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 manutachur 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 These cost are on a per unit basis. Table Top $2.700.00 Table Leg $1.00000 Drawer $470 00 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 12 direct labor hours worked during the month The estimated manufacturing overhead cost for the month is a Factory supervisor salary per month b Rent for the factory per month c Depreciation of factory equipment per month Total Estimated manufacturing overhead $3.500.00 $1,300.00 $600.00 $5,400.00 What is the predetermined manufacturing overhead rate? 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 ansactions that need to be recorded for the company for activity in the month of December Record those he Step 3 The customer that has ordered Job z wants a table that is the same as 300 FT, but wants to ano wa maruwer 10 w , 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 goods. Accumulated depreciation Accounts payable, Salaries and wages payable Sales revenu. Manufacturing overhead Cost of goods sold Salaries and wages expense, Advertising expenses and Depreciation expense 1-Dec Raw Materials purchased on account, $27.000 5-Dec 10-Dec ARAW Materials needed for Job 1 were requisitioned from the material storage for use during the month Assume all materials are dragAfter you journalize this entry please enter the information into Job A1 Cost Sheet) The following employee costs were incurred but not paid during the month There are sembly employees that spend 2 hours sach 525 per hour to make the table for Job #1 (After you jounate the any lento e information into Job 1 Cost Sheet Salty to wupervisor of the factory $4.000 Admin tv Salat 52 000 AIRWeeded for Job 2 were requisitioned from the material storage for use during the month Asume all materials are we aroutate this entry please enter the information into Job #2 Cost Sheen Rent for the month of December for the factory building incurred but not paid 51300 15-Dec 16-Dec 17.00 Advertising costs incurred but not paid for the month was $1.600 20.00 Depreciation for the month of December was recorded on equipment Www 5750 5160 for equipment in the factory and the emainder for equipment used in saling and administrative activities Manufacturing over and cost was applied based on derect labor hours to labi sed on a POHR dede um antypoase enter the information into con el 22 Dec Manufacturing overhead cost was applied based on direct labor hours to Job T based on the POMR determined on the Job Cost Sheet" (Alter you joumalize this entry please enter the information into Job #1 Cost Sheet) 26 Dec Job #1 was completed and transferred to Finished Goods during the month. 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) 28-Dec 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 hours total 525 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 joumalize 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 Step 5 Post the journal entries that you recorded on the General Journal tab to the accounts" tab. This is the company's first month of business, so there will not be any beginning balances Compute the balance for each T-account after all of the entries have been posted Step 6 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the schedule of COGM and COGS tab for Job #1 and Job W2 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 cero) Step 7 Prepare an income Statement for the month using the Traditional Format on the income Statement tab Step 8 Answer the additional questions below Step 8 Answer the additional questions below Check Figure Cost of Goods Manufactured: 59,550, Net operating income-516,850 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 December overapplied under applied? What is the amount of Manufacturing overhead overapplied/under applied? What is the adjusted cost of goods sold? What is gross margin? What is the total prime cost for Jobe1? What the total conversion cost for job 17 What is the total product cost for job? What was the period cost incurred for the month of December? What is the total variable cost incurred for Job (assume that selling and administrative cost and al manufacturing overhead costs are fored? What is the contribution margin for Jobfassume that alting and administrative cost and all manufacturing overhead costs are fired Y? What would be the actual (not applied totalfred manufacturing overhead cost incurred for the comp for the month if the order in Joh 1 is for five tables initead of one burning the cost the relevant range B F G H Thunderduck Custom Tables, Inc Schedule of cost of goods manufactured For the month Ended December 31, 2020 Thunderdock Custom Tables, Inc Cost of goods sold For the month Ended December 31, 20XX Thunderduck Custom Tables Inc Income Statement For the month Ended December 31, 2004