job cost sheet 2

job cost sheet 1

PLEASE PLEASE PLEASE DO EVERYTHING THAT IS MENTIONED HERE. PLEASE FILL OUT THE RIGHT INFORMATION ON JOB SHEET 1 and 2.

ALSO PLEASE DO DO FILL OUT STEP 6 CORRECTLY

ALSO PLEASE SHOW THE LEDGER T ACCOUNTS WORKING AS WELL

THANK YOU

You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manulactures 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. The company does not have indirect materials. 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. Assume a $50 per hour wage rate to the assembly employees. The 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 120 direct labor hours worked during the month. 1 What is the predetermined overhead rate (POHR)? Bihin? The tirst order you received was to manufacture a table using a table top arnd four legs. This- Duis 3 The customer that has ordered Job H2. Wants a table that is the same as Job H1, but wam:. sic1 The following is a list of transactions that need to be recorded for the company for activity in the month of December. Rocord those in the "General Joumal" tab of the excel file using the proper fomat. Please use the following accounts 1.Dec Raw matorials purchasod on account. $18,000 5-Doc All Raw materiats reeded for Job \#1 were reguestod from the material storage for use during the month All matoriats are diroct (After you journalize this entry please onter the intormation into Job H1 Cost Sheet) 10-Dec The following emiployee costs were incurred but not pad during the month: Drect labor for Job H1, consisted of 60 hours at a rate of $50 per hour, totaling $3,000 (Atter you journalize this entry ploasie enter the information into Job 41 Cost Sheet) Salary for supervisor of the factory $2,500 Administrative Salary $1.700 12-Dec Manutacturing overhead cost was applied based on direct labor hours to Job H1 using the POHR calculated in Question 1 . (After you journalize this entry please enter the information into Job #1 Cost Sheet) 15-Dec All Raw materials needed for Job \#2 were requested from the material storage for use din. * - month. All materials are clirect. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 16-Dec Rent for the month of December for the factory buiding incurred but not paid $1.400. 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 equipment $1,550($1,200 for equipment used in the factory and $350 for equipment used in selling and administrative activities). 24-Dec Property insurance incurred but not paid $2,500($2,100 for the factory and $400 for selling and administrative 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 custorver for $23,000 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- Dec By the end of the month, 30 hours of direct labor were incurred at a rate of $50 per hour, totaling $1,500 to bergin production on iob H2. The employees will be paid next month. (After you journalize this entry please enter the information into Job Hz Cost Shest) 31-Dec Merufacturing ovemead cost was applied using the direct laboc hours from Job *2 and the POHR calculated in Question 1. Step 2 Post the joumal entries that you recorded on the "General Journar tab to the "T-accounts (General Ledger)" tab and calculate the balence for each account. This is the company's first month of business, so there wil not be any beginning belances 31-Dec Record the entry in the general joumal to close the Manufacturing overhead account and adjust for overeppliediunderapplied overhoad. Step 3 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold an the "Schedule of COGM and COGS" tab for Job \#1 and Job 42 that were worked on during the month by the compony Make sure to follow the format noted In your book (pg. 100). (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 tub Stsp 6 Uso the followng check figures and make any neces:ary cortoctions. 9 What is the unedjusted cast of goods sold? 10 Was the manufacturing overhead for month December overapplied/underapplied ? Enter either underapplied or overapplied 11 What is the dollar amount of overapplied/underapplied manufacturing overhead? 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 totai prime cost from the Job #1 Cost Sheet? 15 What is the total conversion cost from the Job #1 cost Sheet? 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 What is the contribution margin (in dollars) for Job \#1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed) 19 If jobl11 was for five tables instead of one, what would be the total amount of vanable cost recorded on Job H1's cost sheet?? If the factory has the capacty to produce five tables each month, what would be the total actual fixed manufacturing overhead cost (in dollars) incurred it five tables were produced instead of one? Account Recetwables \begin{tabular}{l|l|l|} 10 \\ 11 \\ 12 \\ 13 \\ 13 \\ 14 \\ 15 \\ i6 \\ in \\ 17 \end{tabular} Salaries and Wages Payable Work in Pracess Faished Goods Fob oost sheef Direct Materials