60.1K

Verified Solution

Link Copied!

2: The cost of the direct materisls that can be used to manufacture the table are as follows. 3: Assume a 565 per hout wage rate to the assembiy enployees. The following b a list of transactions that need to be recorded for the company for activity in the month of 1 December. Record each journal entry in the "General Journal" tab of the excel file using the proper format. Please use the following accounts: Post the journal entries that you recorded on the "General Journa" tab to the "T-accounts (General Ledger)" tab and calculate the ending balance for each account. This is the company's first month of business, 10 2 there will not be any beginning balances. Next. prepare the following journal entry: Jec 31: Record the entry in the general journal to close the Manufacturing Overhead account and adjust for overappled/underapplied averhead. Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the 3 Schedule of COGM and COGS" tab for Job $1 and Job$2 that were worked on during the month by the compary. Make sure to follow the format noted in your book 6g. 115 and 117 ). (Hint: This is the company's first month of eperations and therefore the beginning batances will be zero) 4 Prepare an Income Statement for the month using the Traditional format on the "income Statement" tab. 5 Use the following check figures and make any necessary corrections. Check Figure 1: Cost of Coods Manufactured \$14,950 Check Figure 2: Net Operating Income \$13,975 p6 Answer the following additional questions. Be sure to write all numbers as positive and no answer should be left blank What is the ending balance for row materials? What is the ending balance for work in process? What is the endirg balance for finished goods? What is the ending batance for accounts parable? From the Schedule of Cost of Goods Manufactured, what are the raw materlals used in production? What is the actual manulacturing overhead cost incurred during December? What is the fotal applied manutacturing overhead cost during December? What is the unadjusted cost of goods sold? Was the manulacturing overhead for month December overapplied/underapplied ? Enter either underapplied rapplied. 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 11 Cost Sheet? A 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 an manufacturing overhead costs are fixed.) 19- If joblil 1 was for five tables instead of one, what would be the total amount of variable cost recorded on cost sheet? 20. If the factory has the capacity to produce five tables each month, what would be the total actual fixed manufacturing overhead cost (in doltars) incurred if five tables were produced instead of one

Answer & Explanation Solved by verified expert

See Answer