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You work for Thunderduck Custom Tables inc. This is the first month of operations. The compary designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to devolop and manufacture two new tables for customers. You will design and buld the tables. The company does not have indirect materials You will be keeping track of the costs incurred to manufacture the tables using Job 111 Cost Sheet and Job il 2 Cost Sheet. The cost of the direct materials that can be used to manufacture the toble are as follows. Assume a $60 per hour wage rate to the assembly employees. The company uses a job order costing system and applies manufacturing overtead to jobs based on direct labor hours. The company estimates that there wal be 120 direct labor hours worked during the month. The fixed estimated manulacturing overhead costs per month are: Total Estimated manufacturing overhead $8,400 1 What is the predetermined overhead rate (POHR)? The first order you recelved was to manufacture a table using a table top and four legs. This is your Job \#1. The customer that has ordered Job $2, wants a table that is the same as Job 11 , but wants to alse add a drawer to the table The folowing 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 acoounts: 1.Dec Raw materiats purchased on account, $27,000. 5-Dec All Raw materia's needed for Job ilt were requested from the material storage for use during the month. All materlals are ditect. (Afinr you joumalize this entry please enter the information into Job 11 Cost sheet) 10-Dec The following employee costs were incumed but not paid during the monthr Direct labor for Job $1, consisted of 60 hours at a rate of $60 per hour, totaling $3,600. (After you joumalce this enlry please enter the information into Job if 1 Cost Sheet) Salary for supervisor of the factory $3.200. Administrative Salary $2,000 12-Dec Manulacturing overhead cost was applied based on direct labor hours to Job \#1 using the POHR calculated in Question 1 . (AAter you joumalize this entry please enter the information into Job \#1 Cost Sheet) 15-Dec Al Raw materials needed for Job a2 were requested from the material sforage for use during the month. All materiais are direct. (Alier you journalze this entry please enter the information into Job in2 Cost Sheet) 16-Dec Rent for the month of December for the factory bulding incurred but not paid 51,300 . 17-Dec Advertising costs incurred but not paid for the month was $1,600. 20-Dec Depreciation for the month of December was recorded on equpment $1,250 (5950 for ccuigment used in the factory and $300 for. equprent used in seling and administratve activibes). 24-Dec Property insurance incurred but not paid $2,650 ( $2,100 for the factory and $550 for selling and adrrinistrative offices) 26-Dec Job H1 was completed and transferred to Finished Goods during the month 28.Dec The completed table was sold on account to the customer for $32,000 during the month. (Hint Make sure to account for the cost of the table that wis sold using the cost from the job cost sheet) 31-Doc. By the end of the month, 30 hours of direct labor were incurred at a rate of $60 per hour, totaling $1,800 to begin production on job \#2. The employees will be paid next month. (After you journalize this entry please enter the information into Job H2 Cost Sheet) 31-Deo Manulacturing overhead cost was applied using the direct labor hours from Job 12 and the POHR calculated in Question 1. (Atter you joumalae this entry please enter the information into Job #2 Cost Sheet) Step 2 Post the joumal entries that you recorded on the "General Journal' tab to the "T-accounts (General Ledger)" tab and calculate the balance for each account. This is the company's first month of business, so there will not be any beginning balances. 31-Dec Record the entry in the general journal to close the Manufacturing Overhead account and adjust for overapplied/underapplied overhond. step3 Prepare a Schedule of Cost of Goods Manulactured 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. 109). (Hint: This is the company's first month of operations and therefore the beginning balances wil be zero.) step4 Prepare an income Statement for the month using the Traditional Format on the "Income Statement" tab. Step5 Use the following check figures and make any necessary corrections. Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating Income $14,500 $11,800 step6 Answer the following additonal questions. Be sure to white all numbers as positive and no answer should be ieft blank. 2. What is the ending balance for raw materials? uestion Completion Status: Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating Income $14,500 $11,800 Step6 2 3 4 5 6 7 8 9 10 11 12 What is the adjusted cost of goods sold? 13.What is the gross margin (in dollars) from the income statement? 14 What is the total prime cost from the Job #1 Cost Sheet? 15. What is the total conversion cost from the Job \#1 Cost Sheot? 16 What is the total product cost from the Job \#1 Cost Sheet? 17 What was the period cost incurred for the month of December? 18 19 20 Answer the following additonal questions. Be sure to write all numbers as positive and no answer should be left blank. What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the ending balance for accounts payable? From the Schedule of Cost of Goods Manufactured, what are the raw materials used in production? What is the actual manufacturing overhead cost incurred during December? What is the total applied manufacturing overhead cost during December? What is the unadjusted cost of goods sold? Was the manufacturing overhead for month December overapplied/underapplied ? Enter either underapplied or overapplied. What is the dollar amount of overapplied/underapplied manufacturing overhead? What is the contribution margin (in dollars) for Job \#1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.) If jobH1 was for five tables instead of one, what would be the total amount of variable cost recorded on Job \#1's cost sheet?? If the tactory 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? You work for Thunderduck Custom Tables inc. This is the first month of operations. The compary designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to devolop and manufacture two new tables for customers. You will design and buld the tables. The company does not have indirect materials You will be keeping track of the costs incurred to manufacture the tables using Job 111 Cost Sheet and Job il 2 Cost Sheet. The cost of the direct materials that can be used to manufacture the toble are as follows. Assume a $60 per hour wage rate to the assembly employees. The company uses a job order costing system and applies manufacturing overtead to jobs based on direct labor hours. The company estimates that there wal be 120 direct labor hours worked during the month. The fixed estimated manulacturing overhead costs per month are: Total Estimated manufacturing overhead $8,400 1 What is the predetermined overhead rate (POHR)? The first order you recelved was to manufacture a table using a table top and four legs. This is your Job \#1. The customer that has ordered Job $2, wants a table that is the same as Job 11 , but wants to alse add a drawer to the table The folowing 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 acoounts: 1.Dec Raw materiats purchased on account, $27,000. 5-Dec All Raw materia's needed for Job ilt were requested from the material storage for use during the month. All materlals are ditect. (Afinr you joumalize this entry please enter the information into Job 11 Cost sheet) 10-Dec The following employee costs were incumed but not paid during the monthr Direct labor for Job $1, consisted of 60 hours at a rate of $60 per hour, totaling $3,600. (After you joumalce this enlry please enter the information into Job if 1 Cost Sheet) Salary for supervisor of the factory $3.200. Administrative Salary $2,000 12-Dec Manulacturing overhead cost was applied based on direct labor hours to Job \#1 using the POHR calculated in Question 1 . (AAter you joumalize this entry please enter the information into Job \#1 Cost Sheet) 15-Dec Al Raw materials needed for Job a2 were requested from the material sforage for use during the month. All materiais are direct. (Alier you journalze this entry please enter the information into Job in2 Cost Sheet) 16-Dec Rent for the month of December for the factory bulding incurred but not paid 51,300 . 17-Dec Advertising costs incurred but not paid for the month was $1,600. 20-Dec Depreciation for the month of December was recorded on equpment $1,250 (5950 for ccuigment used in the factory and $300 for. equprent used in seling and administratve activibes). 24-Dec Property insurance incurred but not paid $2,650 ( $2,100 for the factory and $550 for selling and adrrinistrative offices) 26-Dec Job H1 was completed and transferred to Finished Goods during the month 28.Dec The completed table was sold on account to the customer for $32,000 during the month. (Hint Make sure to account for the cost of the table that wis sold using the cost from the job cost sheet) 31-Doc. By the end of the month, 30 hours of direct labor were incurred at a rate of $60 per hour, totaling $1,800 to begin production on job \#2. The employees will be paid next month. (After you journalize this entry please enter the information into Job H2 Cost Sheet) 31-Deo Manulacturing overhead cost was applied using the direct labor hours from Job 12 and the POHR calculated in Question 1. (Atter you joumalae this entry please enter the information into Job #2 Cost Sheet) Step 2 Post the joumal entries that you recorded on the "General Journal' tab to the "T-accounts (General Ledger)" tab and calculate the balance for each account. This is the company's first month of business, so there will not be any beginning balances. 31-Dec Record the entry in the general journal to close the Manufacturing Overhead account and adjust for overapplied/underapplied overhond. step3 Prepare a Schedule of Cost of Goods Manulactured 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. 109). (Hint: This is the company's first month of operations and therefore the beginning balances wil be zero.) step4 Prepare an income Statement for the month using the Traditional Format on the "Income Statement" tab. Step5 Use the following check figures and make any necessary corrections. Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating Income $14,500 $11,800 step6 Answer the following additonal questions. Be sure to white all numbers as positive and no answer should be ieft blank. 2. What is the ending balance for raw materials? uestion Completion Status: Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating Income $14,500 $11,800 Step6 2 3 4 5 6 7 8 9 10 11 12 What is the adjusted cost of goods sold? 13.What is the gross margin (in dollars) from the income statement? 14 What is the total prime cost from the Job #1 Cost Sheet? 15. What is the total conversion cost from the Job \#1 Cost Sheot? 16 What is the total product cost from the Job \#1 Cost Sheet? 17 What was the period cost incurred for the month of December? 18 19 20 Answer the following additonal questions. Be sure to write all numbers as positive and no answer should be left blank. What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the ending balance for accounts payable? From the Schedule of Cost of Goods Manufactured, what are the raw materials used in production? What is the actual manufacturing overhead cost incurred during December? What is the total applied manufacturing overhead cost during December? What is the unadjusted cost of goods sold? Was the manufacturing overhead for month December overapplied/underapplied ? Enter either underapplied or overapplied. What is the dollar amount of overapplied/underapplied manufacturing overhead? What is the contribution margin (in dollars) for Job \#1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.) If jobH1 was for five tables instead of one, what would be the total amount of variable cost recorded on Job \#1's cost sheet?? If the tactory 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