Please help with General Jorunal and the questions starting from "what is the ending balance of raw materials etc.

Step 1 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 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. Drawer 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 $2,400.00 Table Leg $850,00 $440.00 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 $900.00 c Depreciation of factory equipment per month $600.00 Total Estimated manufacturing overhead $6,000.00 What is the predetermined manufacturing overhead rate? 500 Step 2 Step 3 The first order you received 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 #1, but wants to also add a drawer to the table. Step 4 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 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, $24,000 1-Dec 5-Dec 10-Dec 15-Dec Raw Materials purchased on account $24,000. 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) The following employee costs were incurred but not paid during the month There are three assembly employees that spend 2 hours each, $30 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. 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 $900. 17-Dec Advertising costs incurred but not paid for the month was 51,600. Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and 20-Dec the remainder for equipment used in selling and administrative activities). 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) Job #1 was completed and transferred to Finished Goods during the month. The completed table from Job #1 was sold on account to the customer for $29,000 during the month. (Hint: Make sure to 28-Dec account for the cost of the table that was sold using the cost from the job cost sheet.) 22-Dec 26-Dec 31-Dec Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $30 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) 31-Dec Manufacturing overhead cost was applied based on direct labor hours to job #2 based on the POHR. Only three direct labor 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 overapolied overhead for the month was closed out to Cost of Goods Sold 31-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor 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 Step 6 Prepare a Schedule of Cost of Goods Manufactured 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. 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. Answer the additional questions below Step 8 Check Figure: Cost of Goods Manufactured=$8,980, Net operating income-$14.270 What is the ending balance for raw materials? 11960 What is the ending balance for work in process? 7830 What is the ending balance for finished goods? 0 What is the actual manufacturing overhead cost incurred during December before adjustment? 6050 What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? 8980 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? 4500 10530 What is gross maroin? 19470 11960 0 What is the ending balance for raw materials? What is the ending balance for work in process? 7830 What is the ending balance for finished goods? What is the actual manufacturing overhead cost incurred during December before adjustment? 6050 What is the total applied manufacturing overhead cost during December before adjustment? 4500 What is the unadjusted cost of goods sold? 8980 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? 10530 What is gross margin? 18470 What is the total prime cost for job#12 5980 What is the total conversion cost for job #1? 3180 What is the total product cost for job#1? 8980 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 5980 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.)? 23020 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 6050 this cost is with in the relevant range? Date DEC.1 General Journal Description Raw materials Accounts payable Credit Debit 2,400 $ $ 2,400 DEC.S Work in process inventory Raw materials inventory DEC10. Work in process inventory Manufacturing overhead Salaries Administrative Salaries and wages payable DEC15 Work in process inventory Raw materials inventory DEC16. Manufacturing overhead (rent) Accounts payable DEC17 Advertising expense Accounts payable DEC20 Manufacturing overhead rent Depreciation selling and administrative Accumulated depreciation Work in process inventory Manufacturing overhead DEC22 DEC26. Finished goods Work in process inventory DEC28 Accounts reciveable Sale DEC31 Work in process inventory Salaries and wages payable Work in process inventory salaries and wages payable DEC31 DEC31. Work in process inventory Manufacturing overhead General Journal T-accounts (General Ledger) Job #1 Cost Sheet Job #2 Cost Sheet