Canvas Casas makes custom tents. Selling and cost details are below. Work through each of the tabs to help Canvas Casa understand their costs and margins and to prepare the acconting for the period. Assumptions: Canvas Casas makes custom tents. A standard tent sells for $400 A deluxe tent sells for $1,000 Customers can add extra waterproofing to their tent for $300 The standard tent requires 10 yards of fabric The deluxe tent requires 25 yards of fabric One bottle of waterproofer is required to extra waterproof either a standard or a deluxe tent the canvas for the tents costs $25/yard one bottle of waterproofer costs $150 Direct labor costs $25/hour Manufacturing a standard tent requires 3 hours of DL Manufacturing a deluxe tent requires 4 hours of DL Waterproofing a tent does not require any extra DL because the extra waterproofing can be applied at the same time as the standard waterproofing Annual FOH includes the following: Indirect Materials Indirect labor Rent Utilities Depreciation on equipment 20,000 50,000 35,000 10,000 16,250 The company expects to manufacture 1,000 tents in the current period as follows: 500 standard tents 500 deluxe tents The company allocates FOH based on DL$ Orders: All orders are completed and sold in the current year 201 200 standard tents with standard waterproofing 202 400 standard tents with extra waterproofing 203 420 deluxe tents with extra waterproofing Module 4 Job Costing Worksheet 1 14) Prepare the journal entry to move FOH to WIP (only the FOH actually applied) DR CR 15) Prepare the JE to move WIP to Finished Goods DR CR 16) Prepare the JE to move Finished goods to Cost of Goods Sold (COGS) DR CR 17) Prepare a T account to determine whether FOH was over or under applied: 18) Prepaere the JE to zero our FOH - charge the amount over or underapplied to COGS DR CR 29) Calculate total sales, COGS, Gross Profit and Gross Profit % for the period Total Jobs Sales COGS Gross Profit Margin (gross profit %) Job 201 Job 202 Job 203 Total