The first order you reooived was to manufacture a table using a table sop and four lets. This as your job til. The cistomer that has ordered Job 12 . wants a table that is the same as Job \#1, but wants to also add a drawer to the table. The following is a list of transactions that need to be recorded for the cormany for activity in the mormot December. Rocord those in the "Genera Journar tab of the exoel file using the proper format. Please use the following accounts: 1.Deo Rias materials purchased on acoount $19,000. 5.Dec Al Raw materials needed for Job \#I were requested from the material stcome foc use ouring the month. All thaterials are drect. (After you joumalize this entry please enter the information into Job \$1 Cost Sheet) 10-Deo The folliwing ernsloyee costs were incurred but not paid during the monith: Direct laber for Jab 31, consisted of 60 hours at a rate of 355 per hocr, totaling 63.300 . After you joumalise this ently please erier the informaton into Job N1 Cost shect) Salary for supervisor of the tactory 52,600 . Adminitatative Salary $1,800 12. Dec Marudacturing overhead cost was applied based on direct labor hours to Job =1 using the POtiR cakculated in Guestion 1. 15. Dec AiRaw materials meded fox Job w were requested from the matorial stocigge for use during fhe month. Al mabeitals are dired, (Anler you pournalibe this antry please enter the ieformatoo into dob it Cost sheot) 17-Dec Advertising costs incurred but not pad for the month was 51,200 20 Deo Depreciation for the month of Decomber was recorded on ecuipmient $1,850 F $1,450 for equipment used in the lactory and $400 for equipment used in selifg and administrative sctivities] 24-Dec Property insurance incured bat not paid $1,550 ( $1,100 for the factory and $450 for selling and administrative offices) 26-Dec 3ob N1 was compleled and transferrod to Finished Goods during the morth. 20-Dee The completed table was sold on acoount to the custemer for $24,000 during the month. (Hint: Make sure to aocount for the cost of the tatie that was sold using the cost thom the job cost sheel. 35:0ec By the end of the anenth 30 hours of direct labor were incurred at a met of 5:5 per hour, tolaling $1.650 to begin production on job H2. The employees will be pais next moeth \&After you journalize this entry please enter the intormatien into dob N2 Cost Bheety 31.Dec" Manutactunng owerhead cost was appied using the direct laber hours from Job in and the POFR calculated in Queston 1. (After you youmake this entry please enter the information into Job 2 Cosk Sheet) Step 2 Post the joumal entries that you recorded on the 'Generar Joumal' tab to fhe 'Taccounts (Generat Ledgerr tab and calculate the bodanoe for each aocount. This is the oompany's first month of business, so there will not be any beginring balances. 31-Dec Recoid the entry n the geneial joumal to diose the Mandactuaing Ovehead account and adiust for overappledundemapplied overtwad sing3 Prepwe a Schedile of Cont of Goods Manuactured and a Schedile of Coat of Goods Siold on the "gchedie of CocGM and in your hook ipg. toon (Hert. This is the company's first morsth of operations ard therefore the begning balances wit bet zero.) Blep 4 Prepare an incore sutement for tfe mones using the Tagtionat Format on the "lacome salernent" tat, steg6 Use the foliswirg dheck foures and insie any neoesary cortecliots Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating Income $11,350$7,775 Step 6 Answer the following additonal questions. Be sure to write all numbers as positive and no answer should be left blank. 2 What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the ending balance for accounts payable? From the Schedule of Cost of Goods Manufactured, what are the raw materials used in production? 7 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 unadjusted cost of goods sold? 10 Was the manufacturing overhead for month December overapplied/underapplied? Enter either underapplied or overapplied. 11 What is the dollar amount of overapplied/underapplied manufacturing overhead? 12. What is the adjusted cost of goods sold? 13 What is the gross margin (in dollars) from the income statement? 14 What is the total prime cost from the Job #1 Cost Sheet? 15 What is the total conversion cost from the Job w1 Cost Sheet? 16 What is the total product cost from the Job N1 Cost Sheet? 17 What was the period cost incurred for the month of December? 18 What is the contribution margin (in dollars) for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.) 19 If jobll1 was for five tables instead of one, what would be the total amount of variable cost recorded on Job 1 's cost sheet?? If the factory has the capacity to produce five tables each month, what would be the total 20. actual fixed manufacturing overhead cost (in dollars) incurred if five tables were produced You work for Thunderduck Custom Tables inc. This is the firsi month of operations. The company designs and manufactures specialty tables, Each table is specially customized for the customer. This month. yout have been asked to develop and manufacture two new tables for customers. You will design arid build the tablos. The compary does not have indirect materials. You wil be keeping track of the costs incurred to manufacture the tables usirg Job \#1 Cost Sheet and Job H2 Cost Stoet The cost of the direct materials that can be used to manufacture the table are as follows. Assume a 555 per hour wage rate to the assembly employees. The company uses a job order costing system and applies manufacturing overheod to jobs based on direct iabor hours. The compary estimates that there will be 120 direct labor hours worked during the monsh. The fixed estimated manufacturing overtead costs per month are: JobCi Finished beodl Manufacturing Overheod Accumulated Depreciotion Insurance fxpense Thundersuck Cislom Taties. Inc income Staternent For the month Ended December 31, 20xx The first order you reooived was to manufacture a table using a table sop and four lets. This as your job til. The cistomer that has ordered Job 12 . wants a table that is the same as Job \#1, but wants to also add a drawer to the table. The following is a list of transactions that need to be recorded for the cormany for activity in the mormot December. Rocord those in the "Genera Journar tab of the exoel file using the proper format. Please use the following accounts: 1.Deo Rias materials purchased on acoount $19,000. 5.Dec Al Raw materials needed for Job \#I were requested from the material stcome foc use ouring the month. All thaterials are drect. (After you joumalize this entry please enter the information into Job \$1 Cost Sheet) 10-Deo The folliwing ernsloyee costs were incurred but not paid during the monith: Direct laber for Jab 31, consisted of 60 hours at a rate of 355 per hocr, totaling 63.300 . After you joumalise this ently please erier the informaton into Job N1 Cost shect) Salary for supervisor of the tactory 52,600 . Adminitatative Salary $1,800 12. Dec Marudacturing overhead cost was applied based on direct labor hours to Job =1 using the POtiR cakculated in Guestion 1. 15. Dec AiRaw materials meded fox Job w were requested from the matorial stocigge for use during fhe month. Al mabeitals are dired, (Anler you pournalibe this antry please enter the ieformatoo into dob it Cost sheot) 17-Dec Advertising costs incurred but not pad for the month was 51,200 20 Deo Depreciation for the month of Decomber was recorded on ecuipmient $1,850 F $1,450 for equipment used in the lactory and $400 for equipment used in selifg and administrative sctivities] 24-Dec Property insurance incured bat not paid $1,550 ( $1,100 for the factory and $450 for selling and administrative offices) 26-Dec 3ob N1 was compleled and transferrod to Finished Goods during the morth. 20-Dee The completed table was sold on acoount to the custemer for $24,000 during the month. (Hint: Make sure to aocount for the cost of the tatie that was sold using the cost thom the job cost sheel. 35:0ec By the end of the anenth 30 hours of direct labor were incurred at a met of 5:5 per hour, tolaling $1.650 to begin production on job H2. The employees will be pais next moeth \&After you journalize this entry please enter the intormatien into dob N2 Cost Bheety 31.Dec" Manutactunng owerhead cost was appied using the direct laber hours from Job in and the POFR calculated in Queston 1. (After you youmake this entry please enter the information into Job 2 Cosk Sheet) Step 2 Post the joumal entries that you recorded on the 'Generar Joumal' tab to fhe 'Taccounts (Generat Ledgerr tab and calculate the bodanoe for each aocount. This is the oompany's first month of business, so there will not be any beginring balances. 31-Dec Recoid the entry n the geneial joumal to diose the Mandactuaing Ovehead account and adiust for overappledundemapplied overtwad sing3 Prepwe a Schedile of Cont of Goods Manuactured and a Schedile of Coat of Goods Siold on the "gchedie of CocGM and in your hook ipg. toon (Hert. This is the company's first morsth of operations ard therefore the begning balances wit bet zero.) Blep 4 Prepare an incore sutement for tfe mones using the Tagtionat Format on the "lacome salernent" tat, steg6 Use the foliswirg dheck foures and insie any neoesary cortecliots Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating Income $11,350$7,775 Step 6 Answer the following additonal questions. Be sure to write all numbers as positive and no answer should be left blank. 2 What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the ending balance for accounts payable? From the Schedule of Cost of Goods Manufactured, what are the raw materials used in production? 7 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 unadjusted cost of goods sold? 10 Was the manufacturing overhead for month December overapplied/underapplied? Enter either underapplied or overapplied. 11 What is the dollar amount of overapplied/underapplied manufacturing overhead? 12. What is the adjusted cost of goods sold? 13 What is the gross margin (in dollars) from the income statement? 14 What is the total prime cost from the Job #1 Cost Sheet? 15 What is the total conversion cost from the Job w1 Cost Sheet? 16 What is the total product cost from the Job N1 Cost Sheet? 17 What was the period cost incurred for the month of December? 18 What is the contribution margin (in dollars) for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.) 19 If jobll1 was for five tables instead of one, what would be the total amount of variable cost recorded on Job 1 's cost sheet?? If the factory has the capacity to produce five tables each month, what would be the total 20. actual fixed manufacturing overhead cost (in dollars) incurred if five tables were produced You work for Thunderduck Custom Tables inc. This is the firsi month of operations. The company designs and manufactures specialty tables, Each table is specially customized for the customer. This month. yout have been asked to develop and manufacture two new tables for customers. You will design arid build the tablos. The compary does not have indirect materials. You wil be keeping track of the costs incurred to manufacture the tables usirg Job \#1 Cost Sheet and Job H2 Cost Stoet The cost of the direct materials that can be used to manufacture the table are as follows. Assume a 555 per hour wage rate to the assembly employees. The company uses a job order costing system and applies manufacturing overheod to jobs based on direct iabor hours. The compary estimates that there will be 120 direct labor hours worked during the monsh. The fixed estimated manufacturing overtead costs per month are: JobCi Finished beodl Manufacturing Overheod Accumulated Depreciotion Insurance fxpense Thundersuck Cislom Taties. Inc income Staternent For the month Ended December 31, 20xx