Wages Expense 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 base for her predetermined factory overhead rate, 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 $5,000 Estimated factory utilities $4,800 Estimated factory rent $24,000 Activity Base Data 6,250 Estimated number of DLH for the year Estimated number of MH for the year 4,375 Compute the predetermined factory overhead rate for the current year. $7.20 per DLH Materials Requisition Date: Dec. 10 Reg. No. 12255 Job No. 83 $7.20 per DLH Date: Dec. 10 Materials Requisition Reg. No. 12255 Job No. 83 Description Qty. Issued Unit Price Yarn type B 600 skeins Total issued Amount $5 $3,000 $3,000 Name: Susan Blake Time Ticket No. 1255 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 Name: Josh Porter Time Ticket No. 2274 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 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 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 "O". If required, round your answers to the nearest cent. Job 62 Sweaters 100 units: Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 0 4,000 1,387 5,387 Total Cost $ 5,000 4,300 1,491 S 10,791 Unit Cost 107.91 Job 83 Sweater vests 200 units: 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 2,080 8,080 Total Cost S 3,000 6,000 91 2,080 S 11,080 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 requires ant lovoit bol 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 Work in Process 3,000 0 Materials 0 3,000 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 Work in Process 4,000 Wages Payable 4,000 0 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 Work in Process 1,387 0 Factory Overhead 1,387 0 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 Finished Goods 10,791 0 Work in Process 10,791 Work in Process 0 10,791 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 Accounts Receivable 9,375 0 Sales 9,375 0 7,383 0 Dec. 22 Cost of Goods Sold Finished Goods 0 7,383 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 6,000 Wages Payable 6,000 0 0 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. 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 2,080 0 Factory Overhead 2,080 0 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 $2,000 d. One month's factory utilities of $1,275 If an amount box does not require an entry, leave it blank. Dec. 31 Factory Overhead Wages Expense Wages Payable 0 0 0 0 Cash Accumulated Depreciation Equipment 0 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. 0 If an amount box does not require an entry, leave it blank. Dec. 31 Factory Overhead Wages Expense Wages Payable 0 0 Cash 0 Accumulated Depreciation Equipment 0 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 Cost of Goods Sold 0 Factory Overhead 0 Final Question What are the balances in the following accounts as of December 31? If an amount is zero, enter "O". Materials S Work in Process S 11,080 Finished Goods S Factory Overhead S 0 Cost of Goods Sold S Wages Expense 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 base for her predetermined factory overhead rate, 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 $5,000 Estimated factory utilities $4,800 Estimated factory rent $24,000 Activity Base Data 6,250 Estimated number of DLH for the year Estimated number of MH for the year 4,375 Compute the predetermined factory overhead rate for the current year. $7.20 per DLH Materials Requisition Date: Dec. 10 Reg. No. 12255 Job No. 83 $7.20 per DLH Date: Dec. 10 Materials Requisition Reg. No. 12255 Job No. 83 Description Qty. Issued Unit Price Yarn type B 600 skeins Total issued Amount $5 $3,000 $3,000 Name: Susan Blake Time Ticket No. 1255 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 Name: Josh Porter Time Ticket No. 2274 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 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 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 "O". If required, round your answers to the nearest cent. Job 62 Sweaters 100 units: Direct Materials Direct Labor Factory Overhead Total Balance Dec. 1 $5,000 $300 $104 $5,404 Dec. 15 0 4,000 1,387 5,387 Total Cost $ 5,000 4,300 1,491 S 10,791 Unit Cost 107.91 Job 83 Sweater vests 200 units: 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 2,080 8,080 Total Cost S 3,000 6,000 91 2,080 S 11,080 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 requires ant lovoit bol 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 Work in Process 3,000 0 Materials 0 3,000 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 Work in Process 4,000 Wages Payable 4,000 0 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 Work in Process 1,387 0 Factory Overhead 1,387 0 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 Finished Goods 10,791 0 Work in Process 10,791 Work in Process 0 10,791 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 Accounts Receivable 9,375 0 Sales 9,375 0 7,383 0 Dec. 22 Cost of Goods Sold Finished Goods 0 7,383 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 6,000 Wages Payable 6,000 0 0 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. 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 2,080 0 Factory Overhead 2,080 0 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 $2,000 d. One month's factory utilities of $1,275 If an amount box does not require an entry, leave it blank. Dec. 31 Factory Overhead Wages Expense Wages Payable 0 0 0 0 Cash Accumulated Depreciation Equipment 0 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. 0 If an amount box does not require an entry, leave it blank. Dec. 31 Factory Overhead Wages Expense Wages Payable 0 0 Cash 0 Accumulated Depreciation Equipment 0 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 Cost of Goods Sold 0 Factory Overhead 0 Final Question What are the balances in the following accounts as of December 31? If an amount is zero, enter "O". Materials S Work in Process S 11,080 Finished Goods S Factory Overhead S 0 Cost of Goods Sold S