Mastery Problem: Job Order Costing Purl of Great Price Company Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company, which produces high end e d water and e r vests for sale to real outlets. The company started in January of the current year, and employs three Initters (each of whom work 40 hours per week) and one office manageriting supervisor is employee works 20 hours per week as office manage and 20 hours per week asing supervisor). All ages are paid in cash at the end of each month Each critter has a knitting machine that is used about 2/3 of the kite's time, the rest of the r 's time being involved in handriting and pleding topther the garments. The company has padaling machine used to wrap the garments in plastic for shipping, which is operated by the office manager/itting supervisor approximately 5 hours per week The knitting machines were purchased on January 1 of the current year, and cost $2.400 each with anticipated life of years and to salvage . The packaging machine was purchased on the same date and cost $4.000, with the same anticipated and salvage value Nov. 30 Trial Balance POGP Company Trial Balance November 30, ZOYA Account Title Debit Credit Accounts Receivable 5,404 Materials Work in Process Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Dividends 10,000 307,500 Cost of Goods Sold Factory Overhead E Calculator The knitting machines were purchased on January 1 of the current year, and cost $2,400 each, with a same anticipated useful life and salvage value. Nov. 30 Trial Balance POGP Company Trial Balance November 30, 2048 Account Title Credit Debit 20,000 1,000 Accounts Receivable Supplies Materials 200 Work in Process 5,000 5,404 12,000 825 Equipment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings 150 10,000 12,000 Dividends 18,096 307,500 255,040 Sales Cost of Goods Sold Factory Overhead Wages Expense 13,750 330,490 330,490 Predetermined Factory Overhead Rate Since the company is more reliant on labor than machines, Maria decides to use direct labor hours (DLH) as Estimated Selected Amounts for the Year Estimated depreciation on equipment $1,200 Estimated total Office Manager/Knitting Supervisor wages $30,000 Check My Work 4 more Check My Work uses remaining. All work saved. ment Students YouTube PeopleNet Fleet Ma.. Tenstreet Home Applicant in Infiniti- Calculator 330,490330490 Predetermined Factory Overhead Rate Since the company is more reliant on labor than machines, Maria decides to use direct labor hours (DLR) Estimated Selected Amounts for the Year Estimated depreciation on equipment $1,200 Estimated total Office Manager/Knitting Supervisor wages $30,000 Estimated office utilities $3,000 Estimated factory utilities $4,800 Estimated factory rent $18,000 Activity Base Data Estimated number of DLH for the year 6,250 Estimated number of MH for the year 4 ,375 Compute the predetermined factory overhead rate for the current year. $6.24 per DLH X Review the definitions of items that are included in factory overhead for the computation of estimated total factory over Date: Dec. 10 Materials Requisition Reg. No. 12255 Description Yarn type B Job No. 83 Qty. Issued 700 skeins Unit Price $5 Total issued Amount $3,500 $3,500 Susan Blake Time Ticket Wirk Decidin No. 1255 Name: itinerarinn Check My Work more Check My Work uses remaining All work saved. Current Students - YouTube PeopleNet Fleet Ma... Tenstreet A Home Applicant in Infiniti Calculator Review the definitions of items that are included in factory overhead for the computation or estimated to tacia Materials Requisition Date: Dec. 10 Req. No. 12255 Job No. 83 Description Qty. Issued Unit Price Amount Yarn type B 7 00 skeins $5 $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 $975 12/16-12/31 83 10322 15 1,545 Total Cost $2,520 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 12/16-12/31 83 88 1,320 Total Cost $2,445 $15 $1.125 Time Ticket No. 3923 Name: Mary Jones Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 $15 $900 12/16-12/31 109 15 1,635 Total Cost $2,535 60 83 Check My Work 4 more Check My Work uses remaining All work saved. en/ Assignment t aigmentionLocator Binprogress Job Cost Sheets On December 10, POGP Company receive an order for 200 meter vests and win ob to the review the table to them to the cost Sheet On December 15, review the Time Tide tables to add the appropriate amount of direct labor and factory overhead costs to the Job Cast Sheet for for the period December through on December 31, the last work day of the year for the knitters, review Time Ta ble to add the appropriate amount of direct labor and factory overhead costs to the other for whers for the dec own to the rest Total Tf there is no amount or amount is zero, enter". Frequired, round your Job 62 100 units Sweaters Direct Materials Direct Labor Factory Overhead Balance Dec. 1 $5,000 Dec. 15 0 3,000 2,040 Total cost $ 3,000 X 5,040 10.444 Cost Direct Labor Factory Overhead Job 3 2 00 units Direct Materials Balance Dec. 1 Dec. 10 3,000 X 0 Dec 31 $ Total cost 3.000 x 5 0 x 5 Journal On December 10. POGP Company receives an order for 200 sweaterests and to the order Ow My Work or Check My Wiseman SAMSUNG the entry to record the addition of th Journal On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order Review the Materials Regulation table to journ does not require an entry, leave it blank W Process Dec. 10 Work in Process 3.000 Materials 1000 X Think about the flow of colored to do a job and the accounts afected by sales to customers through December 15. f u nt box do On December 15, review the Time Tide table to Journaline the entry to record the addition of direct labor to work in Process for the period December De 15 Work in Pro and Payable mum 3.000 Correct for the s to our the entry to record the antion of factory overhead to work On December is review the Time Ticket Des Works Factory Over the On December 21, Job 62 is completed. Review the Job Cost Sheets and your journal entries Joure the entry on W e et invoices On December 21, Job 62 is completed. Review the Job Cost Sheets and your journal entries. Journalize the entry to move the associated costs to the finished goods a Health Dec 21 Finished Goods 10444 Work in Process 104444 On December 22, 75 of the 100 sweaters from Job 62 are sold on account for $125 each. Journalize the following transactions: a. The entry to record the sale. b. The entry to record the transfer of costs from Finished Goods to cost of Goods Sold. If an amount box does not require an entry, leave it blank, Dec. 22 Dec, 22 Check My Work Incorrect On December 31, the last work day of the year for the knitters, review the Time Ticket tables to journalize the entry to record the does not require an entry, leave it blank. director Dec. 31 L i st Peoplelet Account Check My Work Incorrect N Peoplelet invoices Health Cos On December 31, the last work day of the year for the knitters, review the Time Ticket tables to journalize the entry to record the addition of direct labor to work in Press does not require an entry, leave it blank Dec. 31 Incorrect On December 31, the last work day of the year for the knitters, review the Time Tide tables to our box does not require an entry, leave it blank. the entry to record the Dec. 31 factory ou t Incorrect On December 31, Journalize the following transactions. Note that expenses (). () and (0) were paid in cash a. One month's depreciation on equipment b. One month's payroll for all employees c. One month's rent of $1,500 d. One month's factory utilities of $1,275 If an amount box does not require an entry, leave it blank On December 31, journalize the following transactions. Note that expenses (b), (c), and (d) were paid in cash a. One month's depreciation on equipment b. One month's payroll for all employees c. One month's rent of $1.500 d. One month's factory utilities of $1,275 If an amount box does not require an entry, leave it blank Dec. 31 Towar Incorrect On December 31, prepare the journal entry to dispose of the balance in the factory overhead account Dec. 31 Incorrect On December 31, prepare the journal entry to dispose of the balance in the factory overhead account. If an amount box does not require an entry, leave blank Dec 31 Check My Work Incorrect Final Question What are the balances in the following accounts as of December 317 If an amount is zero, entero Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold Create accounts and post the beginning balances from the Now 30 Til Balance panel The post you Check My W Partially correct Check My Workesromaning