Check Figure: Cost of Goods Manufactured= $4,150, Net operating income=$6,750

1. What is the ending balance for raw materials?

2. What is the ending balance for work in process?

3. What is the ending balance for finished goods?

4. What is the actual manufacturing overhead cost incurred during December before adjustment?

5. What is the total applied manufacturing overhead cost during December before adjustment?

6. What is the unadjusted cost of goods sold?

7. Was the manufacturing overhead for the month of December overapplied/underapplied ?

8. What is the amount of Manufacturing overhead overapplied/underapplied?

9. What is the adjusted cost of goods sold?

10. What is gross margin?

11. What is the total prime cost for Job#1?

12. What is the total conversion cost for job #1?

13. What is the total product cost for job#1?

14. What was the period cost incurred for the month of December?

15. What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)?

16. What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)?

17. 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?

Cheqq Workings.xlsx - Microsoft Excel X Insert Home Page Layout Formulas Data Review View A A Header WordArt Signature Object Symbol Picture Clip Shapes SmartArt PivotTable Table Column Line Pie Bar Area Scatter Other Hyperlink Text Box Art Charts & Footer Line Links Charts Tables lustrations Text H29 J Journal Entries H L A C D E G K M N O E 2 STEP 1 Calculation of Predetermined Manufacturing Overhead rate STEP 4 3 Date Accounts Title Debit ($) Credit(S) Total Estimated manufacturing overhead Accounts Title Debit (S) Credit(S) $4,200 4 Date Total Estimated Direct labour hour 5 12 Dec-01 Raw Material Dec-22 Work in process 6 11,000 700 Accounts Payable Manufaturing Overhead Rate (4,200/12 Manufacturing Overhead 7 $350 11,000 700 per hour 8 JOB#1: Cost of making the table Dec-05 Work in process Dec-26 Finished goods 9 STEP 2 1,300 2,150 Raw Material Work in process 10 1,300 2.150 Table top 11 Direct Material 1,100 Dec-10 Cost of goods sold Dec-28 Sales Revenue Table Leg 12 200 1,300 150 16,000 2.150 Accounts Payable Finished goods Profit on sale 13 150 Direct Labour (3 labour x 2 hours x $25) 14 150 13,850 Salaries and wages expenses 15 5,500 Dec-31 Cost of goods sold (2 x $350) Manufacturing Overhead applied Salaries and wages payable 16 Z00 5,500 225 Accounts Payable 17 225 Total cost of making Dec-15 Work in process 18 2,150 1,610 Work in process 19 Raw Material 1,610 1050 JOB#2: Cost of making the table 20 STEP 3 Manufacturing Overhead 1050 Dec-16 Manufacturing Overhead 21 600 Table top Direct Material Accounts Payable 22 1,100 600 Teble Leg 23 200 Dec-17 Advertising Expenses Table Drawer 310 1,610 24 1,400 Accounts Pavable 25 1,400 (3 labour x 3 hours x $25) Direct Labour 26 225 Dec-20 Depreciation Expenses 27 750 Manufacturing Overhead applled Accumulated Depreciation (3 x $350) 28 1050 750 Total cost of making 29 2,885 4 Sheet2 Sheet3 Sheet4 Sheet! Sheet5 + Ready 90% Cheqq Workings.xlsx - Microsoft Excel X Insert Home Page Layout Formulas Data Review View A A Header WordArt Signature Object Symbol Picture Clip Shapes SmartArt PivotTable Table Column Line Pie Bar Area Scatter Other Hyperlink Text Box Art Charts & Footer Line Links Charts Tables lustrations Text H29 J Journal Entries H L A C D E G K M N O E 2 STEP 1 Calculation of Predetermined Manufacturing Overhead rate STEP 4 3 Date Accounts Title Debit ($) Credit(S) Total Estimated manufacturing overhead Accounts Title Debit (S) Credit(S) $4,200 4 Date Total Estimated Direct labour hour 5 12 Dec-01 Raw Material Dec-22 Work in process 6 11,000 700 Accounts Payable Manufaturing Overhead Rate (4,200/12 Manufacturing Overhead 7 $350 11,000 700 per hour 8 JOB#1: Cost of making the table Dec-05 Work in process Dec-26 Finished goods 9 STEP 2 1,300 2,150 Raw Material Work in process 10 1,300 2.150 Table top 11 Direct Material 1,100 Dec-10 Cost of goods sold Dec-28 Sales Revenue Table Leg 12 200 1,300 150 16,000 2.150 Accounts Payable Finished goods Profit on sale 13 150 Direct Labour (3 labour x 2 hours x $25) 14 150 13,850 Salaries and wages expenses 15 5,500 Dec-31 Cost of goods sold (2 x $350) Manufacturing Overhead applied Salaries and wages payable 16 Z00 5,500 225 Accounts Payable 17 225 Total cost of making Dec-15 Work in process 18 2,150 1,610 Work in process 19 Raw Material 1,610 1050 JOB#2: Cost of making the table 20 STEP 3 Manufacturing Overhead 1050 Dec-16 Manufacturing Overhead 21 600 Table top Direct Material Accounts Payable 22 1,100 600 Teble Leg 23 200 Dec-17 Advertising Expenses Table Drawer 310 1,610 24 1,400 Accounts Pavable 25 1,400 (3 labour x 3 hours x $25) Direct Labour 26 225 Dec-20 Depreciation Expenses 27 750 Manufacturing Overhead applled Accumulated Depreciation (3 x $350) 28 1050 750 Total cost of making 29 2,885 4 Sheet2 Sheet3 Sheet4 Sheet! Sheet5 + Ready 90%