JOD Uroer upsting In Action - Christian Wiff Enterprises Christian Wait Enterprises keeps several artists and interns on start to create special made to order blown glass artwork to high income clients. The company operates on a calendar year and uses job order casting since each job is unique. Credit Exhibit I shows a post closing trial balance as of December 31, 2019. Exhibit also shows subsidiary ledgers for the finished Goods Account la place for the Jones family and piece for the Xiong family. You are also given detail of the Materials accounts The company uses a plantwide predetermined overhead rate of 150% of direct labor costs 2. Review the materials requisitioned (below) for the new product you have been commissioned to make for the Cattam Units Requisitioned Unit Cost Total Silicon de 32HULUD Action Mems Record the Alumns 1 $10.00 SID.CO 2 Magnesia $12.00 Journal entry for the S24.00 material issued Boron Oxide OS $19.00 S9.50 Lead adde 0.75 S25.00 S18.75 Soda 0.1 Update le cose she $20.00 S2.00 Lime 0.1 $21.00 S3.15 round to the nearest cene) Silver 031 $35.00 SID.85 Copper S28.00 S2.80 Manganese aas $18.00 SO 90 Chorium 0.03 S25.00 SE62.70 Christian Wbiff Enterprises Post-Closing Trial Balance 31-Dec-18 Debit Cash 5,795 Accounts Receivable 50,000 Finished Goods 29,000 Work in Process Materials 17,395 Prepaid Insurance 7,200 Building 100,000 Machinery and Equipment 50,000 Office Equipment 60,000 Accumulated Depreciation Accounts Payable FICA Tax Payable FUTA and SUTA Payable Employee Income Tax Payable Capital Stock Retained Earnings 319,390 137,000 10,000 3,000 300 5,000 50,000 114,090 319,390 2. Assume you worked on this one product. An analysis of Time Cards for the . Employees showed the following Direct Laborer (you) assume 40 hours as per hour Supervisor SD Action Items: Record the journal entry for he wages: Assume FICA rates are 6.2% 1.45% -7.65% and Employee Income Tax Withholding at 10% of wages. Assume FUTA and SUTA rates of 4 and 1% Update Job Cast Sheet round to nearest cent) Subsidiary Ledger detail: Finished Goods Inventory 6. Other Miscellaneous activities include: Paldies on the factory building of S2,000 Monthly depreciation on plant assets were calculated on an annual basis, the company writes (rounded to the nearest dollar Factory buildings $2,500 Machinery and Equip 57.100 Office Equip $12.000 $ Action meme Record che Journal entry for Leach Direct Materials Direct Labor Factory Overhead Jones Piece $5,000 $3,000 $1,000 $9,000 Xiong Piece $10,000 $7,000 $3,000 $20,000 Total $15,000 $10,000 $4,000 $29,000 Adjust the balance of the prepaid insurance account, which represents a two year premium for a fire Insurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on January 1. Round your journal entry to the nearest dollar) 7. Post all above journal entries to T Accounts to determine ending balances. Units 1499 150 8. Calculate the applied overhead for the job. Record the journal entry Update Bob Cost Sheet Record the journal entry for the job you completed (the Catt Family Project). ). 9. Jobs Jones and Xong were delivered to customers during the month. Sale price is 50% markup over cost. Direct Materials Inventory Description Silicon dioxide Alumina Magnesia Boron oxide Lead oxide Soda Lime Cobalt Silver Copper Manganese Chorium 150 60 25 2 2 2 Unit Cost $8.00 $10.00 $12.00 $19.00 $25.00 $20.00 $21.00 $22.00 $35.00 $28.00 $18.00 $25.00 Total $11,992.00 $1,500.00 $1,800.00 $1,140.00 5625.00 $40.00 $42.00 $44.00 $70.00 $56.00 $36.00 $50.00 $17,395.00 10. Create a cost of Goods Manufactured, Cost of Goods Sold, Income Statement, and Balance Sheet for January. For purposes of these financial statements, treat the Over/Under Applied Overhead account as an amount on the Balance Sheet (Other Asset if it is a Debit, Other Liability if it is a Credit). Note that if this was the final Balance Sheet for the year we would actually close the account and not show it at all. Z 2 2 2 JOD Uroer upsting In Action - Christian Wiff Enterprises Christian Wait Enterprises keeps several artists and interns on start to create special made to order blown glass artwork to high income clients. The company operates on a calendar year and uses job order casting since each job is unique. Credit Exhibit I shows a post closing trial balance as of December 31, 2019. Exhibit also shows subsidiary ledgers for the finished Goods Account la place for the Jones family and piece for the Xiong family. You are also given detail of the Materials accounts The company uses a plantwide predetermined overhead rate of 150% of direct labor costs 2. Review the materials requisitioned (below) for the new product you have been commissioned to make for the Cattam Units Requisitioned Unit Cost Total Silicon de 32HULUD Action Mems Record the Alumns 1 $10.00 SID.CO 2 Magnesia $12.00 Journal entry for the S24.00 material issued Boron Oxide OS $19.00 S9.50 Lead adde 0.75 S25.00 S18.75 Soda 0.1 Update le cose she $20.00 S2.00 Lime 0.1 $21.00 S3.15 round to the nearest cene) Silver 031 $35.00 SID.85 Copper S28.00 S2.80 Manganese aas $18.00 SO 90 Chorium 0.03 S25.00 SE62.70 Christian Wbiff Enterprises Post-Closing Trial Balance 31-Dec-18 Debit Cash 5,795 Accounts Receivable 50,000 Finished Goods 29,000 Work in Process Materials 17,395 Prepaid Insurance 7,200 Building 100,000 Machinery and Equipment 50,000 Office Equipment 60,000 Accumulated Depreciation Accounts Payable FICA Tax Payable FUTA and SUTA Payable Employee Income Tax Payable Capital Stock Retained Earnings 319,390 137,000 10,000 3,000 300 5,000 50,000 114,090 319,390 2. Assume you worked on this one product. An analysis of Time Cards for the . Employees showed the following Direct Laborer (you) assume 40 hours as per hour Supervisor SD Action Items: Record the journal entry for he wages: Assume FICA rates are 6.2% 1.45% -7.65% and Employee Income Tax Withholding at 10% of wages. Assume FUTA and SUTA rates of 4 and 1% Update Job Cast Sheet round to nearest cent) Subsidiary Ledger detail: Finished Goods Inventory 6. Other Miscellaneous activities include: Paldies on the factory building of S2,000 Monthly depreciation on plant assets were calculated on an annual basis, the company writes (rounded to the nearest dollar Factory buildings $2,500 Machinery and Equip 57.100 Office Equip $12.000 $ Action meme Record che Journal entry for Leach Direct Materials Direct Labor Factory Overhead Jones Piece $5,000 $3,000 $1,000 $9,000 Xiong Piece $10,000 $7,000 $3,000 $20,000 Total $15,000 $10,000 $4,000 $29,000 Adjust the balance of the prepaid insurance account, which represents a two year premium for a fire Insurance policy covering the factory building and machinery. It was paid on the last day of the preceding month and became effective on January 1. Round your journal entry to the nearest dollar) 7. Post all above journal entries to T Accounts to determine ending balances. Units 1499 150 8. Calculate the applied overhead for the job. Record the journal entry Update Bob Cost Sheet Record the journal entry for the job you completed (the Catt Family Project). ). 9. Jobs Jones and Xong were delivered to customers during the month. Sale price is 50% markup over cost. Direct Materials Inventory Description Silicon dioxide Alumina Magnesia Boron oxide Lead oxide Soda Lime Cobalt Silver Copper Manganese Chorium 150 60 25 2 2 2 Unit Cost $8.00 $10.00 $12.00 $19.00 $25.00 $20.00 $21.00 $22.00 $35.00 $28.00 $18.00 $25.00 Total $11,992.00 $1,500.00 $1,800.00 $1,140.00 5625.00 $40.00 $42.00 $44.00 $70.00 $56.00 $36.00 $50.00 $17,395.00 10. Create a cost of Goods Manufactured, Cost of Goods Sold, Income Statement, and Balance Sheet for January. For purposes of these financial statements, treat the Over/Under Applied Overhead account as an amount on the Balance Sheet (Other Asset if it is a Debit, Other Liability if it is a Credit). Note that if this was the final Balance Sheet for the year we would actually close the account and not show it at all. Z 2 2 2