventory 10000 201 Accounts payable 10000 1/4 502 Marketing expenses 1000 201 Accounts payable 1000 1/7 501 3000 106 3000 Cost of goods sold Finished goods Accounts receivable Sales Revenue 102 4050 401 4050 1/8 202 Wages Payable 5000 101 Cash 5000 1/9 101 Cash 10000 102 Accounts receivable 10000 1/10 504 1000 109 General office rent Factory overhead Prepaid rent 1000 103 2000 1/11 109 400 Factory overhead Materials inventory Wages payable 200 104 200 202 105 Work in process 100 109 Factory overhead 100 106 4600 Finished goods Work in process 105 4600 1/13 105 2300 202 Work in process Wages payable Materials inventory 1500 104 800 105 400 Work in process Factory overhead 109 400 1/15 503 2000 109 G&A Salaries Factory overhead Wages payable 950 202 2950 1/17 501 2300 Cost of goods sold Finished goods 106 2300 102 2990 Accounts receivable Sales revenue 401 2990 1/24 505 200 Other expenses Accounts payable 201 200 505 Other expenses 250 250 201 Accounts payable 83 108 Accumulated depreciation 83 501 Costs of goods sold 1733 109 Factory overhead 1733 2: General Ledger (DONE FOR YOU) 101 Cash Debit Credit Dr. Balance Cr. Balance Date Item 68,000 1/1/2021 Beginning Balance 22,000 46,000 1-Jan 5,000 41,000 8-Jan 9-Jan 10,000 51,000 51,000 10-Jan 102 Accounts Receivable Debit Cr. Balance Credit Dr. Balance Date Item 24,000 1/1/2021 Beginning Balance 4,050 28,050 7-Jan 10,000 18,050 9-Jan 2.990 21,040 17-Jan 103 Prepaid Rent Debit Cr. Balance Credit Dr. Balance Date Item 2.000 1/1/2021 Beginning Balance 2,000 10-Jan 104 Material Inventory Debit Credit Dr. Balance Cr. Balance Date Item 12,000 1/1/2021 Beginning Balance 3-Jan 10,000 22,000 200 21,800 11-Jan 800 21,000 13-Jan 105 Work In Process Debit Credit Dr. Balance Cr. Balance Date Item 14,000 1/1/2021 Beginning Balance 400 14,400 11-Jan 100 14,500 11-Jan 4,600 9,900 11-Jan 2,300 12,200 13-Jan 400 12,600 13-Jan 106 Finished Goods Debit Cr. Balance Credit Dr. Balance Date Item 6,000 1/1/2021 Beginning Balance 3,000 3,000 7-Jan 7,600 4,600 11 Jan 2,300 5,300 17-Jan 107 Equipment Debit Cr. Balance Credit Dr. Balance Date Item 10,000 1/1/2021 Beginning Balance 108 Accumulated Depreciation Debit Credit Dr. Balance Cr. Balance Date Item 2,000 1/1/2021 Beginning Balance 83 2,083 31-Jan Accounts Payable 201 Date Item Debit Credit Dr. Balance Cr. Balance 1/1/2021 Beginning Balance 40,000 1-Jan 22,000 18,000 3-Jan 10,000 28,000 4-Jan 1,000 29,000 24-Jan 200 29,200 24-Jan 250 29,450 202 Wages Payable Debit Credit Dr. Balance Date Item Cr. Balance 10,000 1/1/2021 Beginning Balance 8-Jan 5,000 5,000 200 5,200 11-Jan 13-Jan 1,500 6,700 2,950 9,650 15-Jan 203 Long Term Note Payable Debit Credit Dr. Balance Cr. Balance Date Item 8,000 1/1/2021 Beginning Balance 301 Capital Account - Jet Debit Cr. Balance Credit Dr. Balance Date Item 44,000 1/1/2021 Beginning Balance 302 Capital Account - Plane Debit Cr. Balance Credit Dr. Balance Date Item 44,000 1/1/2021 Beginning Balance 303 Drawing Account - Jet Debit Cr. Balance Credit Dr. Balance Date Item 6,000 1/1/2021 Beginning Balance 304 Drawing Account - Plane Dr. Balance Cr. Balance Debit Credit Date Item 6,000 1/1/2021 Beginning Balance Revenue 401 Date Item Debit Credit Cr. Balance Dr. Balance 1/1/2021 Beginning Balance 7-Jan 4,050 4,050 17-Jan 2,990 7,040 Cost of Goods sold 501 Debit Credit Dr. Balance Date Item Cr. Balance 1/1/2021 Beginning Balance 7-Jan 3,000 3,000 17-Jan 2,300 5,300 1,733 7,033 31-Jan Closing Factory Overhead Marketing Expenses 502 Debit Credit Dr. Balance Date Item Cr. Balance 1/1/2021 Beginning Balance 4-Jan 1,000 1,000 503 G&A Salaries Debit Credit Dr. Balance Cr. Balance Date Item 1/1/2021 Beginning Balance 2,000 2,000 15-Jan 504 General Office Rent Dr. Balance Cr. Balance Debit Credit Item Date 1/1/2021 Beginning Balance 1,000 1,000 10-Jan 505 Other Expenses Dr. Balance Cr. Balance Debit Credit Date Item 1/1/2021 Beginning Balance 250 250 24-Jan 3 and 4 Schedule of Unfinished Jobs: Direct Direct Factory Overhead Job Classification Materials Labor Total 1458 Mountain 600 1400 300 2300 1459 Racing 1200 2000 600 3800 1460 Racing 1200 2000 600 3800 1464 Racing 800 1800 400 2700 Total 12600 Schedule of finished Jobs: Direct Materials Direct Labor Factory Overhead Total Job Classification 1462 Hybrid 1457 Mountain 800 1100 400 2300 900 1650 450 3000 Total 5300 5. Account Number Debit Balance Credit Balance Account 101 Cash 51,000 102 21,040 Accounts Receivable Prepaid Rent 103 104 Materials Inventory 21,000 105 12,600 Work In Process 106 5,300 Finished Goods 107 Equipment 10,000 2,083 108 Accumulated depreciation 29,450 201 Accounts Payable 9,650 202 Wages Payable 8,000 203 Long Term Note Payable Capital Account - Jet 44,000 301 44,000 302 Capital Account - Plane 303 6,000 Drawing Account - Jet 6,000 304 Drawing Account - Plane 7,040 401 Revenue 7,033 501 Cost of Goods Sold 1,000 502 Marketing Expenses 2,000 503 G&A Salaries 1,000 504 General Office Rent 250 505 Other Expenses Total: 144,223 144,223 6. Keep It On Two Wheels Statement of Cost of Goods Manufactured For the Month Ended January 31 14000 12000 10000 22000 21000 1000 Work in process inventory, January 1 Direct materials: Beg Inventory Purchases Cost of materials available for use Ending Materials Inventory Cost of direct materials used Direct labor Factory overhead Total manufacturing costs incurred Total manufacturing costs Less Ending WIP Cost of goods manufactured Keep It On Two Wheels Income Statement For the Month Ended January 31 7040 6000 5300 Sales Cost of goods sold: Beg Finished goods inventory Cost of goods manufactured Cost of finished goods available for sale Less Ending Finished Goods Cost of goods sold Plus / Minus COGS Write-Off Gross profit Operating expenses Net income