B A D E Question One 1 Special Day Souvenirs creates customized customized cornhole sets which are popular gifts for special events. During the month of November 20XX, Special Day Souvenirs undertook one job job LAW-001) where the company created four customized cornhole boards for the wedding of Mr. & Mrs. James Lawton. Necessary information to prepare the 2 company's job cost record forjob LAW-001 is listed below: 3 "The job began on November 9th, 20XX and was completed on November 12th, 20XX. 4. "During construction of job LAW-001, the following materials were requisitioned: 5 "On November 9th, 8 panel boards (part #21) were requisitioned (req #3) at a unit cost of $14 per board. 6 On November 10th, 16 feet of photo wrap (part #87) was requisitioned (req #6) at a unit cost of $6 per foot. 7 On November 12th, 4 gallons of sealant (part #33) was requisitioned (req #11) at a unit cost of $23 per gallon. 8 Two employees worked on job LAW-001, Karl Kavich (Employee #34) and Marla Humphries (Employee #39.) 9 "Mr. Kavich worked 4 hours on the job at an hourly rate of $17.00 per hour. 10 Ms. Humphries worked 8 hours on the job at an hourly rate of $16.50 per hour. 11 Special Day Souvenirs uses only one pool to allocate indirect costs to jobs, Manufacturing Overhead. 12 Indirect costs will be allocated to jobs using direct labor hours as the cost driver. 13 Special Day's predetermined overhead allocation rate is $5.00 per direct labor hour. 14 Requirement One Using the information provided above, prepare Special Day Souvenirs job cost record for the custom cornhole boards 15 created for the Lawton wedding. 16 Job Cost Record 17 Job Number: Customer: 18 Start Date: End Date: 19 20 Direct Materials 21 Date Received Requisition # Part # Quanity Used Total Costs 22 23 24 25 Total 26 27 Direct Labor Labor-Time Question One Question TWO Unit Cost Type here to search D C E D B A F 22 23 24 25 Total 26 27 Direct Labor Labor-Time Time Period Employee # Hours Worked Hourly Rate Total Costs 28 Record 29 November 9th-12th, 20XX 30 November 9th-12th, 20XX 31 Total 32 33 Manufacturing Overhead Cost Pool Quantity of Date Allocation Base Allocation Base Allocation Rate Total Costs 34 Category Used 35 November 12th, 20XX MOH DL Hour 36 Total 37 38 Total Manufacturing Cost of Job $ 39 Requirement 2 Record the November 12th journal entry to transfer the cost of job LAW-001 from work-in-process inventory to finished 40 goods inventory upon the job's completion. 41 42 43 44 Requirements Assume that Special Day Souvenirs sold this set of customed cornhole boards for $850 and determine the company's 45 gross profit on this sale. 46 Gross Profit 47 Question One Question Two B C D E Question Two 1 CMAC Manufacturing creates specialized parts for use in home entertainment systems. At the end of September 20XX, CMAC Manufacturing had the following balances to the company's WIP Inventory, Finished Goods 2 Inventory, and COGS accounts, respectively. 3 Account Balance 4 WIP Inventory $ 24,000 5 Finished Goods Inventory 106,000 6 Cost of Goods Sold 170,000 At period's end, the following amount of manufacturing overhead had been allocated to to the company's WIP 7 Inventory, Finished Goods Inventory, and COGS accounts respectively. MOH Account 8 Allocated 9 WIP Inventory $ 4,000 10 Finished Goods Inventory 16,000 11 Cost of Goods Sold 20,000 12 Requirement One Assume that CMAC overallocated $5,000 worth of overhead during the month of September 20XX. Finish the chart below in order to disperse this overallocation of overhead to WIP Inventory, Finished Goods Inventory, and 13 COGS using the proration approach. Account % of Total Account Name MOH MOH Amount of Account 14 Balance (Old) Allocated Allocated Proration Balance (New) 15 Work-in-Process Inventory 16 Finished Goods Inventory 17 Cost of Goods Sold 18 Total 19 Requirement Two Record the September 30th journal entry to correct CMAC Manufacturing's overallocation of overhead using the 20 proration approach. 21 22 Question One Question Two 4 B 2. Requirement One Assume that CMAC overallocated $5,000 worth of overhead during the month of September 20XX. Finish the chart below in order to disperse this overallocation of overhead to WIP Inventory, Finished Goods Inventory, and 3 COGS using the proration approach. % of Total Account MOH Amount of Account Account Name MOH Balance (Old) Allocated Proration Balance (New) Allocated 5 Work-in-Process Inventory 6 Finished Goods Inventory 7 Cost of Goods Sold 8 Total 19 Requirement Two Record the September 30th journal entry to correct CMAC Manufacturing's overallocation of overhead using the 20 proration approach 21 22 23 24 25