Dec $16$: Factory rent incurred but not paid for the month was $$1,500.$Dec $16$: Factory rent incurred but not paid for the month was $$1,500.$

Dec $17$: Advertising costs incurred but not paid for the month was $$1\mathrm{.}200.$

Dec $20$: Depreciation on equipment for the month of December was $$1,850($ $$1,450$ for equipment used in

the factory and $$400$ for equipment used in selling and administrative activitieal.

Dec $23$: Property insurance incurred but not paid $$1,550($$$1,100$ for the factory and $$450$ for selling and

administrathe officest.

Dec $26$: Job $\%1$ was completed and transferred to Finished Goods durine the month.

The completed table from lob $$1$ was sold on account to the cuatomer for $$24,000$ during the

Dec $28$: month. Hint. Make sure to account for the cost of the table that was sold using the cost from the

job cost sheet!

Dec $31$: By the end of the month, $30$ hours of direct labor were incurred at a rate of $$55$ per hour, totaling

$$1\mathrm{.}650$ to begin production on job $22.$ The employees will be paid neat month. $($After you joumallane

this entry please enter the information into Job $$2$ Cost Shicet

Manufacturing overhead cost was applied using the direct labor hours from lob ~~$2$ and the POHR

Dec $31$: calculated in Question $1.$ After you joumalize this entry please enter the information into Job $12.$

Cost Sheet$)$

Post the journal entries that you recorded on the "General Journal" tab to the $"$T$-$accounts $($General Ledgeri$)"$

tab and calculate the ending balance for each account. This is the company's first month o

Dec $17$: Advertising costs incurred but not paid for the month was $$1\mathrm{.}200.$

Dec $20$: Depreciation on equipment for the month of December was $$1,850($ $$1,450$ for equipment used in

the factory and $$400$ for equipment used in selling and administrative activitieal.

Dec $23$: Property insurance incurred but not paid $$1,550($$$1,100$ for the factory and $$450$ for selling and

administrathe officest.

Dec $26$: Job $\%1$ was completed and transferred to Finished Goods durine the month.

The completed table from lob $$1$ was sold on account to the cuatomer for $$24,000$ during the

Dec $28$: month. Hint. Make sure to account for the cost of the table that was sold using the cost from the

job cost sheet!

Dec $31$: By the end of the month, $30$ hours of direct labor were incurred at a rate of $$55$ per hour, totaling

$$1\mathrm{.}650$ to begin production on job $22.$ The employees will be paid neat month. $($After you joumallane

this entry please enter the information into Job $$2$ Cost Shicet

Manufacturing overhead cost was applied using the direct labor hours from lob ~~$2$ and the POHR

Dec $31$: calculated in Question $1.$ After you joumalize this entry please enter the information into Job $12.$

Cost Sheet$)$

Post the journal entries that you recorded on the "General Journal" tab to the $"$T$-$accounts $($General Ledgeri$)"$

tab and calculate the ending balance for each account. This is the company's first month of business, so$.$

Step $2$

there will not be any beginning balances.

Next, prepare the following journal entry.

Dec $31$: Record the entry in the general journal to close the Manufacturing Owerthead account and adjust for

overapplied$/$lunderapplied overhead.

Step $3$

"Schedule of COGM and COGS' tab for Job $11$ and Job $22$ that were worked on during the month by the

company. Make sure to follow the format noted in your book $($pg$.115$ and $117.($ Hint. This is the

company's first month of operations and therelore the beginning balances will be zero.$)$

Step $4$ Prepare an Income Slatement for the month wing the Tratifional Format on the "Income Slatement' tab.

Step $5$ Use the following check figures and make amy necessary corrections.

Check Fieure $1$: Cost of Goods Manufactured $$11,350$

Check Figure $2$: Net Operating Income $$7,775$

Step $6$ Answer the following additional questians. Be sure to write all numbers as positive and no answer should

be left blank.

$2-$ What is the ending balance for raw materials?

$4$

$3-$ What is the ending balance for work in process?

$4-$ What is the ending balance for finiched goods?

$4$

$5-$ What is the ending balance for accounts payable?

$6-$From the Schedule of Cost of Goods Manufactured, what are the raw materials used in production?