Vassignment Maindo invoket takeAssignmentSessionLocatorinprogress the Mastery Problems Job Order Casting Purl of Great Price Company Maria Young is the sole stockholder of Puit of Great Price Company (POGP Company), which produces high end knitted sweaters and water vests for sale to read mytes 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/ per the employee works 20 hours per week as office manager and 20 hours per week as knitting supervisor). Al wages are paid in cash at the end of each month Each knutter has knitting machine that is used about 2/3 of the entr's time, the rest of the interstime being involved in and arting and peong together the garments. The company also has a packaging machine used to wrap the garments in plastic for shon, which is operated by the office manage/ Sarmately hours per week The sitting machines were purchased on January 1 of the current year, and cost $2,400 ead, with an antipated useful We of 10 years and nog volum. The packaging machine was purchased on the same date and cost $4,000, with the came anticipated useful and salvage value Credit Nov. 30 Trial Balance POGP Company Trial Balance November 30, 2018 Account Title Cash Accounts Receivable Supplies Materials Work in Process Debit 20,000 1,000 200 5,000 5,404 12,000 Equipment Accumulated Depreciation Equipment 825 Accounts Payable 150 Common Stock 10,000 Retained Eamings 12,000 Dividends 18,096 Sales 307,500 Cost of Goods Sold 255,040 Factory Overhead 15 Wages Expense 13,750 330,490330,490 Predetermined Factory Overhead Rate Since the company is more relant on labor than machines, Maria decides to use direct labor hours (DH) as the activity base for her predetermined factory stead ratt, rather than machine hours (MH). Estimated Selected Amounts for the Year Estimated depreciation on equipment $1,200 Estimated total Office Manager/Knitting Supervisor wages $30,000 Estimated office utilities $3,000 Estimated factory utis $4,800 Estimated factory rent $24,000 Activity Base Data Estimated number of for the year 6,250 Estimated number of MH for the year 4,375 Compute the predetermined factory overhead rate for the current year, $7.20 per DH Fecha Check My W Rewew the definitions of tens that are cluded in tactory overhead for the computation of estimated total factory overhead costs. Date: Dec. 10 Materials Requisition Req, No. 12255 Job No. 83 Description Qty. Issued Unit Price Yam type B 700 skeins $5 Amount $3,500 $3,500 Total issued Time Ticket No. 1255 Names Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 65 $15 $975 12/16-12/31 103 15 1,545 Total Cost $2,520 Time Ticket No. 2274 Names Josh Porter Work Description: Knitting/piecing Dates Job Ne Hours Worked Unit Price Amount 12/01 - 12/15 62 75 $15 $1,125 12/16-12/31 83 88 15 1,320 Total Cost $2,445 Time Ticket No. 3923 Names Mary Jones Work Description: Knitting/peong Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 60 $15 $900 12/16-12/31 109 15 1,635 Total cost $2,535 Job Cost Sheets On December 10, POCP Company receives an order for 200 sweater vests and assons Job 83 to the order Review the Material Reposition table to add the materials to the Job Cout Sheet for Job 83 On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead coats to the Jub Cost Sheet for Sob s2 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 Cart Sheet for Job 3 for the period December 16 through December 31 If there is no amount or an amount is zero, entero. W required, round your answers to the nearest cent Job 62 100 units: Sweaters Direct Materials Direct Labor $5,000 $300 Balance Dec. 1 Factory Overhead Dec. 15 $104 Total $5,404 Total Cost Unit Cost Job 83 200 units: Sweater vests Direct Labor Direct Materials Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 50 $0 Dec 10 Dec. 31 Total Cost Check My Work Recall that the factory overhead is applied for this company using direct bor hours Journal On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the ordet Review the Material Requution table to our on the entry in the On December 15, review the Time Ticket tables to jouma re the entry to record the addition of factory overhead to Work in Process for the period December throw December 15, an amount box does not require an entry, leave it blank. Dec. 15 88 Feedia Check My Work Incorrect On December 21, Job 62 is completed. Review the Job Cost Sheets and your soumal entries Joumalize the entry to move the routed costs to the feshed out. amount box does not require an entry, have it blank Dec. 21 Feedback Check My Work Incorrect 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 bank Dec 22 Il II II II Dec 22 My Wor Incorrect On December 31, the last work day of the year for the knitters, review the Time Ticket tables to yourse the entry to record the two other for the period December 16 through December 31, 19 In amount box does not require an entry, leave it blink Dec. 31 88 Cock My Work Incorrect On December 31, the last work day of the year for the knitters, review the Time Ticket tables to joumatre the entry to record the addicono bend te maa por for me On December 31, the last work day of the year for the knitters, review the Time Ticket tables to youmake the entry to record the doon of factory at Work in Process for the perod December 16 through December 31. an amount box does not require an entry leave thank Dec 31 WOW Incorrect On December 31. joumalize the following transactions. Note that expenses (b), (c), and (d) were paid inch 2. One month's depreciation on equipment b. One month payroll for all employees c. One month's rent of $2,000 d. One month's factory utities of $1,275 If an amount box does not require an entry, leave it back Dec 31 lllll 11001 Dec. 31 lllll lllll My Wor Incorrect On December 31, prepare the journal entry to dispose of the balance in the factory overed count an amount box does not even Dec. 31 Check My W Incorrect Final Question What are the balances in the following accounts as of December 31 3 an amount is er, entero In Incorrect Final Question What are the balances in the following accounts as of December namont is zero, entro Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold Create accounts and post the beginning balances from the New Trace panel The post your nees to get the beaches Partially correct Vassignment Maindo invoket takeAssignmentSessionLocatorinprogress the Mastery Problems Job Order Casting Purl of Great Price Company Maria Young is the sole stockholder of Puit of Great Price Company (POGP Company), which produces high end knitted sweaters and water vests for sale to read mytes 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/ per the employee works 20 hours per week as office manager and 20 hours per week as knitting supervisor). Al wages are paid in cash at the end of each month Each knutter has knitting machine that is used about 2/3 of the entr's time, the rest of the interstime being involved in and arting and peong together the garments. The company also has a packaging machine used to wrap the garments in plastic for shon, which is operated by the office manage/ Sarmately hours per week The sitting machines were purchased on January 1 of the current year, and cost $2,400 ead, with an antipated useful We of 10 years and nog volum. The packaging machine was purchased on the same date and cost $4,000, with the came anticipated useful and salvage value Credit Nov. 30 Trial Balance POGP Company Trial Balance November 30, 2018 Account Title Cash Accounts Receivable Supplies Materials Work in Process Debit 20,000 1,000 200 5,000 5,404 12,000 Equipment Accumulated Depreciation Equipment 825 Accounts Payable 150 Common Stock 10,000 Retained Eamings 12,000 Dividends 18,096 Sales 307,500 Cost of Goods Sold 255,040 Factory Overhead 15 Wages Expense 13,750 330,490330,490 Predetermined Factory Overhead Rate Since the company is more relant on labor than machines, Maria decides to use direct labor hours (DH) as the activity base for her predetermined factory stead ratt, rather than machine hours (MH). Estimated Selected Amounts for the Year Estimated depreciation on equipment $1,200 Estimated total Office Manager/Knitting Supervisor wages $30,000 Estimated office utilities $3,000 Estimated factory utis $4,800 Estimated factory rent $24,000 Activity Base Data Estimated number of for the year 6,250 Estimated number of MH for the year 4,375 Compute the predetermined factory overhead rate for the current year, $7.20 per DH Fecha Check My W Rewew the definitions of tens that are cluded in tactory overhead for the computation of estimated total factory overhead costs. Date: Dec. 10 Materials Requisition Req, No. 12255 Job No. 83 Description Qty. Issued Unit Price Yam type B 700 skeins $5 Amount $3,500 $3,500 Total issued Time Ticket No. 1255 Names Susan Blake Work Description: Knitting/piecing Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 65 $15 $975 12/16-12/31 103 15 1,545 Total Cost $2,520 Time Ticket No. 2274 Names Josh Porter Work Description: Knitting/piecing Dates Job Ne Hours Worked Unit Price Amount 12/01 - 12/15 62 75 $15 $1,125 12/16-12/31 83 88 15 1,320 Total Cost $2,445 Time Ticket No. 3923 Names Mary Jones Work Description: Knitting/peong Dates Job No. Hours Worked Unit Price Amount 12/01-12/15 62 60 $15 $900 12/16-12/31 109 15 1,635 Total cost $2,535 Job Cost Sheets On December 10, POCP Company receives an order for 200 sweater vests and assons Job 83 to the order Review the Material Reposition table to add the materials to the Job Cout Sheet for Job 83 On December 15, review the Time Ticket tables to add the appropriate amount of direct labor and factory overhead coats to the Jub Cost Sheet for Sob s2 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 Cart Sheet for Job 3 for the period December 16 through December 31 If there is no amount or an amount is zero, entero. W required, round your answers to the nearest cent Job 62 100 units: Sweaters Direct Materials Direct Labor $5,000 $300 Balance Dec. 1 Factory Overhead Dec. 15 $104 Total $5,404 Total Cost Unit Cost Job 83 200 units: Sweater vests Direct Labor Direct Materials Factory Overhead Total Job Cost Balance Dec. 1 $0 $0 50 $0 Dec 10 Dec. 31 Total Cost Check My Work Recall that the factory overhead is applied for this company using direct bor hours Journal On December 10, POGP Company receives an order for 200 sweater vests and assigns Job 83 to the ordet Review the Material Requution table to our on the entry in the On December 15, review the Time Ticket tables to jouma re the entry to record the addition of factory overhead to Work in Process for the period December throw December 15, an amount box does not require an entry, leave it blank. Dec. 15 88 Feedia Check My Work Incorrect On December 21, Job 62 is completed. Review the Job Cost Sheets and your soumal entries Joumalize the entry to move the routed costs to the feshed out. amount box does not require an entry, have it blank Dec. 21 Feedback Check My Work Incorrect 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 bank Dec 22 Il II II II Dec 22 My Wor Incorrect On December 31, the last work day of the year for the knitters, review the Time Ticket tables to yourse the entry to record the two other for the period December 16 through December 31, 19 In amount box does not require an entry, leave it blink Dec. 31 88 Cock My Work Incorrect On December 31, the last work day of the year for the knitters, review the Time Ticket tables to joumatre the entry to record the addicono bend te maa por for me On December 31, the last work day of the year for the knitters, review the Time Ticket tables to youmake the entry to record the doon of factory at Work in Process for the perod December 16 through December 31. an amount box does not require an entry leave thank Dec 31 WOW Incorrect On December 31. joumalize the following transactions. Note that expenses (b), (c), and (d) were paid inch 2. One month's depreciation on equipment b. One month payroll for all employees c. One month's rent of $2,000 d. One month's factory utities of $1,275 If an amount box does not require an entry, leave it back Dec 31 lllll 11001 Dec. 31 lllll lllll My Wor Incorrect On December 31, prepare the journal entry to dispose of the balance in the factory overed count an amount box does not even Dec. 31 Check My W Incorrect Final Question What are the balances in the following accounts as of December 31 3 an amount is er, entero In Incorrect Final Question What are the balances in the following accounts as of December namont is zero, entro Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold Create accounts and post the beginning balances from the New Trace panel The post your nees to get the beaches Partially correct