Purl of Great Price Company Mara Young is the sole stockholder out of Great Price Company (POG Come which product and knitted Testers and sweater vest for sale to retail outlets. The company started in Mery of the current year, and employer each of whom work per week) and one office manager/knitting supervisor (this employee works 20 hours per weeks ma 20 hours per week asting service All wages are paid in cash at the end of each month Each knitter has a krutting machine that is used about 23 of the time, there's time being involved in hand knitting and placing together the guments. The company has a packaging machine used to wo hector shipping, which operated by the office manager/itting to approximately 5 hours per week The knitting machines were puthased on January to the current year, and cont 2,400 each, whitepated useful le of 10 years and no one Value. The packaging machine was purchased on the same date and cost $4,000, con fue and aivan value Nov. 30 Trial Balance POGP Company Trial Balance November 30, 20Y Account Title Debit Credit Cash 20,000 1.000 200 5.000 5,404 12.000 Accounts Receivable Supplies Materials Work in Process Equment Accumulated Depreciation Equipment Accounts Payable Common Stock Retained Earnings Dividends 25 150 10.000 12.000 10,096 Sales 307 500 255,040 Cost of Goods Sold Factory Overhead. 15 Wages Expense 13,750 330,490330.490 Predetermined Factory Overhead Rate Since the company is more relatonbox than machines, Maria decides to use orect labor hours (OH) as the activity base for her predetermined factory tvrdnute, rather than machine hours (M) Estimated Selected Amounts for the Year Estimated deprecation on cuipment Estimated total Office Manager/Katting Supervisores 342,000 Estimated office utilities Estimated factory utilities 54.100 Estimated factory rent $10,000 $1.200 54000 Activity Base Data Estimated number of Dux for the your 5,000 Estimated number of MH for the year 3,500 Compute the predetermined factory overbed rate for the current year Another amount per DUH Date: Dec 10 Materials Requisition Reg. No. 12255 Job No. 3 Description Qty. Issued Unit Price Yarn type 700 skins 35 Total issued Amount $3,500 $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 65 515 $975 17/16-12/31 83 103 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 75 515 $1,125 12/16-12/31 83 88 15 1,320 Total Cost $2.445 Time Ticket No. 3923 Name: Mary Jones Work Description knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 60 $15 3900 12/16-12/31 83 109 15 Total Cost $2,535 1.635 Job Cost Sheets - 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 add the materials to the Job Cost Sheet for Job 83. On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the Job Cost Sheet for Sob 62 for the period December 1 through December 15. On December 31, the last work day of the year for the knitters, review Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to the Job Cout Sheet for Job 83 for the period December 16 through December 31 If there is no amount or an amount is zero, enter ** If required, round your answers to the nearest cent. 100 units: Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec 1 $5,000 $104 $5,404 Dec 15 3,000 3,720 Job 62 $300 720 Total Cost 5.000 3,300 824 9,124 Unit Cost 91.24 Job 3 300 units Sweater veits Direct Labor Factory Overhead Total Job Cost Direct Materials 50 Balance D1 30 30 5 Dec 10 3,000 3.000 5,500 Dec 31 4,500 1,080 Total Cost 3.000 4,500 1,000 3.50 Journal On December 10, POGP Company receive an order for 200 sweater vests and a Job to the order the role jourse the entry to record the addition of the materials to Work in proces. If an amount box does not mention Dec 10 Work in Process 2000 Materials 3.000 On December 15, review the Time Ticket tables to your the entry to record the addition of direct labor to Work in Process for the Dec through December 15. If an amount box does not require an entry leave it blank Dec 15 Work in Process 3.600 Wages Payable 3,000 On December 15, review the Time Ticket tables to journaline the entry to record the addition of factory overtid to Work in Process to the end December through December 15. If an amount box does not require an entry, leave it blank Dec 15 Work in Process Factory Overhead On December 21, Job 62 is completed. Review the Job Cost Sheets and your journal entries. Journal the entry to move the acted costs to the finished goods account. If an amount box does not require an entry leavet blank Dec 21 Finished Goods Work in Process 18 On December 22, 75 of the 100 sweaters from Job 62 are sold on account for 5125 each Journalize the following transactions a. The entry to record the sale D. The entry to record the transfer of costs from Finished Goods to cost of Goods Sold It an amount box does not require an entry, leavet blank Dec 22 Accounts Receivable Sales Dec 22 Cost of Goods Sold Finished Goods 88 On December 31, the lost work day of the year for the knitters, review the Time Ticket tables to journalue the entry to record the action of recto to Work in Process for the period December 16 through December 31. It an amount box does not require an entry leave a blank Dec 31 Work in Process Wages Payable 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 Work in Process Wages Payable 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 Work in Process Factory Overhead 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 Accumulated Depreciation Equipment Cash Cost of Services l1111 11111 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 Final Question What are the balances in the following accounts as of December 31? If an amount is zero, enter *0% Materials 1,000 Work in Process Finished Goods Factory Overhead Cost of Goods Sold