Paid rent for the month, $4,000 total, 85% for space devoted to Jan 2 manufacturing the products, 15% for office space. 2 Paid Hardware For All $879 in payment of the December 31 balance. Received a check from Fun For All Backyard Games for $1,230.00 in 3 partial payment of their December 31 balance. Purchased manufacturing supplies on account from Local Got It All, 4 $325. Sold a medium Giant Jenga game from inventory for Cash. Received 6 $546. Our cost was $390. Received an order for a large Falling Orbs game from a cash customer. Set up job 126. Began working on the job by applying $120 of direct materials (requisition number 59). Whenever we use direct materials on a job we will also apply Factory Overhead at a rate of 40% of the direct materials cost. We also applied $80 of direct labor (time ticket 48). Whenever we have direct labor we will debit Work in Process (WIP) for the total gross wages, credit Employees 6 Federal Income Tax Payable for 15% of the total direct labor, credit FICA Tax Payable for 7.65% of total direct labor, and credit Salaries Payable for the difference to get total debits to equal total credits. If needed, always round your numbers to the nearest cent. If your answer goes to three decimal places, if the third number on the right of the decimal is 4 or lower drop off the numbers and leave the number in the cent place (second number) as it is. If the third number is 5 or larger, round the second number up 1 place. I.E. 128.914 = 128.91 Paid Secondary Bank $8,798.40 for December 2020 payroll taxes as follows: 6 Employees' Federal Income Tax Payable - $3,744.00 FICA Tax Payable - $1,909.44 FUTA Tax Payable - $149.76 SUTA Tax Payable - $2,995.20 7 Purchased materials on account from Lumber Unlimited, $9,700 Received a check from Utopian Backyard Fun for $4,700 in partial 8 payment of their December 31 balance. 10 Paid $400 for advertising for the rest of the month. 10 Paid Lumber Unlimited $6,950 in payment of the December 31 balance. Received a check from Backyard Game Treats for $4,200 in payment of their December 31 balance. 14 Sold a small Outdoor Word Game from inventory for cash, $380 cost, 14 $532 sales price. Sold 2 large Giant Jenga games, 2 medium and 1 large bean bag toss games, 1 small and 1 medium Connect the color games, and 3 large 14 Falling Orb games out of inventory to a cash customer. Retail price, $5,755.40. Our cost, $4,111.00. Applied $80 of direct materials to job 126 (requisition number 60), applied factory overhead at the rate given previously and applied $120 14 of direct labor (time ticket 49) withholding taxes at the rates given previously This finished off the job so we transferred all Recorded the sale of Job 126 to the cash customer reporting the sale at 15 the retail price of $672 and moving our cost of finished goods into Cost of Goods Sold. Paid Utility bill, $510. 85% for manufacturing area, 15% for 15 nonmanufacturing area. Added $1,150 of materials to job 125 (requisition number 61). 16 Remember to also apply factory overhead as shown earlier. Also added $1,462 of labor (time ticket 50). Remember to withhold taxes as shown earlier. This finished off job 125. 16 Sold job 125 to Oversize Games on account. Sales price is $8,010.80. Determine our total cost from the job cost records. Received an order for a medium bean bag game from a cash customer. Set up job 127. Began working on the job by applying $40 of direct 17 materials (requisition number 62), applying factory overhead, and applying $20 of direct labor (time ticket 51) withholding the appropriate taxes. Received an order for 3 large Falling Orbs and 2 Medium Falling Orbs from Fun For All Backyard Games. Set up job 128. Began working on 21 the job by applying $220 of direct materials (requisition number 63), apply factory overhead, and $410 of direct labor (time ticket number 52) withholding taxes. Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash 21 customer from inventory. Our cost is $870. Sales price is $1,218. Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash 21 customer from inventory. Our cost is $870. Sales price is $1,218. Received a check from Oversize Games for $3,290 in payment of their 21 December 31 balance. 21 Used materials on hand to work on all jobs currently in process, $217 Purchased paint and stain (direct materials) from Paint To Go on 23 account, $692. Set up bookkeeper salary, $960 for the month, indicate withholding for 27 federal income tax and FICA. Withhold payroll taxes at the same rate we used for direct labor transactions. Set up employer payroll taxes for both manufacturing employees and nonmanufacturing employees. Debit Factory Overhead 365.06; Debit 30 Payroll Tax Expense 167.52; credit FICA Tax Payable 233.48; credit FUTA Tax Payable 24.42; credit SUTA Tax Payable 274.68. 30 Paid all employees for wages earned in January. 30 Owner withdrew $3,200 for personal use. 30 Received $1,015.60 on account from Fun For All Backyard Games 30 Received $2,650 on account from Utopian Backyard Fun 30 Paid Local Got It All on account, $325 30 Paid Lumber Unlimited on account, $9,700 30 Paid Paint To Go on account, $1,120 30 Purchased materials on acocunt from Lumber Unlimited. $4.300 Job Cost Record 126 Job Number: Customer Name: Job Description: Date Promised: Date Started: Date Completed: 1/18 1/6/2020 Cash Customer 1 large Falling Orbs Direct Materials Requisition Amount Number Date Direct Labor Time Ticket Amount Numbers Factory Overhead Rate Amount Date Overall Cost Summary Direct Materials Direct Labor Factory Overhead Total Job Cost Job Cost Record 127 Job Number: Customer Name: Job Description: Date Promised: Date Started: Date Completed: Direct Materials Requisition Amount Number Date Direct Labor Time Ticket Amount Numbers Factory Overhead Rate Amount Date Overall Cost Summary Direct Materials Direct Labor Factory Overhead Total Job Cost Job Cost Record 128 Job Number: Customer Name: Job Description: Date Promised: Date Started: Date Completed: Direct Materials Requisition Amount Number Date Direct Labor Time Ticket Amount Numbers Factory Overhead Rate Amount Date Overall Cost Summary Direct Materials Direct Labor Factory Overhead Total Job Cost Paid rent for the month, $4,000 total, 85% for space devoted to Jan 2 manufacturing the products, 15% for office space. 2 Paid Hardware For All $879 in payment of the December 31 balance. Received a check from Fun For All Backyard Games for $1,230.00 in 3 partial payment of their December 31 balance. Purchased manufacturing supplies on account from Local Got It All, 4 $325. Sold a medium Giant Jenga game from inventory for Cash. Received 6 $546. Our cost was $390. Received an order for a large Falling Orbs game from a cash customer. Set up job 126. Began working on the job by applying $120 of direct materials (requisition number 59). Whenever we use direct materials on a job we will also apply Factory Overhead at a rate of 40% of the direct materials cost. We also applied $80 of direct labor (time ticket 48). Whenever we have direct labor we will debit Work in Process (WIP) for the total gross wages, credit Employees 6 Federal Income Tax Payable for 15% of the total direct labor, credit FICA Tax Payable for 7.65% of total direct labor, and credit Salaries Payable for the difference to get total debits to equal total credits. If needed, always round your numbers to the nearest cent. If your answer goes to three decimal places, if the third number on the right of the decimal is 4 or lower drop off the numbers and leave the number in the cent place (second number) as it is. If the third number is 5 or larger, round the second number up 1 place. I.E. 128.914 = 128.91 Paid Secondary Bank $8,798.40 for December 2020 payroll taxes as follows: 6 Employees' Federal Income Tax Payable - $3,744.00 FICA Tax Payable - $1,909.44 FUTA Tax Payable - $149.76 SUTA Tax Payable - $2,995.20 7 Purchased materials on account from Lumber Unlimited, $9,700 Received a check from Utopian Backyard Fun for $4,700 in partial 8 payment of their December 31 balance. 10 Paid $400 for advertising for the rest of the month. 10 Paid Lumber Unlimited $6,950 in payment of the December 31 balance. Received a check from Backyard Game Treats for $4,200 in payment of their December 31 balance. 14 Sold a small Outdoor Word Game from inventory for cash, $380 cost, 14 $532 sales price. Sold 2 large Giant Jenga games, 2 medium and 1 large bean bag toss games, 1 small and 1 medium Connect the color games, and 3 large 14 Falling Orb games out of inventory to a cash customer. Retail price, $5,755.40. Our cost, $4,111.00. Applied $80 of direct materials to job 126 (requisition number 60), applied factory overhead at the rate given previously and applied $120 14 of direct labor (time ticket 49) withholding taxes at the rates given previously This finished off the job so we transferred all Recorded the sale of Job 126 to the cash customer reporting the sale at 15 the retail price of $672 and moving our cost of finished goods into Cost of Goods Sold. Paid Utility bill, $510. 85% for manufacturing area, 15% for 15 nonmanufacturing area. Added $1,150 of materials to job 125 (requisition number 61). 16 Remember to also apply factory overhead as shown earlier. Also added $1,462 of labor (time ticket 50). Remember to withhold taxes as shown earlier. This finished off job 125. 16 Sold job 125 to Oversize Games on account. Sales price is $8,010.80. Determine our total cost from the job cost records. Received an order for a medium bean bag game from a cash customer. Set up job 127. Began working on the job by applying $40 of direct 17 materials (requisition number 62), applying factory overhead, and applying $20 of direct labor (time ticket 51) withholding the appropriate taxes. Received an order for 3 large Falling Orbs and 2 Medium Falling Orbs from Fun For All Backyard Games. Set up job 128. Began working on 21 the job by applying $220 of direct materials (requisition number 63), apply factory overhead, and $410 of direct labor (time ticket number 52) withholding taxes. Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash 21 customer from inventory. Our cost is $870. Sales price is $1,218. Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash 21 customer from inventory. Our cost is $870. Sales price is $1,218. Received a check from Oversize Games for $3,290 in payment of their 21 December 31 balance. 21 Used materials on hand to work on all jobs currently in process, $217 Purchased paint and stain (direct materials) from Paint To Go on 23 account, $692. Set up bookkeeper salary, $960 for the month, indicate withholding for 27 federal income tax and FICA. Withhold payroll taxes at the same rate we used for direct labor transactions. Set up employer payroll taxes for both manufacturing employees and nonmanufacturing employees. Debit Factory Overhead 365.06; Debit 30 Payroll Tax Expense 167.52; credit FICA Tax Payable 233.48; credit FUTA Tax Payable 24.42; credit SUTA Tax Payable 274.68. 30 Paid all employees for wages earned in January. 30 Owner withdrew $3,200 for personal use. 30 Received $1,015.60 on account from Fun For All Backyard Games 30 Received $2,650 on account from Utopian Backyard Fun 30 Paid Local Got It All on account, $325 30 Paid Lumber Unlimited on account, $9,700 30 Paid Paint To Go on account, $1,120 30 Purchased materials on acocunt from Lumber Unlimited. $4.300 Job Cost Record 126 Job Number: Customer Name: Job Description: Date Promised: Date Started: Date Completed: 1/18 1/6/2020 Cash Customer 1 large Falling Orbs Direct Materials Requisition Amount Number Date Direct Labor Time Ticket Amount Numbers Factory Overhead Rate Amount Date Overall Cost Summary Direct Materials Direct Labor Factory Overhead Total Job Cost Job Cost Record 127 Job Number: Customer Name: Job Description: Date Promised: Date Started: Date Completed: Direct Materials Requisition Amount Number Date Direct Labor Time Ticket Amount Numbers Factory Overhead Rate Amount Date Overall Cost Summary Direct Materials Direct Labor Factory Overhead Total Job Cost Job Cost Record 128 Job Number: Customer Name: Job Description: Date Promised: Date Started: Date Completed: Direct Materials Requisition Amount Number Date Direct Labor Time Ticket Amount Numbers Factory Overhead Rate Amount Date Overall Cost Summary Direct Materials Direct Labor Factory Overhead Total Job Cost