Question
I need help as I have almost completed the question. These are my Job cost sheets. These are my journal entries and my T-accounts I
I need help as I have almost completed the question.
These are my Job cost sheets.
These are my journal entries and my T-accounts
I need help with the questions below:
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. (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.) | ||||
| Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab. | |||
Answer the additional questions below | ||||
Check Figure: Cost of Goods Manufactured= $4,150 | ||||
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? | ||||
5.What is the total applied manufacturing overhead cost during December? | ||||
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 net operating income? | ||||
12.What is the total prime cost for Job#1? | ||||
13.What is the total conversion cost for job #1? | ||||
14.What is the total product cost for job#1? | ||||
15.What was the period cost incurred for the month of December? | ||||
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? |
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