Question 1

Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and mahttps://www.coursehero.com/tutors/homework-help/ask/?question_id=10770246/#/text-check/nufactures 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 got/caused 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 $2,700.00 Table Leg $1,000.00 Drawer $470.00 The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours. The company guesses (of a number) that there will be 12 direct labor hours worked during the month. The guessed (number) manufacturing overhead cost for the month is: a. Factory supervisor (money paid for working) per month $3,500.00 b. Rent for the factory per month $1,300.00 c. (lowering of value) of factory equipment per month $600.00 Total Guessed (number) manufacturing overhead $5,400.00 What is the (already decided beforehand) manufacturing overhead rate? Blank 1

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. 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 products (that are bought and sold), Piled up (lowering of value), (money owed to others), (moneys paid for working) and wages payable, Sales money/money income, Manufacturing overhead, Cost of products (that are bought and sold) sold, (moneys paid for working) and wages expense, Advertising expenses, and (lowering of value) expense. 1-Dec Raw Materials (bought something for money) on account, $27,000. 5-Dec All Raw Materials needed for Job #1 were requested (supplies) 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 gotten/caused but not paid during the month: There are three (group of people/device made up of smaller parts) workers that spend 2 hours each, $25 per hour to make the table for Job #1. (After you journalize this entry please enter the information into Job #1 Cost Sheet) (money paid for working) for supervisor of the factory $4,000. (related to managing and running a company or organization) (money paid for working) $2,000. 15-Dec All Raw Materials needed for Job #2 were requested (supplies) 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 got/caused but not paid $1,300. 17-Dec Advertising costs got/caused but not paid for the month was $1,600. 20-Dec (lowering of value) for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the rest for equipment used in selling and (related to managing and running a company or organization) activities). 22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR decided/figured out 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 moved (from one place to another) to Finished Products (that are bought and sold) during the month. 28-Dec The completed table from Job #1 was sold on account to the customer for $32,000 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 Direct labor cost got/caused but not paid for three workers to start manufacturing Job #2. The workers only worked one hour each, three hours total, $25 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 overapplied overhead for the month was closed out to Cost of Products (that are bought and sold) Sold. Step 5 Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first month of business, so there will not be any beginning balances. Figure out/calculate the balance for each T-account after all of the entries have been posted. Step 6 Make a Schedule of Cost of Products (that are bought and sold) Manufactured and a Schedule of Cost of Products (that are bought and sold) 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 Make an Income Statement for the month using the Traditional Format on the "Income Statement" tab. Step 8 Answer the added/more questions below Check Figure: Cost of Products (that are bought and sold) Manufactured= $9,550, Net operating income=$16,850 What is the ending balance for raw materials? Blank 2

What is the ending balance for work in process? Blank 3

What is the ending balance for finished products (that are bought and sold)? Blank 4

What is the actual manufacturing overhead cost got/caused during December before (change to make better/related to changing something)? Blank 5

What is the total applied manufacturing overhead cost during December before (change to make better/related to changing something)? Blank 6

What is the unadjusted cost of products (that are bought and sold) sold? Blank 7

Was the manufacturing overhead for the month of December overapplied/underapplied ? Blank 8

What is the amount of Manufacturing overhead overapplied/underapplied? Blank 9

What is the (changed to make better/changed to fit new conditions) cost of products (that are bought and sold) sold? Blank 10

What is gross margin? Blank 11

What is the total most important cost for Job#1? Blank 12

What is the total (changing from one form, state, or state of mind to another) cost for job #1? Blank 13

What is the total product cost for job#1? Blank 14

What was the period cost got/caused for the month of December? Blank 15

What is the total changeable cost got/caused for Job #1(assume that all selling and (related to managing and running a company or organization) cost and all manufacturing overhead costs are fixed.)? Blank 16

What is the (thing that's given/work that's done) margin for Job #1 (assume that all selling and (related to managing and running a company or organization) cost and all manufacturing overhead costs are fixed.)? Blank 17

What would be the actual (not applied) total fixed manufacturing overhead cost got/caused 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 (clearly connected or related) range?