Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Very confused Nov. 30 Trial Balance POGP Company UNADJUSTED TRIAL BALANCE November 30, 20Y8 ACCOUNT TITLE DEBIT 20,000.00 1,000.00 CREDIT 1 Cash 2 Accounts Receivable

Very confused image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Nov. 30 Trial Balance POGP Company UNADJUSTED TRIAL BALANCE November 30, 20Y8 ACCOUNT TITLE DEBIT 20,000.00 1,000.00 CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Materials Work in Process 6 Equipment 7 Accumulated Depreciation-Equipment 8 Accounts Payable 200.00 5,000.00 5,404.00 12,000.00 825.00 150.00 10,000.00 9 Common Stock 10 Retained Earnings 11 Dividends 12 Sales 12,000.00 18,096.00 307500.00 Prdetermined Factory Overhead Rate Since the company is more roliant on labor than machines, Maria decides to use drect labor hours (DLH) as the actvity,base for her predetermined factory overhead rate, rather than machine hours (MH). Estimated Selected Amounts for the Year Estimated depreciation on equipment Estimated total Office Managor/knitting Supervisor wages Estimated office utities Estimated factory utilities Estimated factory rent $1,200.00 $42,000.00 $3,000.00 $4,800.00 $12,000.00 Activity Base Data Estimated number of DLH for the year Estimated number of MH for the year 5000 3,500 Compute the predetermined factory overhead rate for the current year. Itf required, round your answers to the nearest cent of Great Price Company Chart of Accounts Nov. 30 Trial Balance Pre of Great Price Company Materials Requisition Materials Requisition Date: Dec. 10 Req. No. 12255 Description Yarn type B Job No. 83 Qty. Issued Unit Price 600 skeins $5.00 Amount $3,000 Total issued $3,000 Check My Work 10 more Check My Work uses remaining All work saved. Great Price Company Chart of Accounts Nov. 30 Trial Balance Predetermined reat Price Company Sheets Time Tickets Time Ticket No. 1255 Name: Susan Blake Dates 12/01-12/15 12/16-12/31 Job No. Hours Worked Unit Price Amount $20.00 $1,300.00 $20.00 $2,060.00 Total Cost $3,360.00 62 65 83 103 Time Ticket No. 2274 Name: Josh Porter Dates Job No. Hours Worked Unit Price Amount $20.00 $1,500.00 $20.00 $1,760.00 Total Cost $3,260.00 12/01-12/15 62 75 12/16-12/31 83 ck My Work 10 more Check My Work uses remaining All work saved. url of Great Price Company lob Cost Sheets Add the amounts in requirements 2(B), 3(C), and 6 C) to the appropriate areas of the following ob cost sheets If there is no amount or an amount is your answers to the nearest cent. Job 62 100 units Sweaters Direct Materials Direct Labor Factory Overhead Total $5,000 Balance Dec. 1 Dec. 15 Total Cost $300 $104 $5,404 Unit Cost Job 83 200 units: Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 Dec. 10 Dec. 31 Total Cost $0 $0 SO so rnal urnalize the entries in requirements 2-8. Refer to the Chart of Accounts for exact wording of account titiles FAGE 15 JOURNAL ACCOUNTING EQUATION DATE POST. REPDEBIT CREDIT ASSETS LIABILITIES EQUITY 10 12 Previous My Work 10 more Check My Work uses remaining All work saved Email Instructor Save and Exit Submit Assignment Print Item Final Question What are the balances in the following accounts as of December 31? Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold s Check My Work 10 more Check My Work uses remaining All work saved. hart of Accounts CHART OF ACCOUNTS POGP Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 112 Accounts Receivable EXPENSES 117 Supplies 118 Materials 119 Work in Process 120 Finished Goods 510 Cost of Goods Sold 520 Factory Overhead 525 Wages Expense 125 Equipment 126 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 211 Wages Payable EQUITY 310 Common Stock Check My Work 10 more Check My Work uses remaining All work saved Nov. 30 Trial Balance POGP Company UNADJUSTED TRIAL BALANCE November 30, 20Y8 ACCOUNT TITLE DEBIT 20,000.00 1,000.00 CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Materials Work in Process 6 Equipment 7 Accumulated Depreciation-Equipment 8 Accounts Payable 200.00 5,000.00 5,404.00 12,000.00 825.00 150.00 10,000.00 9 Common Stock 10 Retained Earnings 11 Dividends 12 Sales 12,000.00 18,096.00 307500.00 Prdetermined Factory Overhead Rate Since the company is more roliant on labor than machines, Maria decides to use drect labor hours (DLH) as the actvity,base for her predetermined factory overhead rate, rather than machine hours (MH). Estimated Selected Amounts for the Year Estimated depreciation on equipment Estimated total Office Managor/knitting Supervisor wages Estimated office utities Estimated factory utilities Estimated factory rent $1,200.00 $42,000.00 $3,000.00 $4,800.00 $12,000.00 Activity Base Data Estimated number of DLH for the year Estimated number of MH for the year 5000 3,500 Compute the predetermined factory overhead rate for the current year. Itf required, round your answers to the nearest cent of Great Price Company Chart of Accounts Nov. 30 Trial Balance Pre of Great Price Company Materials Requisition Materials Requisition Date: Dec. 10 Req. No. 12255 Description Yarn type B Job No. 83 Qty. Issued Unit Price 600 skeins $5.00 Amount $3,000 Total issued $3,000 Check My Work 10 more Check My Work uses remaining All work saved. Great Price Company Chart of Accounts Nov. 30 Trial Balance Predetermined reat Price Company Sheets Time Tickets Time Ticket No. 1255 Name: Susan Blake Dates 12/01-12/15 12/16-12/31 Job No. Hours Worked Unit Price Amount $20.00 $1,300.00 $20.00 $2,060.00 Total Cost $3,360.00 62 65 83 103 Time Ticket No. 2274 Name: Josh Porter Dates Job No. Hours Worked Unit Price Amount $20.00 $1,500.00 $20.00 $1,760.00 Total Cost $3,260.00 12/01-12/15 62 75 12/16-12/31 83 ck My Work 10 more Check My Work uses remaining All work saved. url of Great Price Company lob Cost Sheets Add the amounts in requirements 2(B), 3(C), and 6 C) to the appropriate areas of the following ob cost sheets If there is no amount or an amount is your answers to the nearest cent. Job 62 100 units Sweaters Direct Materials Direct Labor Factory Overhead Total $5,000 Balance Dec. 1 Dec. 15 Total Cost $300 $104 $5,404 Unit Cost Job 83 200 units: Sweater vests Direct Materials Direct Labor Factory Overhead Total Job Cost Balance Dec. 1 Dec. 10 Dec. 31 Total Cost $0 $0 SO so rnal urnalize the entries in requirements 2-8. Refer to the Chart of Accounts for exact wording of account titiles FAGE 15 JOURNAL ACCOUNTING EQUATION DATE POST. REPDEBIT CREDIT ASSETS LIABILITIES EQUITY 10 12 Previous My Work 10 more Check My Work uses remaining All work saved Email Instructor Save and Exit Submit Assignment Print Item Final Question What are the balances in the following accounts as of December 31? Materials Work in Process Finished Goods Factory Overhead Cost of Goods Sold s Check My Work 10 more Check My Work uses remaining All work saved. hart of Accounts CHART OF ACCOUNTS POGP Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 112 Accounts Receivable EXPENSES 117 Supplies 118 Materials 119 Work in Process 120 Finished Goods 510 Cost of Goods Sold 520 Factory Overhead 525 Wages Expense 125 Equipment 126 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 211 Wages Payable EQUITY 310 Common Stock Check My Work 10 more Check My Work uses remaining All work saved

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Basics Of Quality Auditing

Authors: Ronald Blank

1st Edition

1138438863, 9781138438866

More Books

Students also viewed these Accounting questions

Question

How does selection differ from recruitment ?

Answered: 1 week ago

Question

What is the relationship between humans?

Answered: 1 week ago

Question

What is the orientation toward time?

Answered: 1 week ago