Someone please help me with all the parts and questions. Thank you! You work for

Question

Someone please help me with all the parts and questions. Thank you!

You work for Thunderduck Custom Tables Ino. This is the first month of operations. The cornpany designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and Step manufacture 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 Table Leg Dravwer $1,400.00 $400.00 $340.00 The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours The company estimates that there wll be 12 direot 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 . Depreciation of factory equipment per month $4,500.00 $900.00 $600.00 $6,000.00 Total Estimated manufacturing overhead What is the predetermined manufacturing overhead rate? Step 2 Step 3 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 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 Step 4 Raw materials, Work in process, Finished goods, Accurnulated depreciation, Accounts payable, Salaries and wages payable Sales revenue, Manufacturing overhead, Gost of goods sold, Salaries and wages expense, Advertising expenses, and Depreciation expense 1 -DecRaw Materials purchased on account, $14,000 All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #1 Cost Sheet) 5-Dec

Explanation / Answer

THUNDERDUCK CUSTOM TABLE INC.

Schedule of cost of goods manufactured

For the month ended December 31 , 20XX

DM purchases

14000

Less: Ending Raw nmaterial

7660

DM used

6340

DL

180

MOH applied

4500

Cost aded to WIP

11020

Less: WIP ennding

4900

COGMF

6120

THUNDERDUCK CUSTOM TABLE INC.

Schedule of cost of goods sold

For the month ended December 31 , 20XX

Beg. Finished goods

0

Cost of goods manufactured

6120

Available for sale

6120

Ending finished goods

0

CGS befre adjustment

6120

Add: Overhead adjustment

1550

Adjusted COGS

7670

THUNDERDUCK CUSTOM TABLE INC.

Income statement

For the month ended December 31 , 20XX

Sales Revenue

19000

Less: COGS

7670

Gross Margin / Profit

11330

Less: Expenses:

Salaries and wages

2000

Advertising

1400

Depreciation

600

Total expenses

4000

4000

Net operating income

7330

Working:

Raw Material

Dec.1

Accounts payable

14000

Dec.5

Work in process (Job.#1)

3000

Dec.15

Work in process

3340

Dec.31

Balance C/o

7660

14000

14000

Accounts Payable

Dec.1

Raw material

16000

Dec.16

Manufacturing Overhead

1200

Dec.17

Advertising Expense

1200

Work in Process

Dec.5

Raw Material

3000

Dec.26

Finished goods

6120

Dec.10

Salaries & Wages Payable

120

Dec.31

Balance C/o

4900

Dec.15

Raw Material

3340

Dec.22

Manufacturing Overhead

3000

Dec.31

Salaries & Wages Payable

60

Dec.31

Manufacturing Overhead

1500

11020

11020

Manufacturing Overhead

Dec.10

Salaries & Wages Payable

5000

Dec.22

Work in process

3000

Dec.16

Accounts Payable

900

Dec.31

Work in process

1500

Dec.20

Accumulated Depreciation

150

dec.31

Cost of goods sold

1550

6050

6050

Cost of goods sold

Dec.26

Finished goods

6120

Dec.31

Income summary

7670

Dec.31

Manufacturing overhead

1550

7670

7670

Finished Goods

Dec.31

Work in process

6120

Dec.31

Cost of goods sold

6120

6120

6120

Accounts Receivable

Dec.28

Sales

21000

Sales

Dec.28

Accounts Receivable

21000

Salaries & Wages Expense

Dec.10

Salaries & Wages Payable

2000

Salaries & Wages Payable

Dec.10

Work in process

180

Dec.10

Manufacturing Overhead

3500

Dec.10

Salaries & Wages Expense

2000

Dec.31

Work in process

90

Advertising

Dec.17

Accounts Payable

1400

Depreciation

Dec.20

Accumulated Depreciation

600

Accumulated Depreciation

Dec.20

Manufacturing Overhead

150

Dec.20

Depreciation

600

THUNDERDUCK CUSTOM TABLE INC.

Schedule of cost of goods manufactured

For the month ended December 31 , 20XX

DM purchases

14000

Less: Ending Raw nmaterial

7660

DM used

6340

DL

180

MOH applied

4500

Cost aded to WIP

11020

Less: WIP ennding

4900

COGMF

6120

THUNDERDUCK CUSTOM TABLE INC.

Schedule of cost of goods sold

For the month ended December 31 , 20XX

Beg. Finished goods

0

Cost of goods manufactured

6120

Available for sale

6120

Ending finished goods

0

CGS befre adjustment

6120

Add: Overhead adjustment

1550

Adjusted COGS

7670

THUNDERDUCK CUSTOM TABLE INC.

Income statement

For the month ended December 31 , 20XX

Sales Revenue

19000

Less: COGS

7670

Gross Margin / Profit

11330

Less: Expenses:

Salaries and wages

2000

Advertising

1400

Depreciation

600

Total expenses

4000

4000

Net operating income

7330

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