Purl of Great Price Company 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 knitters time, the rest of the knitters 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 Materials Requisition Date Dec 10 Req No 12255 Job No 83 Description Qty Issued Unit Price Amount Yarn type B 600 skeins $5 $3,000 Total issued $3,000 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 $20 $1,300 12 16 12 31 83 103 20 2,060 Total Cost $3,360 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 $20 $1,500 12 16 12 31 83 88 20 1,760 Total Cost $3,260 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 $20 $1,200 12 16 12 31 83 109 20 2,180 Total Cost $3,380 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 Job 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 Cost Sheet for Job 83 for the period December 16 through December 31 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 Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec 1 $5,000 $300 $104 $5,404 Dec 15 fill in the blank 203a25003fa1010 1 fill in the blank 203a25003fa1010 2 fill in the blank 203a25003fa1010 3 fill in the blank 203a25003fa1010 4 Total Cost $fill in the blank 203a25003fa1010 5 $fill in the blank 203a25003fa1010 6 $fill in the blank 203a25003fa1010 7 $fill in the blank 203a25003fa1010 8 Unit Cost $fill in the blank 203a25003fa1010 9 Job 83 200 units Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec 1 $0 $0 $0 $0 Dec 10 fill in the blank 203a25003fa1010 10 fill in the blank 203a25003fa1010 11 fill in the blank 203a25003fa1010 12 fill in the blank 203a25003fa1010 13 Dec 31 fill in the blank 203a25003fa1010 14 fill in the blank 203a25003fa1010 15 fill in the blank 203a25003fa1010 16 fill in the blank 203a25003fa1010 17 Total Cost $fill in the blank 203a25003fa1010 18 $fill in the blank 203a25003fa1010 19 $fill in the blank 203a25003fa1010 20 $fill in the blank 203a25003fa1010 21 Question Content Area Journal 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 Process Select Select CashCost of ServicesMaterialsFactory OverheadWork in Process Select Select Question Content Area 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 Process Select Select Accounts ReceivableCashSalaries PayableWages PayableWork in Process Select Select Question Content Area 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 Process Select Select Accounts PayableAccounts ReceivableFactory OverheadSalaries PayableWork in Process Select Select Question Content Area 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 Process Select Select Accounts PayableCashFinished GoodsFactory OverheadWork in Process Select Select Question Content Area 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 Process Select Select CashAccounts ReceivableFactory OverheadSalesWork in Process Select Select Dec 22 Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished Goods Select Select Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished Goods Select Select Question Content Area 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 Process Select Select Accounts PayableAccounts ReceivableCost of ServicesWages PayableWork in Process Select Select Question Content Area 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 Process Select Select Accounts PayableCashFactory OverheadSalaries PayableWork in Process Select Select Question Content Area 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 Overhead Select Select Accounts ReceivableAccumulated Depreciation EquipmentCashCost of ServicesWages Expense Select Select Accounts ReceivableAccumulated Depreciation EquipmentCashCost of ServicesWages Payable Select Select Accounts ReceivableCashFactory OverheadWages ExpenseWages Payable Select Select Accounts ReceivableAccumulated Depreciation EquipmentFactory OverheadWages ExpenseWages Payable Select Select Question Content Area 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 Payable Select Select Accounts ReceivableCashCost of Goods SoldFactory OverheadSalaries Payable Select Select Question Content Area 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 8613660dc049074 1 Work in Process $fill in the blank 8613660dc049074 2 Finished Goods $fill in the blank 8613660dc049074 3 Factory Overhead $fill in the blank 8613660dc049074 4 Cost of Goods Sold $fill in the blank 8613660dc049074 5

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Purl of Great Price Company Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces high-end knitted sweaters and

Purl of Great Price Company 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 knitters time, the rest of the knitters 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.

Materials Requisition			Date: Dec. 10
Req. No. 12255	Job No. 83
Description	Qty. Issued	Unit Price	Amount
Yarn type B	600 skeins	$5	$3,000
		Total issued	$3,000

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	$20	$1,300
12/16-12/31	83	103	20	2,060
			Total Cost	$3,360

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	$20	$1,500
12/16-12/31	83	88	20	1,760
			Total Cost	$3,260

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	$20	$1,200
12/16-12/31	83	109	20	2,180
			Total Cost	$3,380

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 Job 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 Cost Sheet for Job 83 for the period December 16 through December 31.

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:	Sweaters
	Direct Materials	Direct Labor	Factory Overhead	Total
Balance Dec. 1	$5,000	$300	$104	$5,404
Dec. 15	fill in the blank 203a25003fa1010_1	fill in the blank 203a25003fa1010_2	fill in the blank 203a25003fa1010_3	fill in the blank 203a25003fa1010_4
Total Cost	$fill in the blank 203a25003fa1010_5	$fill in the blank 203a25003fa1010_6	$fill in the blank 203a25003fa1010_7	$fill in the blank 203a25003fa1010_8
			Unit Cost	$fill in the blank 203a25003fa1010_9

Job 83	200 units:	Sweater vests
	Direct Materials	Direct Labor	Factory Overhead	Total Job Cost
Balance Dec. 1	$0	$0	$0	$0
Dec. 10	fill in the blank 203a25003fa1010_10	fill in the blank 203a25003fa1010_11	fill in the blank 203a25003fa1010_12	fill in the blank 203a25003fa1010_13
Dec. 31	fill in the blank 203a25003fa1010_14	fill in the blank 203a25003fa1010_15	fill in the blank 203a25003fa1010_16	fill in the blank 203a25003fa1010_17
Total Cost	$fill in the blank 203a25003fa1010_18	$fill in the blank 203a25003fa1010_19	$fill in the blank 203a25003fa1010_20	$fill in the blank 203a25003fa1010_21

Question Content Area

Journal

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 Process	- Select -	- Select -
	CashCost of ServicesMaterialsFactory OverheadWork in Process	- Select -	- Select -

Question Content Area

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 Process	- Select -	- Select -
	Accounts ReceivableCashSalaries PayableWages PayableWork in Process	- Select -	- Select -

Question Content Area

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 Process	- Select -	- Select -
	Accounts PayableAccounts ReceivableFactory OverheadSalaries PayableWork in Process	- Select -	- Select -

Question Content Area

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 Process	- Select -	- Select -
	Accounts PayableCashFinished GoodsFactory OverheadWork in Process	- Select -	- Select -

Question Content Area

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 Process	- Select -	- Select -
	CashAccounts ReceivableFactory OverheadSalesWork in Process	- Select -	- Select -
Dec. 22	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished Goods	- Select -	- Select -
	Accounts PayableAccounts ReceivableCashCost of Goods SoldFinished Goods	- Select -	- Select -

Question Content Area

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 Process	- Select -	- Select -
	Accounts PayableAccounts ReceivableCost of ServicesWages PayableWork in Process	- Select -	- Select -

Question Content Area

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 Process	- Select -	- Select -
	Accounts PayableCashFactory OverheadSalaries PayableWork in Process	- Select -	- Select -

Question Content Area

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 Overhead	- Select -	- Select -
	Accounts ReceivableAccumulated Depreciation-EquipmentCashCost of ServicesWages Expense	- Select -	- Select -
	Accounts ReceivableAccumulated Depreciation-EquipmentCashCost of ServicesWages Payable	- Select -	- Select -
	Accounts ReceivableCashFactory OverheadWages ExpenseWages Payable	- Select -	- Select -
	Accounts ReceivableAccumulated Depreciation-EquipmentFactory OverheadWages ExpenseWages Payable	- Select -	- Select -

Question Content Area

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 Payable	- Select -	- Select -
	Accounts ReceivableCashCost of Goods SoldFactory OverheadSalaries Payable	- Select -	- Select -

Question Content Area

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 8613660dc049074_1
Work in Process	$fill in the blank 8613660dc049074_2
Finished Goods	$fill in the blank 8613660dc049074_3
Factory Overhead	$fill in the blank 8613660dc049074_4
Cost of Goods Sold	$fill in the blank 8613660dc049074_5