NO ideas with Journal and Final Question.

Maria Young is the sole stockholder of Purl of Great Price Company (POGP 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 manager/knitting supervisor (this employee works 20 hours per week as office manager, and 20 hours per week as knitting supervisor). All wages are paid in cash at the end of each month. Each knitter has a knitting machine that is used about 2/3 of the knitter' s time, the rest of the knitter's time being involved in hand knitting and piecing together the garments. The company also has a packaging machine used to wrap the garments in plastic for shipping, which is operated by the office manager/knitting supervisor approximately 5 hours per week. The knitting machines were purchased on January 1 of the current year, and cost $2,400 each, with an anticipated useful life of 10 years and no salvage value. The packaging machine was purchased on the same date and cost $4,800, with the same anticipated useful life and salvage value. Required: 1. Review the data in the Predetermined Factory Overhead Rate panel, and compute the predetermined factory overhead rate for POGP Company 2. On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Materials Requisition panel. A. Journalize the entry to record the addition of the materials to Work in Process.* B. On the Job Cost Sheets panel, add the materials to the Job Cost Sheet for Job 83. 3. On December 15, review the source documents on the Time Tickets panel. A. Journalize the entry to record the addition of direct labor to Work in Process for the period December 1 through December 15.* B. Journalize the entry to record the addition of factory overhead to Work in Process for the period December 1 through December 15.* C. On the Job Cost Sheets panel, add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for Job 62 for the period December 1 through December 15. 4. On December 21, Job 62 is completed. Review the Job Cost Sheets panel and your journal entries. Journalize the entry to move the associated costs to the Finished Goods account* 5. 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. 6. On December 31, the last work day of the year for the knitters, review the source documents on the Time Tickets panel. A. Journalize the entry to record the addition of direct labor to Work in Process for the period December 16 through December 31.* B. 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 labor and factory overhead costs to the Job Cost Sheet for Job 83 for the period December 16 through December 31. 7. 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 utilities of $1,275 8. 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 Overhead E. Cost of Goods Sold *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS POGP Company General Ledger REVENUE 410 Sales ASSETS 110 Cash 112 Accounts Receivable 117 Supplies 118 Materials 119 Work in Process 120 Finished Goods 125 Equipment 126 Accumulated Depreciation-Equipment EXPENSES 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 CREDIT POGP Company UNADJUSTED TRIAL BALANCE November 30, 2048 ACCOUNT TITLE DEBIT 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 6 Equipment 12,000.00 7 Accumulated Depreciation-Equipment 8 Accounts Payable 9 Common Stock 10 Retained Earnings 11 Dividends 18,096.00 12 Sales 13 Cost of Goods Sold 255,040.00 14 Factory Overhead 15 Wages Expense 13,750.00 16 Totals 330,490.00 825.00 150.00 10,000.00 12,000.00 307,500.00 15.00 330,490.00 Predetermined Factory Overhead Rate Shaded cells have feedback. 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). 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 $1,200.00 $30,000.00 $3,000.00 $4,800.00 $18,000.00 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. If required, round your answers to the nearest cent. $6.24 per DLHV Points: 1/1 Materials Requisition Date: Dec. 10 Materials Requisition Req. No. 12255 Description Yarn type B Job No. 83 Qty. Issued Unit Price 700 skeins $5.00 Total issued Amount $3,500 $3,500 Time Tickets Time Ticket No. 1255 Name: Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 6265 $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 8388 $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 $15.00 $900.00 12/16-12/31 83 109 $15.00 $1,635.00 Total Cost $2,535.00 feedback. Add the amounts in requirements 2B), 310), and 6(C) to the appropriate areas of the following job cost sheets. If there is no amount or an amount is zero, enter "0". If required, round your answers to the nearest cent. Job 62 100 units: Direct Materials Balance Dec. 1 $5,000 Dec. 15 Total Cost Sweaters Direct Labor $300 Total $5,404 $0 $5,000 V Factory Overhead $104 $3,000 $3,300V Unit Cost $1,248 $1,352 $4,248 $9,652 $96.52 Points: 9/9 Feedback Job 83 200 units: Direct Materials Sweater vests Direct Labor SO Factory Overhead Total Job Cost $0 Balance Dec. 1 Dec. 10 Dec. 31 Total Cost $3,500 $0 $3,500 $0 v $4,500 $4,500 $0 $1,872 $1,872 $3,500 $6,372 $9,872 Points: 12/12 Journal fee Journalize the entries in requirements 2 - 8. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 15 Score: 245/287 ACCOUNTING EQUATION DEBIT CREDIT ASSETS LIABILITIEQUITY DATE POST 5,500.00 3,500.00 3,000.00 3,000.00 1,245.00 1,248.00 9,652.000 9,652.007 10 JOURNAL DESCRIPTION Cost of Goods Sold Dec 10 Work in Process Materials Dec. 15 Work in Process Wages Payable Dec. 15' Work in Process Factory Overhead Dec. 21 Finished Goods Work in Process Dec 22 Sales Accounts Receivable Dec. 27' Cost of Goods Sold Finished Goods Dec. 31' Work in Process Wages Payable Dec. 31' Wages Payable Factory Overhead Accumulated Depreciation-Equipment Wages Expense Cash Dec 31' Factory Overhead Work in Process Dec 31 Factory Overhead 7,239.007 7.239.00 4,500.00 4,500.00 16 100.00 2 23 Points: 47.8 / 56 Final Question Shaded cells have feedback What are the balances in the following accounts as of December 31? Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold $1,500 $9,872 $2,413 $0 $262,279 x Points: 4/5 Maria Young is the sole stockholder of Purl of Great Price Company (POGP 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 manager/knitting supervisor (this employee works 20 hours per week as office manager, and 20 hours per week as knitting supervisor). All wages are paid in cash at the end of each month. Each knitter has a knitting machine that is used about 2/3 of the knitter' s time, the rest of the knitter's time being involved in hand knitting and piecing together the garments. The company also has a packaging machine used to wrap the garments in plastic for shipping, which is operated by the office manager/knitting supervisor approximately 5 hours per week. The knitting machines were purchased on January 1 of the current year, and cost $2,400 each, with an anticipated useful life of 10 years and no salvage value. The packaging machine was purchased on the same date and cost $4,800, with the same anticipated useful life and salvage value. Required: 1. Review the data in the Predetermined Factory Overhead Rate panel, and compute the predetermined factory overhead rate for POGP Company 2. On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Materials Requisition panel. A. Journalize the entry to record the addition of the materials to Work in Process.* B. On the Job Cost Sheets panel, add the materials to the Job Cost Sheet for Job 83. 3. On December 15, review the source documents on the Time Tickets panel. A. Journalize the entry to record the addition of direct labor to Work in Process for the period December 1 through December 15.* B. Journalize the entry to record the addition of factory overhead to Work in Process for the period December 1 through December 15.* C. On the Job Cost Sheets panel, add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for Job 62 for the period December 1 through December 15. 4. On December 21, Job 62 is completed. Review the Job Cost Sheets panel and your journal entries. Journalize the entry to move the associated costs to the Finished Goods account* 5. 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. 6. On December 31, the last work day of the year for the knitters, review the source documents on the Time Tickets panel. A. Journalize the entry to record the addition of direct labor to Work in Process for the period December 16 through December 31.* B. 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 labor and factory overhead costs to the Job Cost Sheet for Job 83 for the period December 16 through December 31. 7. 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 utilities of $1,275 8. 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 Overhead E. Cost of Goods Sold *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS POGP Company General Ledger REVENUE 410 Sales ASSETS 110 Cash 112 Accounts Receivable 117 Supplies 118 Materials 119 Work in Process 120 Finished Goods 125 Equipment 126 Accumulated Depreciation-Equipment EXPENSES 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 CREDIT POGP Company UNADJUSTED TRIAL BALANCE November 30, 2048 ACCOUNT TITLE DEBIT 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 6 Equipment 12,000.00 7 Accumulated Depreciation-Equipment 8 Accounts Payable 9 Common Stock 10 Retained Earnings 11 Dividends 18,096.00 12 Sales 13 Cost of Goods Sold 255,040.00 14 Factory Overhead 15 Wages Expense 13,750.00 16 Totals 330,490.00 825.00 150.00 10,000.00 12,000.00 307,500.00 15.00 330,490.00 Predetermined Factory Overhead Rate Shaded cells have feedback. 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). 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 $1,200.00 $30,000.00 $3,000.00 $4,800.00 $18,000.00 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. If required, round your answers to the nearest cent. $6.24 per DLHV Points: 1/1 Materials Requisition Date: Dec. 10 Materials Requisition Req. No. 12255 Description Yarn type B Job No. 83 Qty. Issued Unit Price 700 skeins $5.00 Total issued Amount $3,500 $3,500 Time Tickets Time Ticket No. 1255 Name: Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 6265 $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 8388 $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 $15.00 $900.00 12/16-12/31 83 109 $15.00 $1,635.00 Total Cost $2,535.00 feedback. Add the amounts in requirements 2B), 310), and 6(C) to the appropriate areas of the following job cost sheets. If there is no amount or an amount is zero, enter "0". If required, round your answers to the nearest cent. Job 62 100 units: Direct Materials Balance Dec. 1 $5,000 Dec. 15 Total Cost Sweaters Direct Labor $300 Total $5,404 $0 $5,000 V Factory Overhead $104 $3,000 $3,300V Unit Cost $1,248 $1,352 $4,248 $9,652 $96.52 Points: 9/9 Feedback Job 83 200 units: Direct Materials Sweater vests Direct Labor SO Factory Overhead Total Job Cost $0 Balance Dec. 1 Dec. 10 Dec. 31 Total Cost $3,500 $0 $3,500 $0 v $4,500 $4,500 $0 $1,872 $1,872 $3,500 $6,372 $9,872 Points: 12/12 Journal fee Journalize the entries in requirements 2 - 8. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 15 Score: 245/287 ACCOUNTING EQUATION DEBIT CREDIT ASSETS LIABILITIEQUITY DATE POST 5,500.00 3,500.00 3,000.00 3,000.00 1,245.00 1,248.00 9,652.000 9,652.007 10 JOURNAL DESCRIPTION Cost of Goods Sold Dec 10 Work in Process Materials Dec. 15 Work in Process Wages Payable Dec. 15' Work in Process Factory Overhead Dec. 21 Finished Goods Work in Process Dec 22 Sales Accounts Receivable Dec. 27' Cost of Goods Sold Finished Goods Dec. 31' Work in Process Wages Payable Dec. 31' Wages Payable Factory Overhead Accumulated Depreciation-Equipment Wages Expense Cash Dec 31' Factory Overhead Work in Process Dec 31 Factory Overhead 7,239.007 7.239.00 4,500.00 4,500.00 16 100.00 2 23 Points: 47.8 / 56 Final Question Shaded cells have feedback What are the balances in the following accounts as of December 31? Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold $1,500 $9,872 $2,413 $0 $262,279 x Points: 4/5