General Journal

questions 2-20

STEP 2: 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, so 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 adjus for overapplied/underapplied overhead. Step 3, Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the "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.) Step 4, Prepare an Income Statement for the month using the Traditional format on the "Income Statement" tab. Step 5 , Use the following check figures and make any necessary corrections. Check Figure 1: Cost of Goods Manufactured $6,700 Check Figure 2: Net Operating Income $4,150 Step 6, Answer the following additional questions. Be sure to write all numbers as positive and no answer should be left blank. 2 through 20 Q2 - What is the ending balance for raw materials? Q3 - What is the ending balance for work in process? Q4. What is the ending balance for finished goods? Q5. What is the ending balance for accounts payable? Q6-From the Schedule of Cost of Goods Manufactured, what are the direct materials used in production? Q7 - What is the total actual manufacturing overhead cost incurred during December? Q8 - What is the total applied manufacturing overhead cost during December? Q9 - What is the unadjusted cost of goods sold? 210 - Was the manufacturing overhead for month December overapplied/underapplied? Enter either inderapplied or overapplied. Q11 - What is the dollar amount of overapplied/underapplied manufacturing overhead? Q12 - What is the adjusted cost of goods sold? Q13 - What is the gross margin (in dollars) from the income statement? Q14 - What is the total prime cost from the Job \#1 Cost Sheet? Q15 - What is the total conversion cost from the Job \#1 cost Sheet? Q16 - What is the total product cost from the Job \#1 Cost Sheet? Q17 - What was the period cost incurred for the month of December? Q18 - What is the contribution margin (in dollars) for Job \#1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.) Q19 - If Job\#1 was for five tables instead of one, what would be the total amount of variable cost recorded on Job \#1's cost sheet? Q20 - If the factory has the capacity to produce five tables each month, what would be the total actual fixed manufacturing overhead cost (in dollars) incurred if five tables were produced instead of one