Mana Young is the sole stockho Great Price Company POUP Company which produces high end knitted sweaters and sweater vests for sale to retail outlets. The company started in January of the current year, and employs three knitters each of whom work 40 hours per week) and one office managetting supervisor this employee works 20 hours per week as office manager and 20 hours per week as ning supervisor) All wages are paid in cash at the end of each month Each sitter has a knitting machine that is used about 20 of the kriter's time, the rest of the kitter's time being involved in handing and placing together the garments. The company also has a packaging machine vsed to wrap the garments in plastic for shipping, which is operated by the office managetting supervisor approximately 5 hours per wook The knitting machines were purchased on January 1 of the current you, and cost $2.400 each, with an anticipated useful Me of 10 years and no salvagu valde The packaging machine was purchased on the same date and cont 4600, with the same anticipated users We and salvage value Required: 1. Review oro data an the Predetermined. Factory.head Bate panel, and compute the predetermined factory overhead rato for POOP Company 2. On December 10, POGP Company receives an order for 200 sweater wests and assigns Job 83 to the order Review the Material Beauty panel A Jourrure the entry to record the addition of the materials to Work in Process B. On the Cost Sheets and add the material to the Job Cost Sheet for Job 83 3. On December 15 review the source documents on the Time Tickets Panel A Jourmalize the entry to record the addition of director to Work in Process for the period December through December 15, B. Journakze the entry to record the addition of factory overhead to Work in Process for the period December 1 tough December 15. C On the Job Coat Sheets panel add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for 106 62 for the period December through December 15 4. On December 21, Jo 62 le completed. Review the Job Cost Sheets panel and your ownal entries. Joumalize the entry to move the associated co to me Fished Goods account 5. On December 22. 75 of the 100 sweaters from 62 are sold on account for $125 each. Journalce the following transactions A The anby lo record the sale B. The enby to record the transfer of costs from Finished Goods to cost of Goods Soul 6 on December 31, the last work day of the year for the kratters, review the source documents on the Time Tickets panel A Joumle the only to record the addition of direct labor to Work in Process for the period December 16 through mber 31 Journalize the entry to record the addition of factory overhead to Work in Process for the period December 16 through December 31, c. On the Job Cost Sheets panel, add the appropriate amount of direct later and factory overhead costs to the Job Cost Sheet for Job 3 for the period December 16 through December 31 7. on December 31, foumalie e forowing transactions. Note that expenses (B). (C) and (D) were paid in cash. A. One month depreciation on equipment B. One month payroll for all employees C. One montrent or $1.500 D. One months tiles of 1.275 & On December 31, prepare the journal entry to dispose of the balance in the Factory Overhead account 9. What are the balances in the following accounts as of December 31 A Materials B. Work in Process C Finished Goods D. Factory Owehead E. Cost of Goods Sold "Refer to the Chart of Accounts for exact wording of accountides CHART OF ACCOUNTS POGP Company General Ledger ASSETS REVENUE 110 Cash 410 Sales EXPENSES 112 Accounts Receivable 117 Supplies 118 Materials 119 Work in Process 120 Finished Goods 125 Equipment 126 Accumulated Depreciation-Equipment 510 Cost of Goods Sold 520 Factory Overhead 525 Wages Expense LIABILITIES 210 Accounts Payable 211 Wages Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary POGP Company UNADJUSTED TRIAL BALANCE November 30, 2048 ACCOUNT TITLE DEBIT CREDIT 1 Cash 20,000.00 2 Accounts Receivable 1,000.00 3 Supplies 200.00 4 Materials 5,000.00 5 Work in Process 5,404.00 12,000.00 6 Equipment 7 Accumulated Depreciation Equipment 3 Accounts Payable 825.00 150.00 9 Common Stock 10,000.00 10 Retained Earnings 12,000.00 11 Dividends 18,096.00 12 Sales 307,500.00 13 Cost of Goods Sold 255,040.00 14 Factory Overhead 15.00 15 Wages Expense 13,750.00 16 Totals 330,490.00 330,490.00 Predetermined Factory Overhead Rate Since the company is more reliant on labor than machines, Maria decides to use direct labor hours (DLH) as the activity base for her predetermined factory overhead rate, rather than machine hours (MH). $1,200.00 Estimated Selected Amounts for the Year Estimated depreciation on equipment Estimated total Office Manager/Knitting Supervisor wages Estimated office utilities Estimated factory Utilities Estimated factory rent $30,000.00 $6,000.00 $4,800.00 $18,000.00 Activity Base Data Estimated number of DLH for the year Estimated number of MH for the year 5,000 3,500 Compute the predetermined factory overhead rate for the current year. If required, round your answers to the nearest cent, Materials Requisition Date: Dec. 10 Reg. No. 12255 Job No. 83 Description Qty. Issued Unit Price Amount Yarn type B 700 skeins $5.00 $3,500 Total issued $3,500 Time Ticket No. 1255 Name: Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 65 $15.00 $975.00 12/16-12/31 83 103 $15.00 $1,545.00 Total Cost $2,520.00 Time Ticket No. 2274 Name: Josh Porter Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 75 $15.00 $1,125.00 12/16-12/31 83 88 $15.00 $1,320.00 Total Cost $2,445.00 Time Ticket No. 3923 Name: Mary Jones Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 60 $15.00 $900.00 12/16-12/31 83 109 $15.00 $1,635.00 Total Cost $2,535.00 Add the amounts in requirements 2/8), 3(C), and 6(C) to the appropriate areas of the following fob cost sheets. If there is no amount or an amount is zero, enter "O". If required, round your answers to the nearest cent. Job 62 100 units: Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 S $ Total Cost S S S Unit Cost $ Job 83 200 units Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 $0 $0 Dec. 10 $ Dec. 31 5 Total Cost Journalize the entries in requirements 2 - 8. Refer to the Chart of Accounts for exact wording of account hitles. PAGE 15 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT A5SETS LABILITIES EQUITY 1 2 3 5 6 7 B 9 10 11 12 What are the balances in the following accounts as of December 31? Materials $ Work in Process $ Finished Goods $ Factory Overhead $ Cost of Goods Sold $