This is a reposted question from my original being "illegible"
Purl of Great Price Company Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces high-end knitt and one office manager/knitting supervisor (this employee works 20 hours per week as office manager, and 20 hours Each knitter has a knitting machine that is used about 2/3 of the knitter's time, the rest of the knitter's time being in 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 us Nov. 30 Trial Balance POGP Company Trial Balance November 30, 2048 Account Title Debit Credit Cash 20,000 1,000 Accounts Receivable Supplies 200 Materials 5,000 5,404 12,000 825 Work in Process Equipment Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Dividends 150 10,000 12,000 18,096 Sales 307,500 Cost of Goods Sold 255,040 Factory Overhead Wages Expense 15 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 bas Check My Work 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 w = knitting supervisor). All wages are paid in cash at the end of each month. d 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 O 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 redetermined Factory Overhead Rate ance the company is more reliant on labor than machines, Maria decides to use direct labor hours (DLH) a stimated Selected Amounts for the Year stimated depreciation on equipment $1,200 stimated total Office Manager/Knitting Supervisor wages $42,000 Estimated office utilities $5,000 Estimated factory utilities $4,800 stimated factory rent $12,000 Activity Base Data Estimated number of DLH for the year 6,250 Estimated number of MH for the year 4,375 ompute the predetermined factory overhead rate for the current year. 56.24 per DLH Feedback Check My Work Review the definitions of items that are included in factory overhead for the computation of estimated total factory ou Date: Dec. 10 Materials Requisition Reg. No. 12255 Job No. 83 Description Qty. Issued Unit Price Yarn type B 600 skeins Amount $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 Time Ticket No. 1255 Name: Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 62 65 $20 $1,300 12/01-12/15 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 62 75 $20 $1,500 12/01-12/15 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 62 60 $20 $1,200 12/01-12/15 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 Mater On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to On December 31, the last work day of the year for the knitters, review Time Ticket tables to add the appropriate amount of If there is no amount or an amount is zero, enter"O". If required, round your answers to the nearest cent. Sweaters Direct Labor Factory Overhead Total $5,000 $300 Job 62 100 units: Direct Materials Balance Dec, 1 $104 $5,404 Dec. 15 O 4,000 2,040 x 6,040 x Job 62 100 units: Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 0 4,000 2,040 X 6,040 X Total Cost 5,000 $ 4,300 2,144 X Unit Cost 11,444 X Job 83 200 units: Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 $0 $0 Dec. 10 3,000 0 0 3,000 Dec. 31 0 6,000 3,060 x 9,060 X Total Cost 3,000 6,000 3,060 x $ 12,060 x Feedback Check Mystok Check Myphon Journal On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Material Dec. 10 Work in Process 3,000 Materials 3.000 Feedback Check My Work On December 15, review the Time Ticket tables to journalize the entry to record the addition of direct labor to Work in Process Work in Process 4,000 Dec. 15 Wages Payable 4.000 On December 15, review the Time Ticket tables to journalize the entry to record the addition of factory overhead to Work in Dec. 15 Work in Process 2.040 X Factory Overhead 2,040 X Feedback Check My Work On December 21, Job 62 is completed. Review the Job Cost Sheets and your journal entries. Journalize the entry to move th Dec. 21 Finished Goods 11,444 X Work in Process 11.444 Feedback Check My Work On December 22, 75 of the 100 sweaters from Job 52 are sold on account for $125 each. Journalize the following transacti 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 Accounts Receivable 9.375 Sales 9,375 Dec. 22 Cost of Goods Sold 8,583 X Finished Goods 8,583 X On December 31, prepare the journal entry to dispose of the balance in the factory overhead account. If an amount to Dec. 31 Cost of Goods Sold 725 X Factory Overhead 725 x Feedback Check My Work Partially correct Final Question What are the balances in the following accounts as of December 31? If an amount is zero, enter "o". Materials 5,000 x Work in Process Finished Goods Factory Overhead Cost of Goods Sold Purl of Great Price Company Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces high-end knitt and one office manager/knitting supervisor (this employee works 20 hours per week as office manager, and 20 hours Each knitter has a knitting machine that is used about 2/3 of the knitter's time, the rest of the knitter's time being in 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 us Nov. 30 Trial Balance POGP Company Trial Balance November 30, 2048 Account Title Debit Credit Cash 20,000 1,000 Accounts Receivable Supplies 200 Materials 5,000 5,404 12,000 825 Work in Process Equipment Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Dividends 150 10,000 12,000 18,096 Sales 307,500 Cost of Goods Sold 255,040 Factory Overhead Wages Expense 15 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 bas Check My Work 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 w = knitting supervisor). All wages are paid in cash at the end of each month. d 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 O 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 redetermined Factory Overhead Rate ance the company is more reliant on labor than machines, Maria decides to use direct labor hours (DLH) a stimated Selected Amounts for the Year stimated depreciation on equipment $1,200 stimated total Office Manager/Knitting Supervisor wages $42,000 Estimated office utilities $5,000 Estimated factory utilities $4,800 stimated factory rent $12,000 Activity Base Data Estimated number of DLH for the year 6,250 Estimated number of MH for the year 4,375 ompute the predetermined factory overhead rate for the current year. 56.24 per DLH Feedback Check My Work Review the definitions of items that are included in factory overhead for the computation of estimated total factory ou Date: Dec. 10 Materials Requisition Reg. No. 12255 Job No. 83 Description Qty. Issued Unit Price Yarn type B 600 skeins Amount $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 Time Ticket No. 1255 Name: Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 62 65 $20 $1,300 12/01-12/15 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 62 75 $20 $1,500 12/01-12/15 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 62 60 $20 $1,200 12/01-12/15 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 Mater On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead costs to On December 31, the last work day of the year for the knitters, review Time Ticket tables to add the appropriate amount of If there is no amount or an amount is zero, enter"O". If required, round your answers to the nearest cent. Sweaters Direct Labor Factory Overhead Total $5,000 $300 Job 62 100 units: Direct Materials Balance Dec, 1 $104 $5,404 Dec. 15 O 4,000 2,040 x 6,040 x Job 62 100 units: Sweaters Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 0 4,000 2,040 X 6,040 X Total Cost 5,000 $ 4,300 2,144 X Unit Cost 11,444 X Job 83 200 units: Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 $0 $0 Dec. 10 3,000 0 0 3,000 Dec. 31 0 6,000 3,060 x 9,060 X Total Cost 3,000 6,000 3,060 x $ 12,060 x Feedback Check Mystok Check Myphon Journal On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the order. Review the Material Dec. 10 Work in Process 3,000 Materials 3.000 Feedback Check My Work On December 15, review the Time Ticket tables to journalize the entry to record the addition of direct labor to Work in Process Work in Process 4,000 Dec. 15 Wages Payable 4.000 On December 15, review the Time Ticket tables to journalize the entry to record the addition of factory overhead to Work in Dec. 15 Work in Process 2.040 X Factory Overhead 2,040 X Feedback Check My Work On December 21, Job 62 is completed. Review the Job Cost Sheets and your journal entries. Journalize the entry to move th Dec. 21 Finished Goods 11,444 X Work in Process 11.444 Feedback Check My Work On December 22, 75 of the 100 sweaters from Job 52 are sold on account for $125 each. Journalize the following transacti 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 Accounts Receivable 9.375 Sales 9,375 Dec. 22 Cost of Goods Sold 8,583 X Finished Goods 8,583 X On December 31, prepare the journal entry to dispose of the balance in the factory overhead account. If an amount to Dec. 31 Cost of Goods Sold 725 X Factory Overhead 725 x Feedback Check My Work Partially correct Final Question What are the balances in the following accounts as of December 31? If an amount is zero, enter "o". Materials 5,000 x Work in Process Finished Goods Factory Overhead Cost of Goods Sold
