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.
The cost of the direct materials that can be used to manufacture the table are as follows:
Table Top $1800
Table Legs, quantity 4 ($550 per leg) $2200
Drawer $380
The fixed estimated manufacturing overhead costs per month are:
Factory supervisor salary $2800
Rent for the factory $1400
Depreciation of factory equipment $1500
Property insurance of factory $2400
Total Estimated manufacturing overhead $8100
Assume a $50 per hour wage rate to the assembly employees.
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 120 direct labour hours worked during the month.
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.
PLEASE PLEASE PLEASE FILL OUT THE CORRECT INFORMATION IN THESE TWO IMAGES BELOW. PLEASE IT WOULD BE VERY HELPFUL
THIS IS JOB COST SHEET 1
THIS IS JOB COST SHEET 2
Job Cost Sheet Direct Materials: \begin{tabular}{|l|ll|} \hline \multicolumn{3}{|c|}{ Cost Summary } \\ \hline Direct Materials & $ & 4,000.00 \\ \hline Direct Labor & $ & 6,000.00 \\ \hline Manufacturing Overhead & $ & 8,100.00 \\ \hline Total Product Cost & $ & 18,100.00 \\ \hline Unit Product Cost & $ & 9,050.00 \\ \hline & & \\ \hline \end{tabular} Job Cost Sheet Direct Materials: rou work for Ihunderduck Custom Tables Inc. This is the first month of operations The company designs and manufactures specialty tabies. 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. The company does not have indirect materials You will be keeping track of the costs incurred to manufacture the tables using Job H1 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 $50 per hour wage rate to the assembly employees 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 120 direct labor hours worked during the month 1 What is the predetermined overhead rate (POHR)? Data? The first order you received was to manufacture a table using a table top ark four legs. Thie Piata 3 The customer that has ordered Job +2 . wants a table that is the same as Job A1, but wants . wadd a drawer to the table stop1 The following is a list of transactions that need to be recorded for the company for activity in the month of December. Rocord those in the "General Journal" tab of the excel file using the proper format. Please use the following accounts 1. Dec Raw materials purchased on account, $18,000 5-Dec All Raw materials needed for Job H1 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 11 Cost Sheet) 10-Dec The following employee costs were incurred but not paid during the month: Direct labor for Job 41 , consisted of 60 hours at a rate of $50 per hour, totaling $3,000. (Atter you journalizo this cnitry plearse enter the information into Job 41 Cost Sheel) Salaty for supervisor of the factory $2,500 Adminustrative Salary $1,700. 12-Dec Manutacturing overhead cost was applied based on direct labor hours to Job H1 using the POHR calculated in Question 1 (After you journalize this entry please enter the information into Job 41 Cost Sheet) 15-Dec All Raw materials needed for Job H2 were requested from the material storage for use dai. " . inonth. All materiats 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 $1,400. 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 $1,550($1,200 for equipment used in the factory and $350 for equipment used in selling and administrative activities). 24-Dec Property insurance incurred but not paid $2,500($2,100 for the factory and $400 for selling and administrative offices) 26-Dec Job #1 was completed and transferred to Finished Goods during the month 28-Dec The completed table was sold on account to the custoreer for $23,000 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-Deo By the end of the month, 30 hours of direct labor were incured at a rate of $50 per hour, totaling $1,500 to begin production on fob H2. The employees will be paid next month. (After you journalize this entry please onter the information into Jab i2 Cost Shest) 34-Dec. Manufacturing overnead cost was applied using the direct labor hours from Job 42 and the POHR calculated in Quostion 1. (After you joumalize this entry please enter the information into Job 2 Cost Sheet)
