(Parts 3 and 4) I need help, please!

PART 3: Business Transactions (Chapter 4) - 25 Points Jamie spent the month of December talking to various suppliers in order to determine her cost structure. She has presented cost data information in Table 1. TABLE 1: COST INFORMATION Item and Ingredients Cost Standard per Cake Conventional oven $6,000 (depreciated over n/a 5 years on a SL basis, no salvage value) Refrigerator $0 (provided by landlord) Baking pans, licenses $0 (paid for by dad) n/a Baking flour $24 per 8 pounds bag 1 pound Eggs $2 per dozen 4 eggs Sugar $15 per 25 pounds bag 1 pound Baking soda S6 per 14 pounds box Butter $6.50 per 4 pounds 1 pound Raisins $8 per 2 pounds % pound Others (currants, diced ( $30 for all 4 boxes per date, nutmeg, molasses) month Cash Register $12 per month (rental for 2 years Rum (alcohol) 512 per bottle 4 qtr of bottle Utilities (includes gas, $50 per month electric, and water) , Mobile phone (business) $50 per month Salary - Jamie $500 per month Salary - nieces $8 per hour 1 person 1.5 hours per cake Salary - aunt $100 per month Accountant $100 per month Estimated MOH $4.00 per cake Page 6 J&J Bakery, Inc. Project - Part 1 J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per cake, Jamie purchased the oven using the start-up capital and paid all salaries. Her nieces worked 300 hours in total for the month. January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&J Bakery Inc. January transactions using T-accounts (round all calculations to 2 decimal places). All other costs such as utilities must be accounted for in the T-accounts - presume such transactions where applicable, are paid in cash. PART 4: Reporting (Chapter 4) - 15 Points Since Jamie was not paying much attention to the discussion on journal entries in her one accounting class, she does not understand the T-accounts that you provided. However, she heard through her accountant that there is a manufacturing report that would provide her with the same information as the T-accounts and is more user- friendly. She believes that the report is called the Statement of Cost of Goods Manufactured Required: Prepare the Statement of Cost of Goods Manufactured for January. Also, prepare an Income Statement for the month of January (Check out page 142 in your textbook for help!) PART 3: Business Transactions (Chapter 4) - 25 Points Jamie spent the month of December talking to various suppliers in order to determine her cost structure. She has presented cost data information in Table 1. TABLE 1: COST INFORMATION Item and Ingredients Cost Standard per Cake Conventional oven $6,000 (depreciated over n/a 5 years on a SL basis, no salvage value) Refrigerator $0 (provided by landlord) Baking pans, licenses $0 (paid for by dad) n/a Baking flour $24 per 8 pounds bag 1 pound Eggs $2 per dozen 4 eggs Sugar $15 per 25 pounds bag 1 pound Baking soda S6 per 14 pounds box Butter $6.50 per 4 pounds 1 pound Raisins $8 per 2 pounds % pound Others (currants, diced ( $30 for all 4 boxes per date, nutmeg, molasses) month Cash Register $12 per month (rental for 2 years Rum (alcohol) 512 per bottle 4 qtr of bottle Utilities (includes gas, $50 per month electric, and water) , Mobile phone (business) $50 per month Salary - Jamie $500 per month Salary - nieces $8 per hour 1 person 1.5 hours per cake Salary - aunt $100 per month Accountant $100 per month Estimated MOH $4.00 per cake Page 6 J&J Bakery, Inc. Project - Part 1 J&J Bakery Inc. opened for business on January 1, 2015 as planned. During the month of January, the business purchased and used 200 pounds of flour, 200 pounds of sugar, 67 dozen eggs, 20 baking soda boxes, 200 pounds of butter, 100 pounds of raisins, 50 bottles of rum, and the other ingredients (one box of each for a total of four) all from one supplier on account Manufacturing overhead is applied during production of the cakes at a rate of $4.00 per cake, Jamie purchased the oven using the start-up capital and paid all salaries. Her nieces worked 300 hours in total for the month. January was a very good month for the bakery since it baked 200 cakes and sold all for cash. The average selling price was $50 per cake. All manufacturing overhead is closed out at month end by making the appropriate journal entry to the Cost of Goods Sold Account. The supplier was paid at month end. Required: Document J&J Bakery Inc. January transactions using T-accounts (round all calculations to 2 decimal places). All other costs such as utilities must be accounted for in the T-accounts - presume such transactions where applicable, are paid in cash. PART 4: Reporting (Chapter 4) - 15 Points Since Jamie was not paying much attention to the discussion on journal entries in her one accounting class, she does not understand the T-accounts that you provided. However, she heard through her accountant that there is a manufacturing report that would provide her with the same information as the T-accounts and is more user- friendly. She believes that the report is called the Statement of Cost of Goods Manufactured Required: Prepare the Statement of Cost of Goods Manufactured for January. Also, prepare an Income Statement for the month of January (Check out page 142 in your textbook for help!)