Nov. 30 Trial Balance

POGP Company Trial Balance November 30, 20Y8
Account Title	Debit	Credit
Cash	20,000
Accounts Receivable	1,000
Supplies	200
Materials	5,000
Work in Process	5,404
Equipment	12,000
Accumulated Depreciation-Equipment		825
Accounts Payable		150
Common Stock		10,000
Retained Earnings		12,000
Dividends	18,096
Sales		307,500
Cost of Goods Sold	255,040
Factory Overhead		15
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 the activity base for her predetermined factory overhead rate, rather than machine hours (MH).

Estimated Selected Amounts for the Year
Estimated depreciation on equipment	$1,200
Estimated total Office Manager/Knitting Supervisor wages	$36,000
Estimated office utilities	$6,000
Estimated factory utilities	$4,800
Estimated factory rent	$18,000

On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Materials Requisition table to journalize the entry to record the addition of the materials to Work in Process. If an amount box does not require an entry, leave it blank.

Dec. 10	CashCost of ServicesMaterialsFactory OverheadWork in ProcessWork in Process	Work in Process	Work in Process
	CashCost of ServicesMaterialsFactory OverheadWork in ProcessMaterials	Materials	Materials

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Think about the flow of costs incurred to do a job and the accounts affected by sales to customers.

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On December 15, review the Time Ticket tables to journalize the entry to record the addition of direct labor to Work in Process for the period December 1 through December 15. If an amount box does not require an entry, leave it blank.

Dec. 15	Accounts ReceivableCashSalaries PayableWages PayableWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts ReceivableCashSalaries PayableWages PayableWork in ProcessWages Payable	Wages Payable	Wages Payable

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Correct

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On December 15, review the Time Ticket tables to journalize the entry to record the addition of factory overhead to Work in Process for the period December 1 through December 15. If an amount box does not require an entry, leave it blank.

Dec. 15	Accounts PayableAccounts ReceivableFactory OverheadSalaries PayableWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableAccounts ReceivableFactory OverheadSalaries PayableWork in ProcessFactory Overhead	Factory Overhead	Factory Overhead

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Partially correct

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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 account. If an amount box does not require an entry, leave it blank.

Dec. 21	Accounts PayableCashFinished GoodsFactory OverheadWork in ProcessFinished Goods	Finished Goods	Finished Goods
	Accounts PayableCashFinished GoodsFactory OverheadWork in ProcessWork in Process	Work in Process	Work in Process

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Partially correct

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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	CashAccounts ReceivableFactory OverheadSalesWork in ProcessAccounts Receivable	Accounts Receivable	Accounts Receivable
	CashAccounts ReceivableFactory OverheadSalesWork in ProcessSales	Sales	Sales
Dec. 22	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsCost of Goods Sold	Cost of Goods Sold	Cost of Goods Sold
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished GoodsFinished Goods	Finished Goods	Finished Goods

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Partially correct

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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 Process for the period December 16 through December 31. If an amount box does not require an entry, leave it blank.

Dec. 31	Accounts PayableAccounts ReceivableCost of ServicesWages PayableWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableAccounts ReceivableCost of ServicesWages PayableWork in ProcessWages Payable	Wages Payable	Wages Payable

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Correct

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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 factory overhead to Work in Process for the period December 16 through December 31. If an amount box does not require an entry, leave it blank.

Dec. 31	Accounts PayableCashFactory OverheadSalaries PayableWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableCashFactory OverheadSalaries PayableWork in ProcessFactory Overhead	Factory Overhead	Factory Overhead

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Partially correct

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On December 31, journalize the following transactions. Note that expenses (b), (c), and (d) were paid in cash.

a. One months depreciation on equipment

b. One months payroll for all employees

c. One months rent of $1,500

d. One months factory utilities of $1,275

If an amount box does not require an entry, leave it blank.

Dec. 31	Accounts ReceivableAccumulated Depreciation-EquipmentCashCost of ServicesFactory OverheadFactory Overhead	Factory Overhead	Factory Overhead
	Accounts ReceivableAccumulated Depreciation-EquipmentCashCost of ServicesWages ExpenseWages Expense	Wages Expense	Wages Expense
	Accounts ReceivableAccumulated Depreciation-EquipmentCashCost of ServicesWages PayableWages Payable	Wages Payable	Wages Payable
	Accounts ReceivableCashFactory OverheadWages ExpenseWages PayableCash	Cash	Cash
	Accounts ReceivableAccumulated Depreciation-EquipmentFactory OverheadWages ExpenseWages PayableAccumulated Depreciation-Equipment	Accumulated Depreciation-Equipment	Accumulated Depreciation-Equipment

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Partially correct

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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 it blank.

Dec. 31	Accounts ReceivableCashCost of Goods SoldFactory OverheadSalaries PayableCost of Goods Sold	Cost of Goods Sold	Cost of Goods Sold
	Accounts ReceivableCashCost of Goods SoldFactory OverheadSalaries PayableFactory Overhead	Factory Overhead	Factory Overhead

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Partially correct

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Final Question

What are the balances in the following accounts as of December 31? If an amount is zero, enter "0".

Materials	$fill in the blank a7f143033059f97_1
Work in Process	$fill in the blank a7f143033059f97_2
Finished Goods	$fill in the blank a7f143033059f97_3
Factory Overhead	$fill in the blank a7f143033059f97_4
Cost of Goods Sold	$fill in the blank a7f143033059f97_5