Would like helping filling this out. I have done some of it, but would like my work double checked, and also help filling in the parts that are needed.

To check to see if you are correct, this is a check point answer

Check Figure: Cost of Goods Manufactured= $8,980, Net operating income=$14,270

Step 1 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 Drawer- 440.00 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 manufacatoring overhead rate? 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 "G using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumul Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses 1-Dec Raw Materials purchased on account, $24,000. 5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. enter the information into Job #1 Cost Sheet) 10-Dec 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 ple Cost Sheet) Salary for supervisor of the factory $5,000. Administrative Salary $2,000. 15-Dec All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. 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 $1,600. 20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder f administrative activities). 22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (Af enter the information into Job #1 Cost Sheet) 26-Dec Job #1 was completed and transferred to Finished Goods during the month. 28-Dec The completed table from Job #1 was sold on account to the customer for $29,000 during the month. (Hint: Make sure to account for the co cost from the job cost sheet.) 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 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 work 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. 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 actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of Decemeber overapplied/underapplied? What is the amount of manufacturing overhead overapplied/underapplied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Job #1? What is the total conversion cost for job #1? What is the total product cost for job #1? 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 administractive cost and all manufacturing ov What is the contribution margin for job #1? (assume that all selling and administrative cost and all manufacturing overhead What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if t e in the "General Journal" tab of the excel file Accumulated depreciation, Accounts payable, expenses, and Depreciation expense. re direct. (After you journalize this entry please entry please enter the information into Job #1 re direct. (After you journalize this entry please mainder for equipment used in selling and heet". (After you journalize this entry please for the cost of the table that was sold using the ach, three hours total, $30 per hour during the st Sheet) were worked on Job #2 during the month. (After turing overhead costs are fixed) verhead costs are fixed? month if the order in Job #1 is for five tables instead of one table assuming this cost is within the relevant range? Job Cost Sheet Job Number Item #1 Date Initiated Table Date completed Direct Matarials Direct Labor Amount $ Hours 3,250 Manufacturing Overhead Rate 6 Amount 30 Cost Summary Direct Materials $ 3,250.00 Direct Labor $ 180.00 Manufacturing Overhead $ 3,250.00 Total Product Cost $ 6,680.00 Unit Product Cost $ 6,680.00 Hours 180 6 Direct Materials: Manufacturing Overhead Rate $500.00 Amount $3,000.00 Materials: Job Cost Sheet Job Number Item #2 Date Initiated Table with drawer Date completed Direct Matarials Amount $ Direct Labor Hours 3,690 Rate 3 Manufacturing Ov Amount 30 Cost Summary Direct Materials $ 3,690.00 Direct Labor $ 90.00 Manufacturing Overhead $ 1,500.00 Total Product Cost $ 5,280.00 Unit Product Cost $ 5,280.00 Hours 90 3 Direct Materials: Manufacturing Overhead Rate Amount $500.00 $1,500.00 Date General Journal Description 1-Dec Raw Materials Accounts Payable 5-Dec Work in Process Raw Materials 10-Dec Manufacturing Overhead (IDL) Work in Process (DL) Salary Expense Salary & Wages Payable 15-Dec Work in Process (RM) Raw Materials 16-Dec Manufacturing Overhead (Rent) Accounts Payable 17-Dec Advertising Expense Account Payable 20-Dec Manufacturing Overhead (Depr.) Depreciation Accumulative Depreciation 22-Dec Work in Process (Applied MOH) Manufactoring Overhead 26-Dec Finish Goods Work in Process (Cost of good manuf.) 28-Dec Account Recievable Sales (Revenue) Cost of Goods Sold Finish Goods 31-Dec Work in Process (DL job #2, 3hrs total 30x $=$90) Salary Payable 31-Dec Work in Process (Applied MOH, job#2, 3hrs total 3x30 Manufacturing Overhead 31-Dec Cost of Goods Sold (Underapplied) Manufacturing Overhead (unapplied) Debit Credit $24,000 $24,000 $ 3,250 $ 3,250 $ 6,000 $ 180 $ 2,000 $ 8,000 $ 3,690 $ 3,690 $ 900 $ 900 $ 1,600 $ 1,600 $ $ 150 750 $ 900 $ 1,000 $ 1,000 $ 4,430 $ 4,430 $29,000 $29,000 $ 4,430 $ 4,430 $ 90 $ 90 $ 1,500 $ 1,500 $ 1,000 $ 1,000 Account Receivables Accounts Payable 28-Dec END END $ Raw Materials 24,000 $ 3,250 $ 3,690 $ 6,940 17,060 $ $ $ $ $ $ Work In Process 3,250 $ 4,430 180 3,690 1,000 90 1,500 1-Dec $ END 5-Dec 10-Dec 15-Dec 22-Dec 31-Dec 31-Dec END $ $ END 26-Dec 5,280 Finished Goods 26-Dec $ 4,430 $ 4,430 END Salaries and Wages Payable $ 90 $ 8,180 5-Dec 15-Dec 28-Dec - Manufacturing Overhead 10-Dec $ 6,000 $ 1,000 16-Dec $ 900 $ 1,500 20-Dec $ 150 $ 7,050 $ 4,550 22-Dec 31-Dec Job 1 Job 2 31-Dec Underapplied END Accumulated Depreciation $ 750 20-Dec $ 8,190 END $ 750 yable Sales Revenue 1-Dec 16-Dec 17-Dec 28-Dec END es Payable 31-Dec 10-Dec Cost of Goods Sold 28-Dec $ 4,430 31-Dec $ 1,000 END $ 5,430 Salaries and Wages Expense 10-Dec $ 2,000 END $ 2,000 Advertising Expense 17-Dec $ 1,600 END $ 1,600 Depreciation Expense 20-Dec $ 750 END $ 750 Thunderduck Custom Tables, Inc. Schedule of cost of goods manufactured For the month Ended December 31, 20XX Beg. Raw Materials Raw Materials Purchased Raw Materials for Use End Raw Materials Raw Matierals Used Indirect Raw Materials Direct Materials Direct Labor Applied MOH Total Manufacturing Cost Beg. W.I.P. End W.I.P Cost of Goods Manufacturing Thunderduck Custom Tables, Inc. Cost of goods sold For the month Ended December 31, 20XX Beg. Finish Goods Cost of Goods Manufacturing Goods Available for sale Ending Inventory Unadjusted Cost of Goods sold Underapplied Manufacturing OH Adjusted Cost of Goods Sold Thunderduck Custom Tables, Inc. Cost of goods sold he month Ended December 31, 20XX Thunderduck Custom Tables, Inc. Income Statement For the month Ended December 31, 20XX Sales Cost of Goods sold Gross Margin Expenses: Administrative Salary Advertising Expense Depreciation Expense (non manufacturing) Net Operating Income s, Inc. r 31, 20XX \fStep 1 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 Drawer- 440.00 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 manufacatoring overhead rate? 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 "G using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumul Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses 1-Dec Raw Materials purchased on account, $24,000. 5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. enter the information into Job #1 Cost Sheet) 10-Dec 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 ple Cost Sheet) Salary for supervisor of the factory $5,000. Administrative Salary $2,000. 15-Dec All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. 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 $1,600. 20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder f administrative activities). 22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (Af enter the information into Job #1 Cost Sheet) 26-Dec Job #1 was completed and transferred to Finished Goods during the month. 28-Dec The completed table from Job #1 was sold on account to the customer for $29,000 during the month. (Hint: Make sure to account for the co cost from the job cost sheet.) 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 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 work 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. 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 actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of Decemeber overapplied/underapplied? What is the amount of manufacturing overhead overapplied/underapplied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Job #1? What is the total conversion cost for job #1? What is the total product cost for job #1? 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 administractive cost and all manufacturing ov What is the contribution margin for job #1? (assume that all selling and administrative cost and all manufacturing overhead What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if t e in the "General Journal" tab of the excel file Accumulated depreciation, Accounts payable, expenses, and Depreciation expense. re direct. (After you journalize this entry please entry please enter the information into Job #1 re direct. (After you journalize this entry please mainder for equipment used in selling and heet". (After you journalize this entry please for the cost of the table that was sold using the ach, three hours total, $30 per hour during the st Sheet) were worked on Job #2 during the month. (After turing overhead costs are fixed) verhead costs are fixed? month if the order in Job #1 is for five tables instead of one table assuming this cost is within the relevant range? Job Cost Sheet Job Number Item #1 Date Initiated Table Date completed Direct Matarials Direct Labor Amount $ Hours 3,250 Manufacturing Overhead Rate 6 Amount 30 Cost Summary Direct Materials $ 3,250.00 Direct Labor $ 180.00 Manufacturing Overhead $3,000.00 Total Product Cost $ 6,430.00 Unit Product Cost $ 6,430.00 180 Hours 6 Direct Materials: Manufacturing Overhead Rate $500.00 Amount $3,000.00 Materials: Job Cost Sheet Job Number Item #2 Date Initiated Table with drawer Date completed Direct Matarials Amount $ Direct Labor Hours 3,690 Rate 3 Manufacturing Ov Amount 30 Cost Summary Direct Materials $ 3,690.00 Direct Labor $ 90.00 Manufacturing Overhead $ 1,500.00 Total Product Cost $ 5,280.00 Unit Product Cost $ 5,280.00 Hours 90 3 Direct Materials: Manufacturing Overhead Rate Amount $500.00 $1,500.00 General Journal Description Date 1-Dec Raw Materials Accounts Payable 5-Dec Work in Process Raw Materials 10-Dec Manufacturing Overhead (IDL) Work in Process (DL) Salary Expense Salary & Wages Payable 15-Dec Work in Process (RM) Raw Materials 16-Dec Manufacturing Overhead (Rent) Accounts Payable 17-Dec Advertising Expense Account Payable 20-Dec Manufacturing Overhead (Depr.) Depreciation Accumulative Depreciation 22-Dec Work in Process (Applied MOH) Manufactoring Overhead 26-Dec Finish Goods Work in Process (Cost of good manuf.) 28-Dec Account Recievable Sales (Revenue) Cost of Goods Sold Finish Goods 31-Dec Work in Process (DL job #2, 3hrs total 30x $=$90) Salary Payable 31-Dec Work in Process (Applied MOH, job#2, 3hrs total 3x500 Manufacturing Overhead 31-Dec Cost of Goods Sold (Underapplied) Manufacturing Overhead (unapplied) Debit $ 24,000 Credit $ 24,000 $ 3,250 $ 3,250 $ 5,000 $ 180 $ 2,000 $ 7,180 $ 3,690 $ 3,690 $ 900 $ 900 $ 1,600 $ 1,600 $ $ 150 600 $ 750 $ 3,000 $ 3,000 $ 6,430 $ 6,430 $ 29,000 $ 29,000 $ 6,430 $ 6,430 $ 90 $ 90 $ 1,500 $ 1,500 $ 1,550 $ 1,550 Account Receivables 28-Dec $ 29,000 Accounts Payable END END Raw Materials 1-Dec $ 24,000 $ 3,250 $ 3,690 $ 6,940 END $ 17,060 5-Dec 10-Dec 15-Dec 22-Dec 31-Dec 31-Dec END Work In Process $ 3,250 $ 6,430 $ 180 $ 3,690 $ 3,000 $ 90 $ 1,500 $ Salaries and Wages Payab 5-Dec 15-Dec END 26-Dec 5,280 Finished Goods 26-Dec $ 6,430 ### 28-Dec END $ - Manufacturing Overhead 10-Dec $ 5,000 $ 3,000 22-Dec 16-Dec $ 900 $ 1,500 31-Dec 20-Dec $ 150 $ 6,050 $ 1,550 31-Dec END Accumulated Depreciation $ 750 20-Dec END $ 750 Job 1 Job 2 Underapplied ounts Payable $ 24,000 $ 7,180 $ 900 $ 1,600 Sales Revenue $ 29,000 1-Dec 16-Dec 17-Dec 17-Dec 28-Dec END and Wages Payable $ 90 31-Dec $ 8,180 10-Dec $ 8,190 Cost of Goods Sold 28-Dec $ 6,430 31-Dec $ 1,550 END $ 7,980 Salaries and Wages Expense 10-Dec $ 2,000 END $ 2,000 Advertising Expense 17-Dec $ 1,600 END $ 1,600 Depreciation Expense 20-Dec $ 600 END $ 600 Thunderduck Custom Tables, Inc. Schedule of cost of goods manufactured For the month Ended December 31, 20XX Beg. Raw Materials Raw Materials Purchased Raw Materials for Use End Raw Materials Raw Matierals Used Indirect Raw Materials Direct Materials Direct Labor Applied MOH Total Manufacturing Cost Beg. W.I.P. End W.I.P Cost of Goods Manufacturing 0 24000 24000 17,060 6,940 0 6,940 $270.00 $4,500 $11,710 0 5280 $6,430.00 Thunderduck Custom Tables, Inc. Cost of goods sold For the month Ended December 31, 20XX Beg. Finish Goods Cost of Goods Manufacturing Goods Available for sale Ending Inventory Unadjusted Cost of Goods sold Underapplied Manufacturing OH Adjusted Cost of Goods Sold hunderduck Custom Tables, Inc. Cost of goods sold he month Ended December 31, 20XX Thunderduck Custom Tables, Inc. Income Statement For the month Ended December 31, 20XX 0 $6,430.00 $6,430.00 0 $6,430.00 1550 $7,980.00 Sales Cost of Goods sold Gross Margin Expenses: Administrative Salary Advertising Expense Depreciation Expense (non manufacturing) Net Operating Income es, Inc. r 31, 20XX 29000 $7,980.00 $21,020.00 2000 1600 600 $16,820.00 Step 1 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 Drawer- 440.00 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 manufacatoring overhead rate? 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 "G using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumul Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses 1-Dec Raw Materials purchased on account, $24,000. 5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. enter the information into Job #1 Cost Sheet) 10-Dec 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 ple Cost Sheet) Salary for supervisor of the factory $5,000. Administrative Salary $2,000. 15-Dec All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. 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 $1,600. 20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder f administrative activities). 22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (Af enter the information into Job #1 Cost Sheet) 26-Dec Job #1 was completed and transferred to Finished Goods during the month. 28-Dec The completed table from Job #1 was sold on account to the customer for $29,000 during the month. (Hint: Make sure to account for the co cost from the job cost sheet.) 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 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 work 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. 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 actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of Decemeber overapplied/underapplied? What is the amount of manufacturing overhead overapplied/underapplied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Job #1? What is the total conversion cost for job #1? What is the total product cost for job #1? 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 administractive cost and all manufacturing ov What is the contribution margin for job #1? (assume that all selling and administrative cost and all manufacturing overhead What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if t e in the "General Journal" tab of the excel file Accumulated depreciation, Accounts payable, expenses, and Depreciation expense. re direct. (After you journalize this entry please entry please enter the information into Job #1 re direct. (After you journalize this entry please mainder for equipment used in selling and heet". (After you journalize this entry please for the cost of the table that was sold using the ach, three hours total, $30 per hour during the st Sheet) were worked on Job #2 during the month. (After turing overhead costs are fixed) verhead costs are fixed? month if the order in Job #1 is for five tables instead of one table assuming this cost is within the relevant range? Job Cost Sheet Job Number Item #1 Date Initiated Table Date completed Direct Matarials Direct Labor Amount $ Hours 5,800 Manufacturing Overhead Rate 6 Amount 30 Cost Summary Direct Materials $ 5,800.00 Direct Labor $ 180.00 Manufacturing Overhead $3,000.00 Total Product Cost $ 8,980.00 Unit Product Cost $ 8,980.00 180 Hours 6 Direct Materials: Manufacturing Overhead Rate $500.00 Amount $3,000.00 Materials: Job Cost Sheet Job Number Item #2 Date Initiated Table with drawer Date completed Direct Matarials Amount $ Direct Labor Hours 6,290 Rate 3 Manufacturing Ov Amount 30 Cost Summary Direct Materials $ 6,290.00 Direct Labor $ 90.00 Manufacturing Overhead $ 1,500.00 Total Product Cost $ 7,880.00 Unit Product Cost $ 7,880.00 Hours 90 3 Direct Materials: Manufacturing Overhead Rate Amount $500.00 $1,500.00 General Journal Description Date 1-Dec Raw Materials Accounts Payable 5-Dec Work in Process Raw Materials 10-Dec Manufacturing Overhead (IDL) Work in Process (DL) Salary Expense Salary & Wages Payable 15-Dec Work in Process (RM) Raw Materials 16-Dec Manufacturing Overhead (Rent) Accounts Payable 17-Dec Advertising Expense Account Payable 20-Dec Manufacturing Overhead (Depr.) Depreciation Accumulative Depreciation 22-Dec Work in Process (Applied MOH) Manufactoring Overhead 26-Dec Finish Goods Work in Process (Cost of good manuf.) 28-Dec Account Recievable Sales (Revenue) Cost of Goods Sold Finish Goods 31-Dec Work in Process (DL job #2, 3hrs total 30x $=$90) Salary Payable 31-Dec Work in Process (Applied MOH, job#2, 3hrs total 3x500 Manufacturing Overhead 31-Dec Cost of Goods Sold (Underapplied) Manufacturing Overhead (unapplied) Debit $ 24,000 Credit $ 24,000 $ 5,800 $ 5,800 $ 5,000 $ 180 $ 2,000 $ 7,180 $ 6,290 $ 6,290 $ 900 $ 900 $ 1,600 $ 1,600 $ $ 150 600 $ 750 $ 3,000 $ 3,000 $ 8,980 $ 8,980 $ 29,000 $ 29,000 $ 8,980 $ 8,980 $ 90 $ 90 $ 1,500 $ 1,500 $ 1,550 $ 1,550 Account Receivables 28-Dec $ 29,000 Accounts Payable END END Raw Materials 1-Dec $ 24,000 $ 5,800 $ 6,290 $ 12,090 END $ 11,910 5-Dec 10-Dec 15-Dec 22-Dec 31-Dec 31-Dec END Work In Process $ 5,800 $ 8,980 $ 180 $ 6,290 $ 3,000 $ 90 $ 1,500 $ $ 5-Dec 15-Dec END 26-Dec 7,880 Finished Goods 26-Dec $ 8,980 $ 8,980 END Salaries and Wages Payab - 28-Dec Manufacturing Overhead 10-Dec $ 5,000 $ 3,000 22-Dec 16-Dec $ 900 $ 1,500 31-Dec 20-Dec $ 150 $ 6,050 $ 1,550 31-Dec END Accumulated Depreciation $ 750 20-Dec END $ 750 Job 1 Job 2 Underapplied ounts Payable $ 24,000 $ 7,180 $ 900 $ 1,600 Sales Revenue $ 29,000 1-Dec 16-Dec 17-Dec 17-Dec 28-Dec END and Wages Payable $ 90 31-Dec $ 8,180 10-Dec $ 8,190 Cost of Goods Sold 28-Dec $ 8,980 31-Dec $ 1,550 END $ 10,530 Salaries and Wages Expense 10-Dec $ 2,000 END $ 2,000 Advertising Expense 17-Dec $ 1,600 END $ 1,600 Depreciation Expense 20-Dec $ 600 END $ 600 Thunderduck Custom Tables, Inc. Schedule of cost of goods manufactured For the month Ended December 31, 20XX Beg. Raw Materials Raw Materials Purchased Raw Materials for Use End Raw Materials Raw Matierals Used Indirect Raw Materials Direct Materials Direct Labor Applied MOH Total Manufacturing Cost Beg. W.I.P. End W.I.P Cost of Goods Manufacturing 0 24000 24000 11,910 12,090 0 12,090 $270.00 $4,500 $16,860 0 7880 $8,980.00 Thunderduck Custom Tables, Inc. Cost of goods sold For the month Ended December 31, 20XX Beg. Finish Goods Cost of Goods Manufacturing Goods Available for sale Ending Inventory Unadjusted Cost of Goods sold Underapplied Manufacturing OH Adjusted Cost of Goods Sold hunderduck Custom Tables, Inc. Cost of goods sold he month Ended December 31, 20XX Thunderduck Custom Tables, Inc. Income Statement For the month Ended December 31, 20XX 0 $8,980.00 $8,980.00 0 $8,980.00 1550 $10,530.00 Sales Cost of Goods sold Gross Margin Expenses: Administrative Salary Advertising Expense Depreciation Expense (non manufacturing) Net Operating Income es, Inc. r 31, 20XX 29000 $10,530.00 $18,470.00 2000 1600 600 $14,270.00 Step 1 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 Drawer- 440.00 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 manufacatoring overhead rate? 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 "G using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumul Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses 1-Dec Raw Materials purchased on account, $24,000. 5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. enter the information into Job #1 Cost Sheet) 10-Dec 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 ple Cost Sheet) Salary for supervisor of the factory $5,000. Administrative Salary $2,000. 15-Dec All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. 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 $1,600. 20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder f administrative activities). 22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (Af enter the information into Job #1 Cost Sheet) 26-Dec Job #1 was completed and transferred to Finished Goods during the month. 28-Dec The completed table from Job #1 was sold on account to the customer for $29,000 during the month. (Hint: Make sure to account for the co cost from the job cost sheet.) 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 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 work 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. 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 actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of Decemeber overapplied/underapplied? What is the amount of manufacturing overhead overapplied/underapplied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Job #1? What is the total conversion cost for job #1? What is the total product cost for job #1? 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 administractive cost and all manufacturing ov What is the contribution margin for job #1? (assume that all selling and administrative cost and all manufacturing overhead What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if t e in the "General Journal" tab of the excel file Accumulated depreciation, Accounts payable, expenses, and Depreciation expense. re direct. (After you journalize this entry please entry please enter the information into Job #1 re direct. (After you journalize this entry please mainder for equipment used in selling and heet". (After you journalize this entry please for the cost of the table that was sold using the ach, three hours total, $30 per hour during the st Sheet) were worked on Job #2 during the month. (After turing overhead costs are fixed) verhead costs are fixed? month if the order in Job #1 is for five tables instead of one table assuming this cost is within the relevant range? Job Cost Sheet Job Number Item #1 Date Initiated Table Date completed Direct Matarials Direct Labor Amount $ Hours 5,800 Manufacturing Overhead Rate 6 Amount 30 Cost Summary Direct Materials $ 5,800.00 Direct Labor $ 180.00 Manufacturing Overhead $3,000.00 Total Product Cost $ 8,980.00 Unit Product Cost $ 8,980.00 180 Hours 6 Direct Materials: Manufacturing Overhead Rate $500.00 Amount $3,000.00 Materials: Job Cost Sheet Job Number Item #2 Date Initiated Table with drawer Date completed Direct Matarials Amount $ Direct Labor Hours 6,290 Rate 3 Manufacturing Ov Amount 30 Cost Summary Direct Materials $ 6,290.00 Direct Labor $ 90.00 Manufacturing Overhead $ 1,500.00 Total Product Cost $ 7,880.00 Unit Product Cost $ 7,880.00 Hours 90 3 Direct Materials: Manufacturing Overhead Rate Amount $500.00 $1,500.00 General Journal Description Date 1-Dec Raw Materials Accounts Payable 5-Dec Work in Process Raw Materials 10-Dec Manufacturing Overhead (IDL) Work in Process (DL) Salary Expense Salary & Wages Payable 15-Dec Work in Process (RM) Raw Materials 16-Dec Manufacturing Overhead (Rent) Accounts Payable 17-Dec Advertising Expense Account Payable 20-Dec Manufacturing Overhead (Depr.) Depreciation Accumulative Depreciation 22-Dec Work in Process (Applied MOH) Manufactoring Overhead 26-Dec Finish Goods Work in Process (Cost of good manuf.) 28-Dec Account Recievable Sales (Revenue) Cost of Goods Sold Finish Goods 31-Dec Work in Process (DL job #2, 3hrs total 30x $=$90) Salary Payable 31-Dec Work in Process (Applied MOH, job#2, 3hrs total 3x500 Manufacturing Overhead 31-Dec Cost of Goods Sold (Underapplied) Manufacturing Overhead (unapplied) Debit $ 24,000 Credit $ 24,000 $ 5,800 $ 5,800 $ 5,000 $ 180 $ 2,000 $ 7,180 $ 6,290 $ 6,290 $ 900 $ 900 $ 1,600 $ 1,600 $ $ 150 600 $ 750 $ 3,000 $ 3,000 $ 8,980 $ 8,980 $ 29,000 $ 29,000 $ 8,980 $ 8,980 $ 90 $ 90 $ 1,500 $ 1,500 $ 1,550 $ 1,550 Account Receivables 28-Dec $ 29,000 Accounts Payable END END Raw Materials 1-Dec $ 24,000 $ 5,800 $ 6,290 $ 12,090 END $ 11,910 5-Dec 10-Dec 15-Dec 22-Dec 31-Dec 31-Dec END Work In Process $ 5,800 $ 8,980 $ 180 $ 6,290 $ 3,000 $ 90 $ 1,500 $ $ 5-Dec 15-Dec END 26-Dec 7,880 Finished Goods 26-Dec $ 8,980 $ 8,980 END Salaries and Wages Payab - 28-Dec Manufacturing Overhead 10-Dec $ 5,000 $ 3,000 22-Dec 16-Dec $ 900 $ 1,500 31-Dec 20-Dec $ 150 $ 6,050 $ 1,550 31-Dec END Accumulated Depreciation $ 750 20-Dec END $ 750 Job 1 Job 2 Underapplied ounts Payable $ 24,000 $ 7,180 $ 900 $ 1,600 Sales Revenue $ 29,000 1-Dec 16-Dec 17-Dec 17-Dec 28-Dec END and Wages Payable $ 90 31-Dec $ 8,180 10-Dec $ 8,190 Cost of Goods Sold 28-Dec $ 8,980 31-Dec $ 1,550 END $ 10,530 Salaries and Wages Expense 10-Dec $ 2,000 END $ 2,000 Advertising Expense 17-Dec $ 1,600 END $ 1,600 Depreciation Expense 20-Dec $ 600 END $ 600 Thunderduck Custom Tables, Inc. Schedule of cost of goods manufactured For the month Ended December 31, 20XX Beg. Raw Materials Raw Materials Purchased Raw Materials for Use End Raw Materials Raw Matierals Used Indirect Raw Materials Direct Materials Direct Labor Applied MOH Total Manufacturing Cost Beg. W.I.P. End W.I.P Cost of Goods Manufacturing 0 24000 24000 11,910 12,090 0 12,090 $270.00 $4,500 $16,860 0 7880 $8,980.00 Thunderduck Custom Tables, Inc. Cost of goods sold For the month Ended December 31, 20XX Beg. Finish Goods Cost of Goods Manufacturing Goods Available for sale Ending Inventory Unadjusted Cost of Goods sold Underapplied Manufacturing OH Adjusted Cost of Goods Sold hunderduck Custom Tables, Inc. Cost of goods sold he month Ended December 31, 20XX Thunderduck Custom Tables, Inc. Income Statement For the month Ended December 31, 20XX 0 $8,980.00 $8,980.00 0 $8,980.00 1550 $10,530.00 Sales Cost of Goods sold Gross Margin Expenses: Administrative Salary Advertising Expense Depreciation Expense (non manufacturing) Net Operating Income es, Inc. r 31, 20XX 29000 $10,530.00 $18,470.00 2000 1600 600 $14,270.00