Dec 26: Job \#1 was completed and transferred to Finished Goods during the month. Dec 28: The completed table from Job \#1 was sold on account to the customer for $22,000 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.) By the end of the month, 30 hours of direct labor were incurred at a rate of $45 per hour, totaling Dec 31: $1,350 to begin production on job \#2. The employees will be paid next month. (After you journalize this entry please enter the information into Job $2 Cost Sheet) Manufacturing overhead cost was applied using the direct labor hours from Job \#2 and the POHR Dec 31: calculated in Question 1. (After you journalize this entry please enter the information into Job \#2 Cost Sheet) Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts (General Ledger)" tab and calculate the ending balance for each account. This is the company's first month of business, 5o p 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 Overhead account and adjust for overapplied/underapplied overhead. Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the 3 "Schedule of COGM and 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. 115 and 117). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.) Dec 26: Job \#1 was completed and transferred to Finished Goods during the month. Dec 28: The completed table from Job \#1 was sold on account to the customer for $22,000 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.) By the end of the month, 30 hours of direct labor were incurred at a rate of $45 per hour, totaling Dec 31: $1,350 to begin production on job \#2. The employees will be paid next month. (After you journalize this entry please enter the information into Job $2 Cost Sheet) Manufacturing overhead cost was applied using the direct labor hours from Job \#2 and the POHR Dec 31: calculated in Question 1. (After you journalize this entry please enter the information into Job \#2 Cost Sheet) Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts (General Ledger)" tab and calculate the ending balance for each account. This is the company's first month of business, 5o p 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 Overhead account and adjust for overapplied/underapplied overhead. Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the 3 "Schedule of COGM and 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. 115 and 117). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.)
