1-Dec Raw materials purchased on account, $19,000. 5-Dec All Raw materials needed for Job #1 were requested from the material storage for use during the month. All materials are direct. (After you journalize this entry please enter the information into Job #1 Cost Sheet) 10-Dec The following employee costs were incurred but not paid during the month: Direct labor for Job #1, consisted of 60 hours at a rate of $55 per hour, totaling $3,300. (After you journalize this entry please enter the information into Job #1 Cost Sheet) Salary for supervisor of the factory $2,600. Administrative Salary $1,800. 12-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 using the POHR calculated in Question 1. (After you journalize this entry please enter the information into Job #1 Cost Sheet) 15-Dec All Raw materials needed for Job #2 were requested from the material storage for use during the month. All materials are direct. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 16-Dec Rent for the month of December for the factory building incurred but not paid $1,500. 17-Dec Advertising costs incurred but not paid for the month was $1,200. 20-Dec Depreciation for the month of December was recorded on equipment $1,850 ($1,450 for equipment used in the factory and $400 for equipment used in selling and administrative activities). 24-Dec Property insurance incurred but not paid $1,550 ($1,100 for the factory and $450 for selling and administrative offices). 26-Dec Job #1 was completed and transferred to Finished Goods during the month. 28-Dec The completed table was sold on account to the customer for $24,000 during the month. (Hint: Make sure to account for the cost of the table that was sold using the cost from the job cost sheet.) 31-Dec By the end of the month, 30 hours of direct labor were incurred at a rate of $55 per hour, totaling $1,650 to begin production on job #2. The employees will be paid next month. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec Manufacturing overhead cost was applied using the direct labor hours from Job #2 and the POHR calculated in Question 1. (After you journalize this entry please enter the information into Job #2 Cost Sheet) Step 2 Post the journal entries that you recorded on the General Journal tab to the T-accounts (General Ledger) tab and calculate the balance for each account. This is the company's first month of business, so there will not be any beginning balances. 31-Dec Record the entry in the general journal to close the Manufacturing Overhead account and adjust for overapplied/underapplied overhead. Step 3 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the "Schedule of COGM and COGS" tab for Job #1 and Job #2 that were worked on during the month by the company. Make sure to follow the format noted in your book (pg. 109). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.) Step 4 Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab. Step 5 Use the following check figures and make any necessary corrections. Check Figure 1: Cost of Goods Manufactured $11,350 Check Figure 2: Net Operating Income