You work for Thunderduck Custom Tables Ine. 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 bulld 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 Shet. The cost of the direct materials that can be used to manufacture the table are as follows. Assume a $55 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: 1 What is the predetermined overhead rate (POHR)? Sata 2 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. Data 3 Step 1 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 fle using the proper format. Please use the following accounts: 5.Dec All Raw materlals needed for Job \#1 were requesled from the material storage for use during the month. All materials are direct. (ARer you journalice this entry please enter the information into Job Af Cost Sheet) 10-Dec The following employee costs were incurred but not paid during the month: Direct labor for Job A1, consisted of 60 hours at a rate of $55 per hour, totaling $3,300 (After you joumalize this entry please enter the informaton into Job Hil Cost Sheet) Salary for supervisor of the factery $2,600. Administrative Salary $1,800. 12-Dec Manufacturing overhead cost was applied based on drect labor hours to Job \#1 using the POHR caiculated in Qubstion 1. (After you joumalize this entry please enter the information into Job at Cost Sheet) 15.Dec * A Ravw materials needed for Job H2 were requested from the material storage for ute during the morth. Al malerials are direct, (After you journalize this entry please enter the information inlo Job a2 Cost Sheet) 16-Dec Rent for the month of December for the foctery buliding incurred but not paid $1,500 17-Dec Advertieing costs incurred but not paid for the month wos $1,200 20-Dec Depreciation for the month of December was recorded on 5 \%uipment $1,860 (\$1,450 for ecuipment used in tha factory and $400 for equipment used in veling and administrative activitas) 24-Dec Property insurance incurred but not paid $1,560 (\$1.100 for the factory and $450 for soling and administrative officea) 26-Dec Job ut was compleled and transferted io finshed Goods during the month 28. Dec The completed table was soid on account to the customes for $24,000 during the month. (fint: Make sure to account for the cost of the table that was sold using the cost tram the job cost sheet) 31Doc By the end of the month, 30 hours of direct labor were incurred at a rate of $55 per hour, totaling $1,650 to begin production on job t2. The employeos will be paid next month. (After you journalize this entry please enter the information into Job tiz Cost Sheet) 31-Dec Manufacturing overheed cost was appled using the direct labor hours from Job 12 and the POHR calculated in Question 1. (Atter you joumalize this entry please enter the information into Job 22 Cost Sheet) Post the joumal entries that you rocorded on the "General Journal" tab to the "T-accounts (General Ledger)" tab and calculate the balance for each account. This is the company's first month of business, so there will not be any beginning balances 31-Dec Record the entry in the ganeral joumal to close the Manufacturing Overhead account and adjust for overappliediunderapgled overhead. 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 12 that were worked on during the month by the company. Make sure to follow the format noted - in your book (pg. 109). (Hint: This is the company's first month of operaticns and therefore the beginning balances will be zero)) Prepare an income Statement for the month using the Tradiional Format on the "Income Statement tab Use the following check figures and make any necessary corrections. 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 \#1 Cost Sheet? 16 What is the total product cost from the Job \#1 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 job\#1 was for five tables instead 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 instead of one? You work for Thunderduck Custom Tables Ine. 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 bulld 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 Shet. The cost of the direct materials that can be used to manufacture the table are as follows. Assume a $55 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: 1 What is the predetermined overhead rate (POHR)? Sata 2 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. Data 3 Step 1 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 fle using the proper format. Please use the following accounts: 5.Dec All Raw materlals needed for Job \#1 were requesled from the material storage for use during the month. All materials are direct. (ARer you journalice this entry please enter the information into Job Af Cost Sheet) 10-Dec The following employee costs were incurred but not paid during the month: Direct labor for Job A1, consisted of 60 hours at a rate of $55 per hour, totaling $3,300 (After you joumalize this entry please enter the informaton into Job Hil Cost Sheet) Salary for supervisor of the factery $2,600. Administrative Salary $1,800. 12-Dec Manufacturing overhead cost was applied based on drect labor hours to Job \#1 using the POHR caiculated in Qubstion 1. (After you joumalize this entry please enter the information into Job at Cost Sheet) 15.Dec * A Ravw materials needed for Job H2 were requested from the material storage for ute during the morth. Al malerials are direct, (After you journalize this entry please enter the information inlo Job a2 Cost Sheet) 16-Dec Rent for the month of December for the foctery buliding incurred but not paid $1,500 17-Dec Advertieing costs incurred but not paid for the month wos $1,200 20-Dec Depreciation for the month of December was recorded on 5 \%uipment $1,860 (\$1,450 for ecuipment used in tha factory and $400 for equipment used in veling and administrative activitas) 24-Dec Property insurance incurred but not paid $1,560 (\$1.100 for the factory and $450 for soling and administrative officea) 26-Dec Job ut was compleled and transferted io finshed Goods during the month 28. Dec The completed table was soid on account to the customes for $24,000 during the month. (fint: Make sure to account for the cost of the table that was sold using the cost tram the job cost sheet) 31Doc By the end of the month, 30 hours of direct labor were incurred at a rate of $55 per hour, totaling $1,650 to begin production on job t2. The employeos will be paid next month. (After you journalize this entry please enter the information into Job tiz Cost Sheet) 31-Dec Manufacturing overheed cost was appled using the direct labor hours from Job 12 and the POHR calculated in Question 1. (Atter you joumalize this entry please enter the information into Job 22 Cost Sheet) Post the joumal entries that you rocorded on the "General Journal" tab to the "T-accounts (General Ledger)" tab and calculate the balance for each account. This is the company's first month of business, so there will not be any beginning balances 31-Dec Record the entry in the ganeral joumal to close the Manufacturing Overhead account and adjust for overappliediunderapgled overhead. 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 12 that were worked on during the month by the company. Make sure to follow the format noted - in your book (pg. 109). (Hint: This is the company's first month of operaticns and therefore the beginning balances will be zero)) Prepare an income Statement for the month using the Tradiional Format on the "Income Statement tab Use the following check figures and make any necessary corrections. 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 \#1 Cost Sheet? 16 What is the total product cost from the Job \#1 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 job\#1 was for five tables instead 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 instead of one