Can some one please help me with this?!?!?!??!?!??!?!???
QUESTION 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures Step 1 specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue manufacturing ( no indirect materials used). You will be keeping track of the costs incurred to manufacture the tables using Job #1 Cost Sheet and Job #2 Cost Sheet. The cost of the direct materials that can be used to manufacture the table are as follows. These cost are on a per unit basis. Table Top $2,600.00 Table Leg $950.00 Drawer $460.00 The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours. The company estimates that there will be 12 direct labor hours worked during the month. The estimated manufacturing overhead cost for the month is: a. Factory supervisor salary per month $3,000.00 b. Rent for the factory per month $1,200.00 C . Depreciation of factory equipment per month $600.00 Total Estimated manufacturing overhead $4,800.00 What is the predetermined manufacturing overhead rate? 400 Step 2 The first order you received was to manufacture a table using a table top and four legs. This is your Job #1. Step 3 The customer that has ordered Job #2, wants a table that is the same as Job #1, but wants to also add a drawer to the table. The following is a list of transactions that need to be recorded for the company for activity in the month of December, Record those in the "General Journal" tab of the excel file using the proper format. Please use the following accounts: Accounts Step 4 Receivables, Raw materials, Work in process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages lick Save and Submit to save and submit. Click Save All Answers to save all answers.Question Completion Status: 28-Dec The completed table from Job #1 was sold on account to the customer for $31,000 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, $20 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. Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the "Schedule of COGM and Step 6 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. 87). (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= $8,920, Net operating income=$16,830 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? G dcccd.blackboard.com/webapps/assessment/take/launch.jsp?course_assessment_id=_1218734_1&course_id=_319830_1&content_ Question Completion Status: Step 2 The first order you received was to manufacture a table using a table top and four legs. This is your Job #1. Step 3 The customer that has ordered Job #2, wants a table that is the same as Job #1, but wants to also add a drawer to the table. The following is a list of transactions that need to be recorded for the company for activity in the month of December. Record Step 4 those in the "General Journal" tab of the excel file using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages Depreciation expense. payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses, and 1-Dec Raw Materials purchased on account, $26,000. 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, $20 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 $3,500. 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 $1,200. 17-Dec Advertising costs incurred but not paid for the month was $1,400. 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)Take Ti X C Work : x C You W x C Get He x C Step 1 x C Step 1 x C You W x C Step 1 x C You W x C Step 1 x G how - > C Adcccd.blackboard.com/webapps/assessment/take/launch.jsp?course_assessment_id=_1218734_1&course_id=_319830_1&content_id=_172208 Question Completion Status: Check Figure: Cost of Goods Manufactured= $8,920, Net operating income=$16,830 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?Home Insert Page Layout Formulas Data Review View Help Search X Cut [a Copy Calibri - 11 - A A ap Wrap Text Currency AutoSum . aste Format Painter BI U - E- G-A- Merge & Center $ - % 9 08 38 Conditional Format as Cell Insert Delete Format Fill - Formatting * Table . 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Clear Clipboard Font Alignment Number Styles Cells Editing X fx 2400 E F G M N P R S Job Cost Sheet Direct Materials: Job Number Date Initiated Item Date completed Direct Materials Direct Labor Manufacturing Overhead Amount Hours Rate Amount Hours Rate Amount 6.400 6 20 120 6 $400.00 $2.400.00 Cost Summary Direct Materials $ 6,400,00 Direct Labor $ 120.00 Manufacturing Overhead $ 2,400.00 Total Product Cos $ 8,920.00 Unit Product Cost Job #1 Cost Sheet Job #2 Cost Sheet General Journal T-accounts (General Ledger) Schedule of COGM, COGS & Inc ... + lead Type here to search O e XD45 X V 1650 A B C E F G Date Description Debit Credit 1-Dec Raw Materials $ 26,000 Accounts Payable $ 26,000 5-Dec Work In Process $ 6,400 Raw Materials $ 6,400 10-Dec Work In Process S 120 Manufacturing Overhead $ 3,500 Salaries and Wage Expense $ 2,000 Salaries and Wage Payable $ 5,620 15-Dec Work In Process $ 6,860 15 Raw Materials $ 6,860 16-Dec Manufacturing Overhead $ 1,200 8 Accounts Payable $ 1,200 20 17-Dec Advertising Expense $ 1,400 Accounts Payable $ 1,400 20-Dec Manufacturing Overhead 150 Depreciation Expense 600 15 Accumalated Depreciation $ 750 22-Dec Work In Process $ 2,400 Manufacturing Overhead $ 2,400 26-Dec Finished Goods $ 8,920 Work In Process $ 8,920 28-Dec Accounts Recievable $ 31,000 Cost Of Goods Sold $ 8,920 Sales $ 31,000 Finished Goods 5 8,920 Job #1 Cost Sheet Job #2 Cost Sheet General Journal T-accou Ready Type here to search O eAutoSave . Off ACCT 2302 project excel template(1)(1) - Excel A aimanh007@gmail File Home Insert Page Layout Formulas Data Review View Help Search X Cut General AutoSum - [a Copy Calibri - 11 - A A 25 Wrap Text Fill- AY O Paste Format Painter BIU - - G-A- SEE Merge & Center - $ - % 9 08 50 Conditional Format as Cell Insert Delete Format Sort & Find & Formatting Table . Styles Clear Filter . Select . Clipboard Font Alignment Number Styles Cells Editing Q18 X B C D E F G H MN OF Q s | Z AA Job Cost Sheet Direct Materials: Job Number Date Initiated Date completed Direct Matarials Direct Labor Manufacturing Overhead Amount How's Rate Amount Hours Rate Amount Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Unit Product Cost 19 20 21 22 23 24 25 26 27 28 29 31 32 33 34 35 29 Job #2 Cost Sheet General Journal Schedule of COGM, COGS & Inc .. (+ Job #1 Cost Sheet T-accounts (General Ledger) Ready Type here to search OFile Home Insert Page Layout Formulas Data Review View Help Search X Cut Calibri 1 - A A E 29 Wrap Text General AutoSur Paste DB Copy Fill- Format Painter BI U - - -A- 983 CE Merge & Center $ - % 9 68 -98 Conditional Format as Cell Insert Delete Format Formatting . Table Styles . Clear Clipboard Font Alignment Number Styles Cells A5 X C W N - B D E G H K M Thunderduck Custom Tables, Inc. Thunderduck Custom Tables, Inc. Thunderduck Custom Tables, Inc. Schedule of cost of goods manufactured Cost of goods sold Income Statement For the month Ended December 31, 20Xx For the month Ended December 31, 20Xx For the month Ended December 31, 20XX ".. Job #2 Cost Sheet General Journal T-accounts (General Ledger) Schedule of COGM, COGS & Income Beads Type here to search O e X10 Raw Materials Salaries and Wages Payable 11 $26,000 $ 6.400 12 $ 5,620 $ 6,860 90 Cost of Goods Sold 13 $ 8,920 14 $ 1,650 15 $ 5,710 16 $ 12,470 17 18 m 19 Work In Process 20 $ 6,400 $ 8,920 Salaries and Wages Expense 21 $ 120 $ 2,000 22 $ 6,860 23 $ 2,400 24 90 25 $ 1,410 26 27 28 29 30 Finished Goods 31 $ 8,920 $ 8,920 Advertising Expense 32 $ 1,400 33 34 35 36 37 38 Depreciation Expense 39 Manufacturing Overhead $ 600 40 $ 3,500 $ 2,400 41 $ 1,200 $ 1,410 42 150 $ 1,650 43 44 45 46 47 Accumulated Depreciation 48 $ 750 HUse 49 Job #1 Cost Sheet Job #2 Cost Sheet General Journal T-accounts (General Ledger) Sched Ready
