You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs...

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Accounting

You work for ThunderduckCustom Tables Inc. This is the first month of operations. Thecompany designs and manufactures specialty tables. Each table isspecially customized for the customer. This month, you have beenasked to develop and manufacture two new tables for customers. Youwill design and build the tables. This is a no nail, no screw, andno glue manufacturing ( no indirect materials used). You will bekeeping track of the costs incurred to manufacture the tables usingJob #1 Cost Sheet and Job #2 Cost Sheet.
The cost of the directmaterials that can be used to manufacture the table are as follows.These cost are on a per unit basis.
Table Top $1,400.00
Table Leg $400.00
Drawer   $340.00
The company uses a job order costing system andapplies manufacturing overhead to jobs based on direct laborhours.
The company estimates that there will be 12 directlabor hours worked during the month.
The estimated manufacturing overhead cost for themonth is:
a. Factory supervisor salary per month $4,500.00
b. Rent for the factory per month   $900.00
c. Depreciation of factory equipment per month   $600.00
Total Estimated manufacturing overhead $6,000.00
What is the predetermined manufacturing overheadrate?
Step 2 The first order you receivedwas to manufacture a table using a table top and four legs. This isyour Job #1.
Step 3 The customer that has orderedJob #2, wants a table that is the same as Job #1, but wants to alsoadd a drawer to the table.
Step 4 The following is a list oftransactions that need to be recorded for the company for activityin the month of December. Record those in the "General Journal" tabof the excel file using the proper format. Please use the followingaccounts: Accounts Receivables, Raw materials, Work in process,Finished goods, Accumulated depreciation, Accounts payable,Salaries and wages payable, Sales revenue, Manufacturing overhead,Cost of goods sold, Salaries and wages expense, Advertisingexpenses, and Depreciation expense.
1-Dec Raw Materials purchased onaccount, $14,000.
5-Dec All Raw Materials needed forJob #1 were requisitioned from the material storage for use duringthe month. Assume all materials are direct. (After you journalizethis entry please enter the information into Job #1 CostSheet)
10-Dec The following employee costswere incurred but not paid during the month:
There are three assemblyemployees that spend 2 hours each, $20 per hour to make the tablefor Job #1. (After you journalize this entry please enter theinformation into Job #1 Cost Sheet)
Salary forsupervisor of the factory $5,000.
AdministrativeSalary $2,000.
15-Dec All Raw Materials needed forJob #2 were requisitioned from the material storage for use duringthe month. Assume all materials are direct. (After you journalizethis entry please enter the information into Job #2 CostSheet)
16-Dec Rent for the month of Decemberfor the factory building incurred but not paid $900.
17-Dec Advertising costs incurred butnot paid for the month was $1,400.
20-Dec Depreciation for the month ofDecember was recorded on equipment was $750 ($150 for equipmentused in the factory and the remainder for equipment used in sellingand administrative activities).
22-Dec Manufacturing overhead costwas applied based on direct labor hours to Job #1 based on the POHRdetermined on the "Job Cost Sheet". (After you journalize thisentry please enter the information into Job #1 Cost Sheet)
26-Dec Job #1 was completed andtransferred to Finished Goods during the month.
28-Dec The completed table from Job#1 was sold on account to the customer for $19,000 during themonth. (Hint: Make sure to account for the cost of the table thatwas sold using the cost from the job cost sheet.)
31-Dec Direct labor cost incurred butnot paid for three employees to start manufacturing Job #2. Theemployees only worked one hour each, three hours total, $20 perhour during the month and they did not complete their work on thejob. (After you journalize this entry please enter the informationinto Job #2 Cost Sheet)
31-Dec Manufacturing overhead costwas applied based on direct labor hours to Job #2 based on thePOHR. Only three direct labor hours were worked on Job #2 duringthe month. (After you journalize this entry please enter theinformation into Job #2 Cost Sheet)
31-Dec Any underapplied oroverapplied overhead for the month was closed out to Cost of GoodsSold.
Step 5 Post the journal entries thatyou recorded on the "General Journal" tab to the "T-accounts" tab.This is the company's first month of business, so there will not beany beginning balances. Compute the balance for each T-accountafter all of the entries have been posted.
Step 6 Prepare a Schedule of Cost ofGoods Manufactured and a Schedule of Cost of Goods Sold on the"Schedule of COGM and COGS" tab for Job #1 and Job #2 that wereworked on during the month by the company. Make sure to follow theformat noted in your book (pg. 87). (Hint: This is the company'sfirst month of operations and therefore the beginning balances willbe zero.)
Step 7 Prepare an Income Statement for the month using theTraditional Format on the "Income Statement" tab.
Step 8 Answer the additional questions below
Check Figure: Cost of Goods Manufactured= $6,120,Net operating income=$7,330
What is the ending balance for raw materials?
What is the ending balance for work inprocess?
What is the ending balance for finished goods?
What is the actual manufacturing overhead costincurred during December before adjustment?
What is the total applied manufacturing overheadcost during December before adjustment?
What is the unadjusted cost of goods sold?
Was the manufacturing overhead for the month ofDecember overapplied/underapplied ?
What is the amount of Manufacturing overheadoverapplied/underapplied?
What is the adjusted cost of goods sold?
What is gross margin?
What is the total prime cost for Job#1?
What is the total conversion cost for job #1?
What is the total product cost for job#1?
What was the period cost incurred for the month ofDecember?
What is the total variablecost incurred for Job #1(assume that all selling and administrativecost and all manufacturing overhead costs are fixed.)?
What is the contributionmargin for Job #1 (assume that all selling and administrative costand all manufacturing overhead costs are fixed.)?
What would be the actual (not applied) total fixed manufacturingoverhead cost incurred for the company for the month if the orderin Job #1 is for five tables instead of one table assuming thiscost is with in the relevant range?
PLEASE ANSWER THIS QUESTION IN FULL! Thank you

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Please hit LIKE button if this helped For any further explanation please put your query in comment will get back to you Table Predetermined Overhead Rate Estimated OverheadAllocation Base 600012 500 Date Account Debit Credit Dec 1 Raw Material Inventory 14000 Dec 1 Accounts Payable 14000 Purchase of Raw Material Dec 5 Work in Process Inventory 1800 Actual Dec 5 Raw Material Inventory 1800 Requisition of direct and indirect mat Dec 10 Work in Process Inventory 120 Dec 10 Manufacturing Overhead 5000 Actual Dec 10 Salaries Expense 2000 Dec 10 Salaries and Wages Payable 7120 being labor cost recorded direct and indirect Dec 15 Work in Process Inventory 2140 Raw Material Inventory 2140 Requisition of direct and indirect mat Dec 16 Manufacturing Overhead 900 Accounts Payable 900 Dec 17 Advertising Expense 1400 Accounts Payable 1400 Dec 20 Manufacturing Overhead 150 Actual Dec 20 DepreciationOffice 600 Dec 20 Accumulated Depreciation 750 being ACTUAL See Answer

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You work for ThunderduckCustom Tables Inc. This is the first month of operations. Thecompany designs and manufactures specialty tables. Each table isspecially customized for the customer. This month, you have beenasked to develop and manufacture two new tables for customers. Youwill design and build the tables. This is a no nail, no screw, andno glue manufacturing ( no indirect materials used). You will bekeeping track of the costs incurred to manufacture the tables usingJob #1 Cost Sheet and Job #2 Cost Sheet.
	The cost of the directmaterials that can be used to manufacture the table are as follows.These cost are on a per unit basis.
		Table Top	$1,400.00
		Table Leg	$400.00
		Drawer	$340.00
	The company uses a job order costing system andapplies manufacturing overhead to jobs based on direct laborhours.
	The company estimates that there will be 12 directlabor hours worked during the month.

	The estimated manufacturing overhead cost for themonth is:
	a.	Factory supervisor salary per month	$4,500.00
	b.	Rent for the factory per month	$900.00
	c.	Depreciation of factory equipment per month	$600.00
		Total Estimated manufacturing overhead	$6,000.00

	What is the predetermined manufacturing overheadrate?
Step 2	The first order you receivedwas to manufacture a table using a table top and four legs. This isyour Job #1.
Step 3	The customer that has orderedJob #2, wants a table that is the same as Job #1, but wants to alsoadd a drawer to the table.
Step 4	The following is a list oftransactions that need to be recorded for the company for activityin the month of December. Record those in the "General Journal" tabof the excel file using the proper format. Please use the followingaccounts: Accounts Receivables, Raw materials, Work in process,Finished goods, Accumulated depreciation, Accounts payable,Salaries and wages payable, Sales revenue, Manufacturing overhead,Cost of goods sold, Salaries and wages expense, Advertisingexpenses, and Depreciation expense.
1-Dec	Raw Materials purchased onaccount, $14,000.
5-Dec	All Raw Materials needed forJob #1 were requisitioned from the material storage for use duringthe month. Assume all materials are direct. (After you journalizethis entry please enter the information into Job #1 CostSheet)
10-Dec	The following employee costswere incurred but not paid during the month:
	There are three assemblyemployees that spend 2 hours each, $20 per hour to make the tablefor Job #1. (After you journalize this entry please enter theinformation into Job #1 Cost Sheet)
	Salary forsupervisor of the factory $5,000.
	AdministrativeSalary $2,000.
15-Dec	All Raw Materials needed forJob #2 were requisitioned from the material storage for use duringthe month. Assume all materials are direct. (After you journalizethis entry please enter the information into Job #2 CostSheet)
16-Dec	Rent for the month of Decemberfor the factory building incurred but not paid $900.
17-Dec	Advertising costs incurred butnot paid for the month was $1,400.
20-Dec	Depreciation for the month ofDecember was recorded on equipment was $750 ($150 for equipmentused in the factory and the remainder for equipment used in sellingand administrative activities).
22-Dec	Manufacturing overhead costwas applied based on direct labor hours to Job #1 based on the POHRdetermined on the "Job Cost Sheet". (After you journalize thisentry please enter the information into Job #1 Cost Sheet)
26-Dec	Job #1 was completed andtransferred to Finished Goods during the month.
28-Dec	The completed table from Job#1 was sold on account to the customer for $19,000 during themonth. (Hint: Make sure to account for the cost of the table thatwas sold using the cost from the job cost sheet.)
31-Dec	Direct labor cost incurred butnot paid for three employees to start manufacturing Job #2. Theemployees only worked one hour each, three hours total, $20 perhour during the month and they did not complete their work on thejob. (After you journalize this entry please enter the informationinto Job #2 Cost Sheet)
31-Dec	Manufacturing overhead costwas applied based on direct labor hours to Job #2 based on thePOHR. Only three direct labor hours were worked on Job #2 duringthe month. (After you journalize this entry please enter theinformation into Job #2 Cost Sheet)
31-Dec	Any underapplied oroverapplied overhead for the month was closed out to Cost of GoodsSold.
Step 5	Post the journal entries thatyou recorded on the "General Journal" tab to the "T-accounts" tab.This is the company's first month of business, so there will not beany beginning balances. Compute the balance for each T-accountafter all of the entries have been posted.
Step 6	Prepare a Schedule of Cost ofGoods Manufactured and a Schedule of Cost of Goods Sold on the"Schedule of COGM and COGS" tab for Job #1 and Job #2 that wereworked on during the month by the company. Make sure to follow theformat noted in your book (pg. 87). (Hint: This is the company'sfirst month of operations and therefore the beginning balances willbe zero.)
Step 7	Prepare an Income Statement for the month using theTraditional Format on the "Income Statement" tab.
Step 8	Answer the additional questions below

	Check Figure: Cost of Goods Manufactured= $6,120,Net operating income=$7,330

	What is the ending balance for raw materials?
	What is the ending balance for work inprocess?
	What is the ending balance for finished goods?
	What is the actual manufacturing overhead costincurred during December before adjustment?
	What is the total applied manufacturing overheadcost during December before adjustment?
	What is the unadjusted cost of goods sold?
	Was the manufacturing overhead for the month ofDecember overapplied/underapplied ?
	What is the amount of Manufacturing overheadoverapplied/underapplied?
	What is the adjusted cost of goods sold?
	What is gross margin?
	What is the total prime cost for Job#1?
	What is the total conversion cost for job #1?
	What is the total product cost for job#1?
	What was the period cost incurred for the month ofDecember?
	What is the total variablecost incurred for Job #1(assume that all selling and administrativecost and all manufacturing overhead costs are fixed.)?
	What is the contributionmargin for Job #1 (assume that all selling and administrative costand all manufacturing overhead costs are fixed.)?
	What would be the actual (not applied) total fixed manufacturingoverhead cost incurred for the company for the month if the orderin Job #1 is for five tables instead of one table assuming thiscost is with in the relevant range? PLEASE ANSWER THIS QUESTION IN FULL! Thank you