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Show transcribed image textM11 Job Order Costing In Action - Christian Wolff Enterprises Christian Wolff Enterprises keeps several artists and interns on staff to create special made to order blown glass artwork for high income clients. The company operates on a calendar year and uses job order costing since each job is unique. a. Exhibit shows a post-closing trial balance as of December 31, 2020. b. Exhibit 1 also shows subsidiary ledgers for the Finished Goods Account (a piece for the lones family and a piece for the Xiong family). You are also given detail of the Materials accounts 10 c The company uses a plantwide predetermined overhead rate of 175% of direct labor costs. 11 1. Review the materials requisitioned (below) for the new product you have been commissioned to make for the Catt family. Units 15 Description Requisitioned Unit Cost Total 16 Silicon dioxide 35 $8.00 $280.00 Action Items Record the Alumina $10.00 $20.00 Magnesia Journal entry for the $12.00 $24.00 19 Boron oxide materials issued $19.00 $19.00 20 Lead oxide 0.75 $25.00 $18.75 21 Lime 0.15 31.02 $18.15 Update Vob Cost Sheet 22 Silver 0,45 $35.00 $15.75 (round to the nearest cent) 23 Copper $28.00 $5.60 24 Total $386.25 25 26 2. Assume you worked on this one product. An analysis of Time Cards for the Employees showed the following: Direct Laborer (you) assume 40 hours @ $32 per hour Supervisor $890100 Action items: Record the journal entry for the wages; Assume FICA rates are 6.2% + 1.45% = 7.65% and Employee Income Tax Withholding is at 7% of wages. Assume FUTA and SUTA rates of 4% and 1% respectively on the first $10,000 of wages. Update Job Cost Sheet (round to nearest cent) 3. Other Miscellaneous activities include: Paid Utilities on the factory building of S2,100 Monthly depreciation on plant assets were calculated. On an annual basis, the company writes off (rounded to the nearest dollar): Factory buildings $2,500 Machinery and Equip $7.100 Office Equip $ 12,000 Action Items. Record the journal entry for each Adjust the balance of the prepaid insurance account, which represents a two-year premium for a fire nsurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on January 1. (Round your journal entry to the nearest dollar.) 4. Past all above journal entries to T Accounts to determine ending balances! Excel Lauren Mini Comp Prob . Saved Search Homel Insert formulas Data Review VIEN Automate Help Openlin Desktop App Calibrl 11 VA B / Ev v Av DANS E ale Merg B G 5. Calculate the applied overhead for the job. Record the journal entry. Update Job Cost Sheet. Record the journal entry for the job you completed (the Catt Family Project). 6. Jobs Jones and Xiong were delivered to cash customers during the month. Sale price is 65% markup over cost. 17. Create a Cost of Goods Manufactured, Cost of Goods Sold, Income Statement, and Balance Sheet for January. For purposes of these financial statements, treat the Over/Under Applied Overhead account as an amount on the Balance Sheet (Other Asset If it is a Debit, Other Liability if it is a Credit). Note that if this was the final Balance Sheet for the year we would actually close the account and not show it at all. File Home Unsere Hormulas Data Review view Automate Hello Open in Deskto - v * Calibri i A- Bv v Av MIRIS G. D Credit 1 Christian Wolff Enterprises Post-Closing Trial Balance December 31, 2020 Debit Cash 5,795 Accounts Receivable 50,000 Finished Goods 29,000 Work in Process Materials 17.395 Prepaid insurance 7,200 Building 100,000 Machinery and Equipment 50,000 Office Equipment 60,000 Accumulated Depreciation Accounts Payable FICA Tax Payable FUTA and SUTA Pavable Employee Income Tax Payable Capital Stock Retained Earnings 319,390 1371000 10,000 13,000 BOO 5.000 50.000 11410901 1319,3901 Calibri JAB 1 ev v Av ... DI Subsidiary Ledger detail: Finished Goods Inventory Direct Materials Direct Labor 3 Factory Overhead Jones Piece | Xiong Piece $5,000 $10,000 $3,000 $7.000 $1,000 $3,000 $9,000 $20.000 Total $15,000 $ 10,000 $4,000 $29.000 Direct Materials Inventory Description BSilicon dioxide Alumina Magnesia|| Boron oxide Lead oxide Lime silver Units 1 500.00 150.00 150.00 60.00 25.00 8.99 4.00 3.79 Unit cost $8.00 $10.00 $12.00 $19.00 $25.00 $21.02 $35.00 $28.00 Total $12,000.00 $1,500.00 $1,800.00 $1,140.00 $625.00 $83.88 $140.00 si10612 $17.395.00 Copper Transaction Reference Account Debit Credit to record requisition of materials to record employee payroll to record employe to record utilities to record depreciation to record prepaid insurance lel Home Homes Insert Hormulas Data Review View Automate Help Open in Bv Av $8 Arial V10 A B 1 Dv Dav A M 15 to record applied overhead 15 to record completion of job to record sale 6. to record sale Open in Desktop App 10 Job Cost Record Catt Family Projedt. Job Number Customer Name Job Description Date Promised: Date Started: Date Completed: Date Direct Materials Req# Amount Direct Labon Time Ticket Amount Factory Overhead Rate Date Amount Overalt Cost Summary Direct Materials Direct Labor Factory overhead. Tota 10 Accts Receiv Finish Goods HEART Materials Prepaid Insur Building Machinery & Equip Office Equip 10 Nangis Accumulated Depreciation 1 DI FUTA and SUTA! Accts payab! FICA Payable Employee Inc Tax P Payroll Payable) Overhead Control Company Name here Cost of Goods Manufactured For the Month Ended January 2019 materials labor 0/H WIP Company Name here Cost of Goods Sold For the Month Ended January 2019 Cost of Goods Manufactured Finished Goods, Beginning Finished Goods Ending Total Cost of Goods Sold Company Name here Income Statement For the Month Ended January 2019 Revenue Sales Cost of Goods Sold Gross Profit Depreciation Expense Total Expenses Net Income Company Name here Balance Sheet 19-Jan Current Assets Cash Accts Receiv Finished Goods WIP Materials Prepaid Insurance Total Current Assets AP&E Factory Building Machinery and Equip office Equipment Accumulated Depreciation Net Plant Property, and Equip Total Assets IN Arial M 10 IV AB I B Current Liabilities Accts Payable FICA Payable FUTA and SUTA Payable Employee Inc Tax Pay Wages Payable Over/Under Applied O/H Total Liabilities Equity Common Stock Retained Earnings Total Liabilties and OE

M11 Job Order Costing In Action - Christian Wolff Enterprises Christian Wolff Enterprises keeps several artists and interns on staff to create special made to order blown glass artwork for high income clients. The company operates on a calendar year and uses job order costing since each job is unique. a. Exhibit shows a post-closing trial balance as of December 31, 2020. b. Exhibit 1 also shows subsidiary ledgers for the Finished Goods Account (a piece for the lones family and a piece for the Xiong family). You are also given detail of the Materials accounts 10 c The company uses a plantwide predetermined overhead rate of 175% of direct labor costs. 11 1. Review the materials requisitioned (below) for the new product you have been commissioned to make for the Catt family. Units 15 Description Requisitioned Unit Cost Total 16 Silicon dioxide 35 $8.00 $280.00 Action Items Record the Alumina $10.00 $20.00 Magnesia Journal entry for the $12.00 $24.00 19 Boron oxide materials issued $19.00 $19.00 20 Lead oxide 0.75 $25.00 $18.75 21 Lime 0.15 31.02 $18.15 Update Vob Cost Sheet 22 Silver 0,45 $35.00 $15.75 (round to the nearest cent) 23 Copper $28.00 $5.60 24 Total $386.25 25 26 2. Assume you worked on this one product. An analysis of Time Cards for the Employees showed the following: Direct Laborer (you) assume 40 hours @ $32 per hour Supervisor $890100 Action items: Record the journal entry for the wages; Assume FICA rates are 6.2% + 1.45% = 7.65% and Employee Income Tax Withholding is at 7% of wages. Assume FUTA and SUTA rates of 4% and 1% respectively on the first $10,000 of wages. Update Job Cost Sheet (round to nearest cent) 3. Other Miscellaneous activities include: Paid Utilities on the factory building of S2,100 Monthly depreciation on plant assets were calculated. On an annual basis, the company writes off (rounded to the nearest dollar): Factory buildings $2,500 Machinery and Equip $7.100 Office Equip $ 12,000 Action Items. Record the journal entry for each Adjust the balance of the prepaid insurance account, which represents a two-year premium for a fire nsurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on January 1. (Round your journal entry to the nearest dollar.) 4. Past all above journal entries to T Accounts to determine ending balances! Excel Lauren Mini Comp Prob . Saved Search Homel Insert formulas Data Review VIEN Automate Help Openlin Desktop App Calibrl 11 VA B / Ev v Av N DANS E ale Merg B G 5. Calculate the applied overhead for the job. Record the journal entry. Update Job Cost Sheet. Record the journal entry for the job you completed (the Catt Family Project). 6. Jobs Jones and Xiong were delivered to cash customers during the month. Sale price is 65% markup over cost. 17. Create a Cost of Goods Manufactured, Cost of Goods Sold, Income Statement, and Balance Sheet for January. For purposes of these financial statements, treat the Over/Under Applied Overhead account as an amount on the Balance Sheet (Other Asset If it is a Debit, Other Liability if it is a Credit). Note that if this was the final Balance Sheet for the year we would actually close the account and not show it at all. File Home Unsere Hormulas Data Review view Automate Hello Open in Deskto - v * Calibri i A- Bv v Av MIRIS G. D Credit 1 Christian Wolff Enterprises Post-Closing Trial Balance December 31, 2020 Debit Cash 5,795 Accounts Receivable 50,000 Finished Goods 29,000 Work in Process Materials 17.395 Prepaid insurance 7,200 Building 100,000 Machinery and Equipment 50,000 Office Equipment 60,000 Accumulated Depreciation Accounts Payable FICA Tax Payable FUTA and SUTA Pavable Employee Income Tax Payable Capital Stock Retained Earnings 319,390 1371000 10,000 13,000 BOO 5.000 50.000 11410901 1319,3901 Calibri JAB 1 ev v Av ... DI Subsidiary Ledger detail: Finished Goods Inventory Direct Materials Direct Labor 3 Factory Overhead Jones Piece | Xiong Piece $5,000 $10,000 $3,000 $7.000 $1,000 $3,000 $9,000 $20.000 Total $15,000 $ 10,000 $4,000 $29.000 Direct Materials Inventory Description BSilicon dioxide Alumina Magnesia|| Boron oxide Lead oxide Lime silver Units 1 500.00 150.00 150.00 60.00 25.00 8.99 4.00 3.79 Unit cost $8.00 $10.00 $12.00 $19.00 $25.00 $21.02 $35.00 $28.00 Total $12,000.00 $1,500.00 $1,800.00 $1,140.00 $625.00 $83.88 $140.00 si10612 $17.395.00 Copper Transaction Reference Account Debit Credit to record requisition of materials to record employee payroll to record employe to record utilities to record depreciation to record prepaid insurance lel Homes Insert Hormulas Data Review View Automate Help Open in Bv Av $8 Arial V10 A B 1 Dv Dav A M 15 to record applied overhead 15 to record completion of job to record sale 6. to record sale Open in Desktop App 10 Job Cost Record Catt Family Projedt. Job Number Customer Name Job Description Date Promised: Date Started: Date Completed: Date Direct Materials Req# Amount Direct Labon Time Ticket Amount Factory Overhead Rate Date Amount Overalt Cost Summary Direct Materials Direct Labor Factory overhead. Tota 10 Accts Receiv Finish Goods HEART Materials Prepaid Insur Building Machinery & Equip Office Equip 10 Nangis Accumulated Depreciation 1 DI FUTA and SUTA! Accts payab! FICA Payable Employee Inc Tax P Payroll Payable) Overhead Control D Company Name here Cost of Goods Manufactured For the Month Ended January 2019 materials labor 0/H WIP Company Name here Cost of Goods Sold For the Month Ended January 2019 Cost of Goods Manufactured Finished Goods, Beginning Finished Goods Ending Total Cost of Goods Sold Company Name here Income Statement For the Month Ended January 2019 Revenue Sales Cost of Goods Sold Gross Profit Depreciation Expense Total Expenses Net Income Company Name here Balance Sheet 19-Jan Current Assets Cash Accts Receiv Finished Goods WIP Materials Prepaid Insurance Total Current Assets AP&E Factory Building Machinery and Equip office Equipment Accumulated Depreciation Net Plant Property, and Equip Total Assets IN Arial M 10 IV AB I B Current Liabilities Accts Payable FICA Payable FUTA and SUTA Payable Employee Inc Tax Pay Wages Payable Over/Under Applied O/H Total Liabilities Equity Common Stock Retained Earnings Total Liabilties and OE M11 Job Order Costing In Action - Christian Wolff Enterprises Christian Wolff Enterprises keeps several artists and interns on staff to create special made to order blown glass artwork for high income clients. The company operates on a calendar year and uses job order costing since each job is unique. a. Exhibit shows a post-closing trial balance as of December 31, 2020. b. Exhibit 1 also shows subsidiary ledgers for the Finished Goods Account (a piece for the lones family and a piece for the Xiong family). You are also given detail of the Materials accounts 10 c The company uses a plantwide predetermined overhead rate of 175% of direct labor costs. 11 1. Review the materials requisitioned (below) for the new product you have been commissioned to make for the Catt family. Units 15 Description Requisitioned Unit Cost Total 16 Silicon dioxide 35 $8.00 $280.00 Action Items Record the Alumina $10.00 $20.00 Magnesia Journal entry for the $12.00 $24.00 19 Boron oxide materials issued $19.00 $19.00 20 Lead oxide 0.75 $25.00 $18.75 21 Lime 0.15 31.02 $18.15 Update Vob Cost Sheet 22 Silver 0,45 $35.00 $15.75 (round to the nearest cent) 23 Copper $28.00 $5.60 24 Total $386.25 25 26 2. Assume you worked on this one product. An analysis of Time Cards for the Employees showed the following: Direct Laborer (you) assume 40 hours @ $32 per hour Supervisor $890100 Action items: Record the journal entry for the wages; Assume FICA rates are 6.2% + 1.45% = 7.65% and Employee Income Tax Withholding is at 7% of wages. Assume FUTA and SUTA rates of 4% and 1% respectively on the first $10,000 of wages. Update Job Cost Sheet (round to nearest cent) 3. Other Miscellaneous activities include: Paid Utilities on the factory building of S2,100 Monthly depreciation on plant assets were calculated. On an annual basis, the company writes off (rounded to the nearest dollar): Factory buildings $2,500 Machinery and Equip $7.100 Office Equip $ 12,000 Action Items. Record the journal entry for each Adjust the balance of the prepaid insurance account, which represents a two-year premium for a fire nsurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on January 1. (Round your journal entry to the nearest dollar.) 4. Past all above journal entries to T Accounts to determine ending balances! Excel Lauren Mini Comp Prob . Saved Search Homel Insert formulas Data Review VIEN Automate Help Openlin Desktop App Calibrl 11 VA B / Ev v Av N DANS E ale Merg B G 5. Calculate the applied overhead for the job. Record the journal entry. Update Job Cost Sheet. Record the journal entry for the job you completed (the Catt Family Project). 6. Jobs Jones and Xiong were delivered to cash customers during the month. Sale price is 65% markup over cost. 17. Create a Cost of Goods Manufactured, Cost of Goods Sold, Income Statement, and Balance Sheet for January. For purposes of these financial statements, treat the Over/Under Applied Overhead account as an amount on the Balance Sheet (Other Asset If it is a Debit, Other Liability if it is a Credit). Note that if this was the final Balance Sheet for the year we would actually close the account and not show it at all. File Home Unsere Hormulas Data Review view Automate Hello Open in Deskto - v * Calibri i A- Bv v Av MIRIS G. D Credit 1 Christian Wolff Enterprises Post-Closing Trial Balance December 31, 2020 Debit Cash 5,795 Accounts Receivable 50,000 Finished Goods 29,000 Work in Process Materials 17.395 Prepaid insurance 7,200 Building 100,000 Machinery and Equipment 50,000 Office Equipment 60,000 Accumulated Depreciation Accounts Payable FICA Tax Payable FUTA and SUTA Pavable Employee Income Tax Payable Capital Stock Retained Earnings 319,390 1371000 10,000 13,000 BOO 5.000 50.000 11410901 1319,3901 Calibri JAB 1 ev v Av ... DI Subsidiary Ledger detail: Finished Goods Inventory Direct Materials Direct Labor 3 Factory Overhead Jones Piece | Xiong Piece $5,000 $10,000 $3,000 $7.000 $1,000 $3,000 $9,000 $20.000 Total $15,000 $ 10,000 $4,000 $29.000 Direct Materials Inventory Description BSilicon dioxide Alumina Magnesia|| Boron oxide Lead oxide Lime silver Units 1 500.00 150.00 150.00 60.00 25.00 8.99 4.00 3.79 Unit cost $8.00 $10.00 $12.00 $19.00 $25.00 $21.02 $35.00 $28.00 Total $12,000.00 $1,500.00 $1,800.00 $1,140.00 $625.00 $83.88 $140.00 si10612 $17.395.00 Copper Transaction Reference Account Debit Credit to record requisition of materials to record employee payroll to record employe to record utilities to record depreciation to record prepaid insurance lel Homes Insert Hormulas Data Review View Automate Help Open in Bv Av $8 Arial V10 A B 1 Dv Dav A M 15 to record applied overhead 15 to record completion of job to record sale 6. to record sale Open in Desktop App 10 Job Cost Record Catt Family Projedt. Job Number Customer Name Job Description Date Promised: Date Started: Date Completed: Date Direct Materials Req# Amount Direct Labon Time Ticket Amount Factory Overhead Rate Date Amount Overalt Cost Summary Direct Materials Direct Labor Factory overhead. Tota 10 Accts Receiv Finish Goods HEART Materials Prepaid Insur Building Machinery & Equip Office Equip 10 Nangis Accumulated Depreciation 1 DI FUTA and SUTA! Accts payab! FICA Payable Employee Inc Tax P Payroll Payable) Overhead Control D Company Name here Cost of Goods Manufactured For the Month Ended January 2019 materials labor 0/H WIP Company Name here Cost of Goods Sold For the Month Ended January 2019 Cost of Goods Manufactured Finished Goods, Beginning Finished Goods Ending Total Cost of Goods Sold Company Name here Income Statement For the Month Ended January 2019 Revenue Sales Cost of Goods Sold Gross Profit Depreciation Expense Total Expenses Net Income Company Name here Balance Sheet 19-Jan Current Assets Cash Accts Receiv Finished Goods WIP Materials Prepaid Insurance Total Current Assets AP&E Factory Building Machinery and Equip office Equipment Accumulated Depreciation Net Plant Property, and Equip Total Assets IN Arial M 10 IV AB I B Current Liabilities Accts Payable FICA Payable FUTA and SUTA Payable Employee Inc Tax Pay Wages Payable Over/Under Applied O/H Total Liabilities Equity Common Stock Retained Earnings Total Liabilties and OE