Hello i need help on accounting 2302 job order costing project i just started doing it and its a little confusing Step 1You work for Thunderduck Custom Tables Inc This is the first month of operations The company designs and manufactures specialty tables Each table is specially customized for the customer This month, you have been asked to develop and manufacture two new tables for customers You will design and build the tables This is a no nail, no screw, and no glue manufacturing ( no indirect materials used) You will be keeping track of the costs incurred to manufacture the tables using Job 1 Cost Sheet and Job 2 Cost Sheet The cost of the direct materials that can be used to manufacture the table are as follows These cost are on a per unit basis Table Top$1,600 00Table Leg$450 00Drawer$360 00The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours The company estimates that there will be 12 direct labor hours worked during the month The estimated manufacturing overhead cost for the month is a Factory supervisor salary per month$3,000 00b Rent for the factory per month$1,200 00c Depreciation of factory equipment per month$600 00Total Estimated manufacturing overhead$4,800 00What is the predetermined manufacturing overhead rate Step 2The first order you received was to manufacture a table using a table top and four legs This is your Job 1 Step 3The customer that has ordered Job 2, wants a table that is the same as Job 1, but wants to also add a drawer to the table Step4The following is a list of transactions that need to be recorded for the company for activity in the month of December Record those in the General Journal tab of the excel file using the proper format Please use the following accounts Accounts Receivables, Raw materials, Work in process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses, and Depreciation expense 1 DecRaw Materials purchased on account, $16,000 5 DecAll Raw Materials needed for Job 1 were requisitioned from the material storage for use during the month Assume all materials are direct (After you journalize this entry please enter the information into Job 1 Cost Sheet)10 DecThe following employee costs were incurred but not paid during the month There are three assembly employees that spend 2 hours each, $30 per hour to make the table for Job 1 (After you journalize this entry please enter the information into Job 1 Cost Sheet)Salary for supervisor of the factory $3,500 Administrative Salary $2,000 15 DecAll Raw Materials needed for Job 2 were requisitioned from the material storage for use during the month Assume all materials are direct (After you journalize this entry please enter the information into Job 2 Cost Sheet)16 DecRent for the month of December for the factory building incurred but not paid $1,200 17 DecAdvertising costs incurred but not paid for the month was $1,200 20 DecDepreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities) 22 DecManufacturing overhead cost was applied based on direct labor hours to Job 1 based on the POHR determined on the Job Cost Sheet (After you journalize this entry please enter the information into Job 1 Cost Sheet)26 DecJob 1 was completed and transferred to Finished Goods during the month 28 DecThe completed table from Job 1 was sold on account to the customer for $21,000 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 )31 DecDirect labor cost incurred but not paid for three employees to start manufacturing Job 2 The employees only worked one hour each, three hours total, $30 per hour during the month and they did not complete their work on the job (After you journalize this entry please enter the information into Job 2 Cost Sheet)31 DecManufacturing overhead cost was applied based on direct labor hours to Job 2 based on the POHR Only three direct labor hours were worked on Job 2 during the month (After you journalize this entry please enter the information into Job 2 Cost Sheet)31 DecAny underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold Step 5Post the journal entries that you recorded on the General Journal tab to the T accounts tab This is the company's first month of business, so there will not be any beginning balances Compute the balance for each T account after all of the entries have been posted Step 6Prepare 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 87) (Hint This is the company's first month of operations and therefore the beginning balances will be zero )Step 7Prepare an Income Statement for the month using the Traditional Format on the Income Statement tab Step 8Answer the additional questions belowCheck Figure Cost of Goods Manufactured $5,980, Net operating income $9,970

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Hello i need help on accounting 2302 job-order costing project. i just started doing it and its a little confusing Step 1You work for Thunderduck

Hello i need help on accounting 2302 job-order costing project. i just started doing it and its a little confusing

Step 1You work for Thunderduck Custom Tables Inc.This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers.You will design and build the tables. This is a no nail, no screw, and no glue manufacturing ( no indirect materials used). You will be keeping track of the costs incurred to manufacture the tables using Job #1 Cost Sheet and Job #2 Cost Sheet.The cost of the direct materials that can be used to manufacture the table are as follows. These cost are on a per unit basis.Table Top$1,600.00Table Leg$450.00Drawer$360.00The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours.The company estimates that there will be 12 direct labor hours worked during the month.The estimated manufacturing overhead cost for the month is:a.Factory supervisor salary per month$3,000.00b.Rent for the factory per month$1,200.00c.Depreciation of factory equipment per month$600.00Total Estimated manufacturing overhead$4,800.00What is the predetermined manufacturing overhead rate?Step 2The first order you received was to manufacture a table using a table top and four legs. This is your Job #1.Step 3The customer that has ordered Job #2, wants a table that is the same as Job #1, but wants to also add a drawer to the table.Step4The following is a list of transactions that need to be recorded for the company for activity in the month of December. Record those in the "General Journal" tab of the excel file using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses, and Depreciation expense.1-DecRaw Materials purchased on account, $16,000.5-DecAll Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #1 Cost Sheet)10-DecThe following employee costs were incurred but not paid during the month:There are three assembly employees that spend 2 hours each, $30 per hour to make the table for Job #1. (After you journalize this entry please enter the information into Job #1 Cost Sheet)Salary for supervisor of the factory $3,500.Administrative Salary $2,000.15-DecAll Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #2 Cost Sheet)16-DecRent for the month of December for the factory building incurred but not paid $1,200.17-DecAdvertising costs incurred but not paid for the month was $1,200.20-DecDepreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities).22-DecManufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet".(After you journalize this entry please enter the information into Job #1 Cost Sheet)26-DecJob #1 was completed and transferred to Finished Goods during the month.28-DecThe completed table from Job #1 was sold on account to the customer for $21,000 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.)31-DecDirect labor cost incurred but not paid for three employees to start manufacturing Job #2.The employees only worked one hour each, three hours total, $30 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet)31-DecManufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR.Only three direct labor hours were worked on Job #2 during the month. (After you journalize this entry please enter the information into Job #2 Cost Sheet)31-DecAny underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold.Step 5Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab.This is the company's first month of business, so there will not be any beginning balances. Compute the balance for each T-account after all of the entries have been posted.Step 6Prepare 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. 87). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.)Step 7Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab.Step 8Answer the additional questions belowCheck Figure: Cost of Goods Manufactured= $5,980, Net operating income=$9,970