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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 lables. 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 $60 per hour wage rate to the assembly employees. The company uses a job order costing system and applies manulacturing 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)? Data 2 The first order you received was to manufacture a table using a table top and four legs. This is your Job \#1. Data 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, Step 1 The folowing 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 Journar tab of the excel fife using the proper format. Please use the following accounts: 1.Dec Raw materals purchased on account, $20,000 5-Dec As Raw materials needed for Job \#1 were tequested from the material storage for use during the month All materials are direct. (After you journalize this entry please enter the information into Job tt1 Cost Sheet) 10-Dec The folowing employee costs were incurred but not paid during the month : Direct labor for Job at, consisted of 60 hours it a tate of $60 per hour, totaling $3.600. (Affer you yournalce the entry please enter the intormation into Job $1 Cost Sheot) Solary for supervisor of the factory $2,700 Administrative Solary \$1,900 10-Dec The folowing employee costs were incurred but not paid during the month: Direct labor for Job \#1, consisted of 60 hours at a rate of $60 per hour, totaling $3,600. (Atter you journalze this entry please enter the information into Job #1 cost Sheef) Salary for supervisor of the factory $2,700. Administrative Salary $1,900 12.Dec Manufacturing overtiead cost was applied based on drect habor hours to Job \#1 using the POHR calculated in Question 1. (Afier you journalize this entry please enter the intormation into Job \#t Cost Sheel) 15-Dec Al Raw materiats needed for Job $2 were requested from the material storage for use during the month 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 $500. 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 s650 (s450 for equatinent used in the factory and s200 for bequement used in selling and adminittative octivites) 24-Dec Property insurance incurred but not paid $5,700 (s 5.200 for the tactory and $500 for selling and administrative offices). 26-Dec Job 81 was completed and transferred to Finished Goods duing the month 28-Dec The completed table was sold on account to the customer for $25,000 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 rale of $60 per hour, totaling $1,800 to begin production on job H2. The employees will be paid next month. (Afler you journalize this entry please enter the information into Job \#2 Cost Sheet) 31-Dec Manufacturing overhnad cost was applied using the direct labor hours from Job \#2 and the POHR calculated in Question 1 . (After you joumalize this entry please enter the intormation into Job $2 Cost Sheel) Step 2 Post the joumal entries that you recorded on the "General Journar" tab to the "T-accounts (General Ledger)" tab and calculate the balance for each account. This is the compary's first month of business, so there will not be any beginning balances. 31-Dec Record the entry in the general journal to close the Manufacturing Ovemead account and adjust for overappled/underapplied overhead Step 3 Prepare a Schedule of Cost or Goods Manufactured and a Schedule of Cost of Goods Sold on the "Schedule of COGM and COGS tab for Job Ht and Job #2 that were worked on during the month by the company Make sure to follow the format noted in your book (pg 109) (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 Tincome Statement tab. Step 5 Use the following check figures and make any necessary corrections. Step 6 Answer the following additonal questons. Be sure to write all numbers as positive and no answer should be left blank. 2 What is the ending balance for raw materials? 3 What is the ending balance for work in process? 4 What is the ending balance for finished goods? 5 What is the ending balance for accounts payable? $10,400 6 From the Schedule of Cost of Goods Manufactured, what are the raw materials used in production? 71. What is the actual manufacturing overhead cost incurred during December? 8 What is the total applied manufacturing overhead cost during December? 9 What is the unadjustad cost of goods sold? $13,100 10 Was the manulacturing overhead for month December overappliedrunderapplied? Enter either underapplied or overappled. 11 What is the dollar amount of overapplied/underapplied manufacturing overhead? 12. What is the adjusted cost of goods sold? $13,750 13 What is the gross margin (in dollars) from the income statement? 14. What is the totai prime cost from the dob cost Sheet? 15 What is the totai conversion cost from the Job 11 Cost Sheet? 16 What is the total product cost from the Job \#1 Cost Sheet? $10.900 17 What was the period cost incurred for the month of December? 18 What is the contribution margin (in dollars) for Job 41 (assume that all selling and administrative cost and air manufacturing overhead costs are foxed.) 19 If job\#t was for five tables instead of o recorded on joo \#1's cost sheet?? It the factory has the capacily to produce five tables each month, what would be the total actuaf 20. fived manufacturing overhead cost (in domars) incurred if five tables were produced instead of one