Number 10 please.

MANUFACTURING PROCESS INFORMATION surfboard tables and then sell the surfboard tables to merchandising companies. The manufacturing process starts with Stevie Small, the CEO of Stevie's Surfboard Tables, Inc. has begun a small manufacturing process that will manufacturer the cutting, sanding and glassing of the foam. Once the foam is inspected and approved then the four legs are attached. The legs will be attached as the final step in the process. Once the surfboard tables are completed, they are then transferred to finished goods. This is a process cost system and the company elects to use the FIFO method of accounting for product costs. Direct material-foam is added 100% at the beginning of the process. Direct material-legs are added 100% as the last step in the manufacturing process. At the beginning of the accounting period, Stevie estimates that production will be 3,500 surfboard tables during the year. Estimated factory overhead is $155,400. This information is to be used to calculate the pre-determined overhead rate for the manufacturing overhead. Estimated and actual direct labor costs totaled $135,100. Actual factory overhead costs totaled $135,000. The following information is available concerning direct materials. Direct Materials-Foam Beginning inventory 0 - 8 inch thick 7 ft. foam boards Purchase of foam 3,500 - 8 inch thick 7 ft. foams boards @ $113.00 a board The company starts 3336 foam boards Each surfboard contains 1 - 8" thick, 7 ft long piece of foam board Direct Material-Legs Beginning inventory O legs Purchase of legs 14,000 legs @ $50.00 per leg Used 11,600 legs this period. The Work-in-process account has the following information: Ending work in process inventory is 100% complete as to foam Ending work in process is 0% complete as to legs Ending work in process is 25% complete as to conversion costs The Finished Goods account has the following Information: Che finished goods inventory at January 1, 2020 had a balance of O foam surfboards at a cost of $0 and on December 31, 020 had an ending balance of 250 surfboard tables. he selling price of the surfboard table is $900.00. Selling and Administrative Costs totaled $200,000; tax ate is 30%. g) Net Income 10. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Prepare Journal entries for the accounting period. Use the account numbers in the chart of accounts, below, instead of the accounts names when writing the journal entries. 10000 11000 12000 12100 15000 15050 16000 20000 40000 50000 Chart of Accounts Cash Accounts Receivable DM Foam DM Legs Work-In-Process WIP Factory Overhead Finished Goods FG Wages Payable Sales COGS a. C. In the first journal entry record the purchase of the foam and the legs using cash. b. Record the materials transferred to WIP. Again, use one journal entry to record the transfer of the foam and the legs. Record the direct labor into WIP using wages payable. d. Record the applied FOH. Record the actual FOH using cash. Record the over or under applied FOH. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry showing the sale first and inventory second. e. f. 8 MANUFACTURING PROCESS INFORMATION surfboard tables and then sell the surfboard tables to merchandising companies. The manufacturing process starts with Stevie Small, the CEO of Stevie's Surfboard Tables, Inc. has begun a small manufacturing process that will manufacturer the cutting, sanding and glassing of the foam. Once the foam is inspected and approved then the four legs are attached. The legs will be attached as the final step in the process. Once the surfboard tables are completed, they are then transferred to finished goods. This is a process cost system and the company elects to use the FIFO method of accounting for product costs. Direct material-foam is added 100% at the beginning of the process. Direct material-legs are added 100% as the last step in the manufacturing process. At the beginning of the accounting period, Stevie estimates that production will be 3,500 surfboard tables during the year. Estimated factory overhead is $155,400. This information is to be used to calculate the pre-determined overhead rate for the manufacturing overhead. Estimated and actual direct labor costs totaled $135,100. Actual factory overhead costs totaled $135,000. The following information is available concerning direct materials. Direct Materials-Foam Beginning inventory 0 - 8 inch thick 7 ft. foam boards Purchase of foam 3,500 - 8 inch thick 7 ft. foams boards @ $113.00 a board The company starts 3336 foam boards Each surfboard contains 1 - 8" thick, 7 ft long piece of foam board Direct Material-Legs Beginning inventory O legs Purchase of legs 14,000 legs @ $50.00 per leg Used 11,600 legs this period. The Work-in-process account has the following information: Ending work in process inventory is 100% complete as to foam Ending work in process is 0% complete as to legs Ending work in process is 25% complete as to conversion costs The Finished Goods account has the following Information: Che finished goods inventory at January 1, 2020 had a balance of O foam surfboards at a cost of $0 and on December 31, 020 had an ending balance of 250 surfboard tables. he selling price of the surfboard table is $900.00. Selling and Administrative Costs totaled $200,000; tax ate is 30%. g) Net Income 10. Prepare the necessary Journal Entries related to the manufacturing cycle for this accounting period. Prepare Journal entries for the accounting period. Use the account numbers in the chart of accounts, below, instead of the accounts names when writing the journal entries. 10000 11000 12000 12100 15000 15050 16000 20000 40000 50000 Chart of Accounts Cash Accounts Receivable DM Foam DM Legs Work-In-Process WIP Factory Overhead Finished Goods FG Wages Payable Sales COGS a. C. In the first journal entry record the purchase of the foam and the legs using cash. b. Record the materials transferred to WIP. Again, use one journal entry to record the transfer of the foam and the legs. Record the direct labor into WIP using wages payable. d. Record the applied FOH. Record the actual FOH using cash. Record the over or under applied FOH. Record the sale of the goods on account along with the cost of the inventory that was sold. Combine both into one journal entry showing the sale first and inventory second. e. f. 8