1 Dec Raw Materials purchased on account, $27,000 5 Dec All Raw Materials needed for Job 1 were requisitioned from the material storage for use during the month Assume 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 There are three assembly employees that spend 2 hours each, $25 per hour to make the table for Job 1 (After you journalize this entry please enter the information into Job 1 Cost Sheet) Salary for supervisor of the factory $4,000 Administrative Salary $2,000 15 Dec All Raw Materials needed for Job 2 were requisitioned from the material storage for use during the month Assume 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 $1,300 17 Dec Advertising costs incurred but not paid for the month was $1,600 20 Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities) 22 Dec Manufacturing overhead cost was applied based on direct labor hours to Job 1 based on the POHR determined on the Job Cost Sheet (After you journalize this entry please enter the information into Job 1 Cost Sheet) 26 Dec Job 1 was completed and transferred to Finished Goods during the month 28 Dec The completed table from Job 1 was sold on account to the customer for $32,000 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 Direct labor cost incurred but not paid for three employees to start manufacturing Job 2 The employees only worked one hour each, three hours total, $25 per hour during the month and they did not complete their work on the job (After you journalize this entry please enter the information into Job 2 Cost Sheet) 31 Dec Manufacturing overhead cost was applied based on direct labor hours to Job 2 based on the POHR Only three direct labor hours were worked on Job 2 during the month (After you journalize this entry please enter the information into Job 2 Cost Sheet) 31 Dec Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold Step 5 Post the journal entries that you recorded on the General Journal tab to the T accounts tab This is the company's first month of business, so there will not be any beginning balances Compute the balance for each T account after all of the entries have been posted Step 6 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 7 Prepare an Income Statement for the month using the Traditional Format on the Income Statement tab Step 8 Answer the additional questions below Check Figure Cost of Goods Manufactured $9,550, Net operating income $16,850 What is the ending balance for raw materials What is the ending balance for work in process What is the ending balance for finished goods What is the actual manufacturing overhead cost incurred during December before adjustment What is the total applied manufacturing overhead cost during December before adjustment What is the unadjusted cost of goods sold Was the manufacturing overhead for the month of December overapplied underapplied What is the amount of Manufacturing overhead overapplied underapplied What is the adjusted cost of goods sold What is gross margin What is the total prime cost for Job 1 What is the total conversion cost for job 1 What is the total product cost for job 1 What was the period cost incurred for the month of December What is the total variable cost incurred for Job 1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed ) What is the contribution margin for Job 1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed ) What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if the order in Job 1 is for five tables instead of one table assuming this cost is with in the relevant range

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1-Dec Raw Materials purchased on account, $27,000. 5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the

1-Dec	Raw Materials purchased on account, $27,000.
5-Dec	All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume 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:
	There are three assembly employees that spend 2 hours each, $25 per hour to make the table for Job #1. (After you journalize this entry please enter the information into Job #1 Cost Sheet)
	Salary for supervisor of the factory $4,000.
	Administrative Salary $2,000.
15-Dec	All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume 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 $1,300.
17-Dec	Advertising costs incurred but not paid for the month was $1,600.
20-Dec	Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities).
22-Dec	Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (After you journalize this entry please enter the information into Job #1 Cost Sheet)
26-Dec	Job #1 was completed and transferred to Finished Goods during the month.
28-Dec	The completed table from Job #1 was sold on account to the customer for $32,000 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	Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $25 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet)
31-Dec	Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor hours were worked on Job #2 during the month. (After you journalize this entry please enter the information into Job #2 Cost Sheet)
31-Dec	Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold.
Step 5	Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first month of business, so there will not be any beginning balances. Compute the balance for each T-account after all of the entries have been posted.
Step 6	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 7	Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab.
Step 8	Answer the additional questions below

	Check Figure: Cost of Goods Manufactured= $9,550, Net operating income=$16,850

	What is the ending balance for raw materials?
	What is the ending balance for work in process?
	What is the ending balance for finished goods?
	What is the actual manufacturing overhead cost incurred during December before adjustment?
	What is the total applied manufacturing overhead cost during December before adjustment?
	What is the unadjusted cost of goods sold?
	Was the manufacturing overhead for the month of December overapplied/underapplied ?
	What is the amount of Manufacturing overhead overapplied/underapplied?
	What is the adjusted cost of goods sold?
	What is gross margin?
	What is the total prime cost for Job#1?
	What is the total conversion cost for job #1?
	What is the total product cost for job#1?
	What was the period cost incurred for the month of December?
	What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)?
	What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)?
	What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if the order in Job #1 is for five tables instead of one table assuming this cost is with in the relevant range?