Nov. 30 Trial Balance
POGP Company
Trial Balance
November 30, 20Y8
|
Account Title
|
Debit
|
Credit
|
Cash |
20,000 |
|
Accounts Receivable |
1,000 |
|
Supplies |
200 |
|
Materials |
5,000 |
|
Work in Process |
5,404 |
|
Equipment |
12,000 |
|
Accumulated Depreciation-Equipment |
|
825 |
Accounts Payable |
|
150 |
Common Stock |
|
10,000 |
Retained Earnings |
|
12,000 |
Dividends |
18,096 |
|
Sales |
|
307,500 |
Cost of Goods Sold |
255,040 |
|
Factory Overhead |
|
15 |
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 |
$42,000 |
Estimated office utilities |
$5,000 |
Estimated factory utilities |
$4,800 |
Estimated factory rent |
$18,000 |
Activity Base Data
|
|
Estimated number of DLH for the year |
6,250 |
Estimated number of MH for the year |
4,375 |
predetermined factory overhead rate for the current year is 7.2 per DLH
Materials Requisition
|
|
|
Date: Dec. 10 |
Req. No. 12255 |
Job No. 83 |
|
|
Description
|
Qty. Issued
|
Unit Price
|
Amount
|
Yarn type B |
700 skeins |
$5 |
$3,500 |
|
|
Total issued
|
$3,500 |
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 |
$15 |
$975 |
12/16-12/31 |
83 |
103 |
15 |
1,545 |
|
|
|
Total Cost
|
$2,520 |
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 |
$15 |
$1,125 |
12/16-12/31 |
83 |
88 |
15 |
1,320 |
|
|
|
Total Cost
|
$2,445 |
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 |
$15 |
$900 |
12/16-12/31 |
83 |
109 |
15 |
1,635 |
|
|
|
Total Cost
|
$2,535 |
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.
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 $1,500
d. One month’s factory utilities of $1,275
If an amount box does not require an entry, leave it blank.