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* Question Completion Status: QUESTION 1 200 points Save Answer You 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 Step 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 $2,900.00 Table Leg $1,100.00 Drawer $490.00 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 12 direct labor hours worked during the month The estimated manufacturing overhead cost for the month is: a. Factory supervisor salary per month $4,500.00 b. Rent for the factory per month $1,500.00 C. Depreciation of factory equipment per month $600.00 Total Estimated manufacturing overhead $6,600.00 What is the predetermined manufacturing overhead rate? Step 2 The first order you received was to manufacture a table using a table top and four legs. This is your Job #1. Step 3 The 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. The 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 Step 4 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-Dec Raw Materials purchased on account, $29,000. 5-Dec All 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-Dec The following employee costs were incurred but not paid during the month: There are three assembly employees that spend 2 hours each, $35 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 $5,000. Administrative Salary $2,000. 15-Dec All 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-Dec Rent for the month of December for the factory building incurred but not paid $1,500. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and SubmitQuestion Completion Status: 17-Dec Advertising costs incurred but not paid for the month was $1,400. 20-Dec Depreciation 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-Dec Manufacturing 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-Dec Job #1 was completed and transferred to Finished Goods during the month. 28-Dec The completed table from Job #1 was sold on account to the customer for $34,000 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.) Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one 31-Dec hour each, three hours total, $35 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) Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor 31-Dec hours were worked on Job #2 during the month. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold. Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first Step 5 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. Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the "Schedule of COGM and COGS" Step 6 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 7 Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab. Step 8 Answer the additional questions below Check Figure: Cost of Goods Manufactured= $10,810, Net operating income=$17,490 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 actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/underapplied? Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and SubmitQuestion Completion Status: Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first Step 5 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. Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the "Schedule of COGM and COGS" Step 6 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 7 Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab. Step 8 Answer the additional questions below Check Figure: Cost of Goods Manufactured= $10,810, Net operating income=$17,490 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 actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/underapplied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Job#1? What is the total conversion cost for job #1? What is the total product cost for job#1? What was the period cost incurred for the month of December? What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? 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? Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit3ACCT 2302 Job Order Costing Project Q Search Sheet "+ Share ~ Home Insert Page Layout Formulas Data Review View AutoSum . 86 Cut Calibri ( Body ) * 11 . A - A Wrap Text Custom 60% - Accent3 60% - Accent4 60% - Accents Accents Accent6 Copy Fill Paste B IU. . . A. Merge & Center $ ~ % 2 08 28 Conditional Format Accent2 Accent3 Accent4 Currency [0] Percent Insert Delete Format Clear Sort & Format Formatting as Table Filter Check for Updates * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. C4 fx AA AB AC AD AE AF AG AH Al A AL AM AN AO AQ General Journal Date Description Debit Credit General Journal T-accounts (General Ledger) Job #1 Cost Sheet Job #2 Cost Sheet Schedule of COGM, COGS & Income + Read3ACCT 2302 Job Order Costing Project Q Search Sheet Home Insert Page Layout Formulas Data Review View "+ Share ~ . 36 Cut Calibri ( Body ) * 11 . A - A Wrap Text Date 60% - Accent3 60% - Accent4 60% - Accents Accents Accent6 AutoSum A. Copy Fill Paste Format B IU. . . A. Merge & Center Conditional Format Accent2 Accent3 Accent4 Currency [0] Percent Insert Delete Format Sort & Formatting as Table Clear Filter x Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates K3 fx M N AA AB AC AD AE AF AG AH AL AM AN AO AQ AR AS AT AU AV AW Account Receivables Accounts Payable Sales Revenue Raw Materials Salaries and Wages Payable Work In Process HH Finished Goods General Journal T-accounts (General Ledger) Job #1 Cost Sheet Job #2 Cost Sheet Schedule of COGM, COGS & Income +ACCT 2302 Job Order Costing Project Q Search Sheet Home Insert Page Layout Formulas Data Review View "+ Share ~ . 36 Cut Calibri ( Body ) * 11 . A - A Wrap Text General Normal Bad Good Neutral Calculation X . AutoSum . A Copy Fill Paste Format BI U. . . A. Merge & Center $ ~ % 2 08 0 Conditional Format Check Cell Explanatory T... Input Linked Cell Note Insert Delete Format Sort & Formatting as Table Clear Filter * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates N28 G H M o Q R T U v w 2 AA AB AC AD AE AF AG AH AI AN AK AL AM AO AP AQ ob Cost Sheet Direct Materials: Job Number Date Initiated Item Date completed Direct Matarials Direct Labor Manufacturing Overhead Amount Hours Rate Amount Hours Rate Amount Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Unit Product Cost 25 General Journal T-accounts (General Ledger) Job #1 Cost Sheet Job #2 Cost Sheet Schedule of COGM, COGS & Income 1+ Ready3ACCT 2302 Job Order Costing Project Q Search Sheet Home Insert Page Layout Formulas Data Review View "+ Share ~ . 36 Cut Calibri ( Body ) * 11 . A - A Wrap Text Accounting 60% - Accent3 60% - Accent4 60% - Accents Accents Accent6 _ AutoSum . A Fill Paste Copy Format BI U. . . A. Merge & Center $ % 2 08 0 Conditional Format Accent2 Accent3 Accent4 Currency [0] Percent Insert Delete Format Sort & Formatting as Table Clear Filter x Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates G13 fx D E H N o Q w Y 2 AA AC AD AE AF AG AH AI AI AK AL AM AN AO AP AQ lob Cost Sheet Direct Materials: Job Number Date Initiated Date completed Direct Matarials Direct Labor Manufacturing Overhead Amount Rate Amount Hours Rate Amount Cost Summary Direct Material Direct Labor Manufacturing Overhead Total Product Cost Unit Product Cost General Journal T-accounts (General Ledger) Job #1 Cost Sheet Job #2 Cost Sheet Schedule of COGM, COGS & Income + ReadyACCT 2302 Job Order Costing Project Q Search Sheet Home Insert Page Layout Formulas Data Review View "+ Share ~ . 36 Cut Calibri ( Body ) * 11 . A- A Wrap Text General Calculation AutoSum Normal Bad Good Neutral X . Copy Fill Paste BIU. . . A. E Merge & Center $ % 2 08 0 Conditional Format Check Cell Explanatory T.. Input Linked Cell Note Insert Delete Format Sort & Format Formatting as Table Clear Filter x Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates Check for Updates A6 XV G AA AB AC AD AE AF AG AH Al AK AL AM AN AO Thunderduck Custom Tables, Inc. Thunderduck Custom Tables, Inc. Thunderduck Custom Tables, Inc. Schedule of cost of goods manufactured Cost of goods sold Income Statement For the month Ended December 31, 20XX For the month Ended December 31, 20XX For the month Ended December 31, 20XX General Journal T-accounts (General Ledger) Job #1 Cost Sheet Job #2 Cost Sheet Schedule of COGM, COGS & Income + Ready
