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. The company does not have indirect materials. 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. Assume a $60 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. The fixed estimated manufacturing overhead costs per month are: What is the predetermined overhead rate (POHR)? Check Figure 1: Cost of Goods Manufactured Check Figure 2: Net Operating income $10,900 $9,300 Step 6 Answer the following additonal questions. Be sure to write all numbers as positive and no answer should be len blank. 2 What is the ending balance for raw malerials? 3 What is the ending balance for work in process? 4 What is the ending balance for finished goods? 5 What is the ending balance for accounts payable? 6 From the Schedule of Cost of Goods Manufactured, what ace 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 manutacturing overhead for month December overappledunderappled ? Enter either underapplied or overapplied. 11 What is the delar amount of overappled handerapplied manufacturing overhead? 12 What is the adjustod cost of goods sold? 13. What is the gross margin (in dollars) from the income statement? 14 What is the lotal prime cost from the Job 41 Cost sheet? 15 What is the total corversion cost from the Job w1 Cost Sheot? 16 What is the total product cost from the Job #1 Cost Sheet? 17 What was the poriod cost incurred for the month of December? 18 What is the contribution margin (in dollars) for Job \#1 (assume that all seling and administrative cost and all manufacturing overhead costs are foxed.) 19 If jobill was for five tables instead of one, what would be the total amount of variable cost recorded on Job it's cost sheet?? If the factory has the capacity to produce five tables each month, what would be the total Data 2 Data 3 Step 1 The first order you received was to manufacture a table using a table lop 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 The following is a list of transactions that need to be recocded for the company for activity in the month of December. Record those in the "General Journar" tab of the excel file using the proper format. Please use the following accounts: 1-Dec. Raw materials purchased on account. $20,000 5-Dec Aul Raw materials needed for Job w1 were requested from the material storage for use during the month. All materials are direct. (Afier you joumalize this entry please enter the information into Job \#1 Cost Sheet) 10-Dec The following employee costs were incurred but not paid during the month: onter vie indormation into Job \#1 Cost Sheel) Salary for supervisor of the factory $2,700. Administrative Salary $1,900 12.Deo Manufacturing overhead cost was applied based on direct labor hours to Job tw1 using the POHR calculated in Question 1. (ARer you journalize this entry please enter the information into Job 11 Cost Sheot) 15-Dec All Raw materials needed for Job W2 were requested trom the material storage for use during the month. All materials are direct. (Afler you journalize this entry please enter the information into Job to2 Cost Sheet) 17-Deo Advertising costs incurred but not poid for the month was $1,400. 20-Dec Depreciation for the month of December was recorded on equipment $650 ( $450 for equipment used ia the factiory and $200 for equipment used in seling and administrative activities) 24-0ec Progerty insurance houred but not paid $1,700 (\$1,200 for the factory and $500 for selling and administrasvo offces). 26-DeC Job it was completed and transferred to Finished Goods durng the month. 28. Doc The completed table was sold on account to the customer for $25,000 during the month. (ifint Make sure to account for the cost of the table that was sold using the cout from the job cost sheet) 31.Dec By the end of the month, 30 hours of diect laber were incurred at a rase of 560 per hour, totaling 31,800 to begin production on job i2. The employees will be paid next month. (After you journalie ths entry please enter the inlormation into Job i2 Cost Sheet) 34-Deo Manulacturing overfesd cost was acpled using the drect labor hours from Job w2 and se POHR calculated in Question 1. (Afler you fournalize this entry please enter the information into Job 12 Cost Sheet) seg2 Post the joumal entries that you recorded on the "General Journar" tab to the "T-accounts (Central Ledgerf" tab and calculate The bstinc for eash account. This is the company's fint month of butiness, so the ances. 31-De0 Record the entry in the general joumal to close the Manufacturng Ovechead account and acjust for overappliediunderapgled orechead. Prepare a Schedule of Cost of Coods Manufactured and a Schedule of Cost of Coods Sold on the "gichedule of CocM and COOS" tab for Job is and Job m2 that were worked on during the month by the company. Make sure to follow the format noted in your book ( 99.109). 04int. The is the companys frat month of operations and therofore the beginning balances will be zero.) Prepare an income Statement for the month using the Tradkonal Format on Ee "income Stavernent" tab Use the following check figures and make any necessary corrections