1

This my question and i only need help with step 4,5,6,7,8 and thats it. Step 1...

Question

This my question and i only need help with step 4,5,6,7,8 and thats it. Step 1...
this my question and i only need help with step 4,5,6,7,8 and thats it.
Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufacture
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. T
28-Dec The completed table from Job #1 was sold on account to the customer for $15,000 during the month. (Hint: Make sure to
Step 7 Prepare an Income Statement for the month using the Traditional Format on the income Statement tab. Step 8 Answer the


You work for Thunderduck Custom Tables incThis is the first month of persons. The company designs and manufactures Specialty
10-Dec The following employee costs were incurred but not paid during the month There are three assembly employees that spend
Step 5 Post the journal entries that you recorded on the General Journal tab to the T-accounts tab. This is the companys


Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufacture
What is the predetermined manufacturing overhead rate? Step 2 Step 3 The first order you received was to manufacture a table
10-Dec The following employee costs were incurred but not paid during the month: There are three assembly employees that spen
31-Dec Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked o
Step 6 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the Schedule of COGM and COG
What is the actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufact
Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overh
Step 1 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. 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 $1,000.00 Table Leg $ 150.00 Drawer 5 300.00 The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours. The company estimates that there will be 12 direct 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 Total Estimated manufacturing overhead $ 2.500.00 5500.00 5600.00 $ 3.000.00 What is the predetermined manufacturing overhead rate? Step 2 Steo 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 tob #2 wants a table that is the same as lob #1 but wants to also add a drawer to the table.
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. Step 4 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. 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, Advertising expenses, and Depreciation expense. 1-Dec Raw Materials purchased on account 510.000 5-Dec Al Raw Materials needed for job were requisitioned from the material storage for use during the month. Assume all materials are direct. After you journal ze 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: There are three assembly employees that spend 2 hours each $20 per hour to make the table for job. 1. (After you journalize this entry please enter the information to job at Cost Sheet Salary for supervisor of the factory $3.000. Administrative Salary 52.000 All Raw Materials needed for job 2 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 00 =2 Cost Sheet) 16-Dec Rent for the month of December for the factory building incurred but not paid 5500
28-Dec The completed table from Job #1 was sold on account to the customer for $15,000 during the month. (Hint: Make sure to account for the cost of the table that was sold using the cost from the job cost sheet.) 31-Dec Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $20 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor hours were worked on Job #2 during the month. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold. Step 5 Post the journal entries that you recorded on the "General Journal" tab to the T-accounts" tab. This is the company's first month of business so there will not be any beginning balances. Compute the balance for each T-account after all of the entries have been posted Step 6 Prepare a schedule of Cost of Goods Vanufactured and a Schedule of Cost of Goods Sold on the schedule of COGM and COGS tab for job and JOD #2 that were worked on during the month by the company. Make sure to follow the format noted to your book (og. 87). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero) Step 7 Prepare an income Statement for the month using the Traditional Format on the income Statement tab. Step 8 Answer the additional questions below
Step 7 Prepare an Income Statement for the month using the Traditional Format on the income Statement" tab. Step 8 Answer the additional questions below Check Figure: Cost of Goods Manufactured= $3.520. Net operating income-56.730 What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of December overapplied/underapplied What is the amount of Manufacturing overhead overapplied/underapplied? What is the adjusted cost of Foodt 1010? What is gross margin? What is the total prime cost for job#1? What is the total conversion cost for job ? What the total product cost for job? What was the period cont incurred for the month of December? What is the total variable cont incurred for job assume that all selling and administrative cont and all manufacturing Overhead C arex ume that all telling and administrative cost and What is the contribution Marino Job=1 ( cturing Overhess Care ? a What would be the actual (not applied totalyed manufacture overhead coincurred for the coreany for the month if the order in jou l'or five tables tead of one table assuming with in the relevant og
You work for Thunderduck Custom Tables incThis is the first month of persons. 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 This is an a r e and no pue manufacturing i 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 that are as follows. These cast are on a per unit basis Table Top 5100000 Table Leg $ 150.00 Drawer $ 300 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 will be 12 ct labor hours worked during the month The estimated manufacturing overhead cost for the months & Factory supervisor salary per month Rent for the factory per month Depreciation of factory equipment per month Total Estimated manufacturing overhead 5250000 $500.00 560000 $3600.00 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 21 The customer that has ordered job 2 wants a table that is the same as job , but wants to also add a drawer to the table. Step 4 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, Raw materials, Work in process. Finished goods. Accumulated depreciation Accounts payable, Salaries and wages payable, Sales revenue Manufacturing overhead, Cost of goods sold Saares and was expense, Advertising expenses, and Depreciation expense. 1-Dec Raw Material purchased on account, $10,000 5-Dec All Raw Materials needed for job at 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 at Cost Sheet 10 Dec The following employee costs were incurred but not paid during the month There are three assembly employees that spend 2 hours each.520 per hour to make the table for job 1. After you journalize this entry please enter the information into job 1 Cost Sheet Salary for supervisor of the factory SR 000 Administrative Salary $2.000 15 Dec All Raw Materials needed for job 2 were requisitioned from the material storage for use during the month Assume all materials are direct Aer you journal this try please enter the information inte job 2 Cost Sheet 16-Dec Rent for the month of December for the factory building incurred but not paid $500 17-Dec Advertising costs incurred but not paid for the month was 51200 20 Dec Depreciation for the month of December was recorded on equipment was $750 (5150 for equipment used in the factory and the remainder for equipment used in seng and administrative activities 22-Dec Manufacturing overhead cost was applied based on direct labor hours Cost Sheet Ater you jou this entry please enter the information s based on the POHR determined on the job Cost Sheet 26-Dec Job i was completed and transferred to shed Goods during the month in Make sure to 23-Dec The completed table from job was sold on account to the customer for 15 000 during the month account for the cost of the table that was sold using the cost from the cost sheet.) 31-Dec Director Coincurred but not paid for the employees to manufacturing 2 The employees only worked one hour each three hours total 520 per hour during the month and they did not complete their work on the job. After you Journage this entry please enter the information into 2 Cost Sheet
10-Dec The following employee costs were incurred but not paid during the month There are three assembly employees that spend 2 hours each 20 per hour to make the table for job . A r you ournalize this entry please enter the information into a cost Sheet Salary for supervisor of the factory 53.000 Administrative Salary $2.000 All Raw Materials needed for job 2 were regioned from the m o re for use during the month Assume materials are director you this entry please enter the cost She 15-Dec Rent for the month of December for the factory building incurred but not paid $500 16 Dec 17-Dec Advertising costs incurred but not paid for the month $1.200 20 Dec Depreciation for the month of December was recorded on equipment was 5750 15150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities 22 Dec Manufacturing overhead cost was applied based on direct labor hours to job based on the POHR determined on the job Cost Sheet". After you jou this entry on the informonit job 1 Cost Sheet) 26 Dec job at was completed and transferred to Finished Goods during the month 28-Dec The completed table from job was sold on account to the customer for $15.000 during the month (Hint: Make sure to account for the cost of the table that was sold in the cost from the cost sheet.) 31-Dec Direct labor cost incurred but not paid for the employees to manufacturing 2 The employees only worked one hour each, three hours total 520 per hour during the month and they did not complete the work on the job. (After you ournalize this entry please enter the information into 2 Cost Sheet 31 Dec Manufacturing overhead cost was applied based on direct labor hours to job 2 based on the POHR. Only three direct labor hours were worked on job 2 during the month after you journure this entry please enter the information intojoba2 Cost Sheet) 31-Dec Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold Step 5 Post the journal entries that you recorded on the General Journal to the accounts tab. This is the company's first month of business, so there will not be any beginning balances Compute the balance for each Taccount after all of the entries have been posted Step 6 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 2 that were worked on during the month by the company. Make sure to follow the format noted in your book pg, 87)(Hint: This is the company's first month of operations and therefore the beginning balances will bezero) Step 7 Prepare an Income Statement for the month using the Traditional Format on the income Statement" tab. Step 8 Answer the additional questions below Check Figure: Cost of Goods Manufactured=$3.520. Net operating income $6.730 What is the ending balance for raw materials What is the ending balance for work in process What is the ending balance for finished goods? What is the actual manufacturing overhead cast incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment What is the unadjusted cost of goods sold Was the manufacturing overhead for the month of December overaldiunderapplied?
Step 5 Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first month of business, so there will not be any beginning balances. Compute the balance for each T-account after all of the entries have been posted. Step 6 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 2 that were worked on during the month by the company. Make sure to follow the format noted in your book (pg. 87). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.) Step 7 Prepare an Income Statement for the month using the Traditional Format on the income Statement tab. Step 8 Answer the additional questions below Check Figure: Cost of Goods Manufactured=$3.520, Net operating income-56,730 What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/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 of December? What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What is the contribution margin for Job #1 (assume that all selling and administrative cost and
Step 1 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. 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 $1,000.00 Table Leg $ 150.00 Drawer $ 300.00 The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours. The company estimates that there will be 12 direct 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 Total Estimated manufacturing overhead $ 2.500.00 $500.00 5600.00 5 3.600.00
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. Step 4 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, 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. Advertising expenses, and Depreciation expense. 1-Dec Raw Materials purchased on account $10.000 5-Dec 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) 10-Dec The following employee costs were incurred but not paid during the month: . After you jourWalize There are three assembly employees that spend 2 hours each 520 per hour to make the table for job this entry please enter the information into Job Cost Sheet) Salary for supervisor of the factory $3.000.
10-Dec The following employee costs were incurred but not paid during the month: There are three assembly employees that spend 2 hours each. $20 per hour to make the table for job #1. (After you journalia this entry please enter the information into Job #1 Cost Sheet) Salary for supervisor of the factory $3,000. Administrative Salary $2.000 15-Dec All Raw Materials needed for Job #2 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 #2 Cost Sheet) 16-Dec Rent for the month of December for the factory building incurred but not paid $500. 17-Dec Advertising costs incurred but not paid for the month was 51,200. 20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities). 22-Dec Manufacturing overhead cost was applied based on direct labor hours to job#1 based on the POHR determined on the "ob Cost Sheets. After you journalize this entry please enter the information into Job Cost Sheet) 26-Dec Job wt was completed and transferred to Finished Goods during the month. 28-Dec The completed table from job was sold on account to the customer for $15.000 during the month (Hint: Make sure to account for the cost of the table that was sold using the cost from the job cost sheet)
31-Dec Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $20 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec Manufacturing overhead cost was applied based on direct labor hours to job #2 based on the POHR. Only three direct labor hours were worked on Job #2 during the month. After you journalize this entry please enter the information into Job #2 Cost Sheet) 31-Dec Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold. Step 5 Post the journal entries that you recorded on the "General Journal" tab to the 'T-accounts" tab. This is the company's first month of business. so there will not be any beginning balances. Compute the balance for each T-account after all of the entries have been posted. Step 6 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 #2 that were worked on during the month by the company. Make sure to follow the format noted in your book (pg 87). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.) Step 7 Prepare an income Statement for the month using the Traditional Format on the income Statement'tab. Step 8 Answer the additional questions below
Step 6 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 #2 that were worked on during the month by the company. Make sure to follow the format noted in your book (pg. 87). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.) Step 7 Prepare an Income Statement for the month using the Traditional Format on the income Statement tab. Step 8 Answer the additional questions below Check Figure: Cost of Goods Manufactured = $3.520. Net operating income-56.730 What is the ending balance for raw materials? What is the ending balance for work in process? What is the ending balance for finished goods? What is the actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/underapplied
What is the actual manufacturing overhead cost incurred during December before adjustment? What is the total applied manufacturing overhead cost during December before adjustment? What is the unadjusted cost of goods sold? Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/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 17 What is the total product cost for job? What was the period cost incurred for the month of December? What is the total variable cost incurred for Job (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What is the contribution margin for job a assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)?
Was the manufacturing overhead for the month of December overapplied/underapplied ? What is the amount of Manufacturing overhead overapplied/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 of December? What is the total variable cost incurred for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if the order in Job #1 is for five tables instead of one table assuming this cost is with in the relevant range?

Answers

Step 4 Journal entries
Sr. No. Particulars Debit Credit
1-Dec Raw Materials Dr. $10,000
            Accounts payable $10,000
(Being Raw materials purchased on account)
5-Dec Work in Process                              Dr. $     1,600
             Raw Materials $1,600
(Being Raw materials issued for use in Job #1)
10-Dec Work in Process       (2 hours* 3 employees*$20 per hour)    Dr. $120
Manufacturing Overhead                        Dr. $3,000
Salaries and Wages Expense                        Dr. $2,000
            Salaries and wages payable                   5,120
(Being employee cost incurred)
15-Dec Work in Process                                              Dr. $1,900
             Raw Materials $1,900
(Being Raw materials issued for use in Job #2)
16-Dec Manufacturing Overheads    Dr. $500
            Rent Payable $500
(Being Rent for the facry building incurred )
17-Dec Advertising Expenses    Dr. $1,200
            Advertising Expenses Payable $1,200
(Being Advertising Expenses incurred)
20-Dec Manufacturing Overhead                       Dr. $150
Depreciation expense      Dr. $600
            Accumulated depreciation $750
(Being depreciation charged on facry and office equipments)
22-Dec Work in Process                                                                   Dr.         1,800
            Manufacturing Overheads    $1,800
(Being Manufacturing Overheads charged job #1 @ $300 per direct labour) (300 * 6)
26-Dec Finished Goods    Dr.         3,520
            Work in Process $3,520
(Being job #1 completed)
28-Dec Cost of goods sold                            Dr. $3,520
            Finished Goods   $3,520
(Being goods sold transferred)
28-Dec Accounts Receivable Dr. $15,000
            Sales Revenue $15,000
(Being goods sold on account)
31-Dec Work in Process      (1 hour* 3 employees*$20 per hour) Dr. $60
            Salaries and wages payable $60
(Being direct labor cost incurred)
31-Dec Work in Process                                                                      Dr. $900
            Manufacturing Overheads    $900
(Being Manufacturing Overheads charged job #2 @ $300 per direct labour) (300 * 3)
31-Dec Cost of goods sold                                                                    Dr. $        950
            Manufacturing Overheads    $950
(Being underapplied overheads charged)

Step 5 T- Accounts Raw materials $ To Balance b/d To Accounts payable By Work in Process By Balance c/d 3,500 6,500 $ 10,000

To Sales Revenue Accounts Receivables $ 15,000 By Balance c/d $ 15,000 15,000 15,000 Sales Revenue 15,000 To Balance c/d $ By

To Balance c/d Advertising Expenses Payable $ 1,200 Advertising Expenses $ 1,200 $ $ 1,200 1,200 To Balance c/d Accounts Paya

Manufacturing Overheads are underapplied for the month.
Actual manufacturing overheads incurred   $        3,650
Applied manufacturing overheads (1800+900) $        2,700
Underapplied overheads   $           950
Step 6 Schedule of Cost of Goods Manufactured :-
Thunderduck Custom Tables Inc.
Schedule of Cost of Goods Manufactured
For the Month Ended December 31, 20XX
Particulars
Raw material used $ 3,500
Direct Labor $     180
Add: Manufacturing Overheads $ 2,700
Total manufacuring costs $ 6,380
Add: Beginning inventory of Work in Process $        -  
Total Cost of Work in process $ 6,380
Less: Ending inventory of Work in Process $ 2,860
Cost of Goods manufactured $ 3,520
Thunderduck Custom Tables Inc.
Schedule of Cost of Goods Sold
For the Month Ended December 31, 20XX
Beginning inventory of Finished Goods $        -  
Add: Cost of Goods manufactured $   3,520
Cost of Goods available for sale $   3,520
Less: Ending inventory of Finished Goods $        -  
Unadjusted Cost of Goods sold $ 3,520
Add: Underapllied overheads charged $      950
Adjusted Cost of Goods sold $ 4,470
Step 7 Income Statement for the month
Thunderduck Custom Tables Inc.
Income Statement
For the Month Ended December 31, 20XX
Sales $   15,000
Less: Cost of Goods sold $     4,470
Gross margin $ 10,530
Less: Salaries and wages Expense $     2,000
Less: Advertising Expense $     1,200
Less: Depreciation Expense $        600
Net operating income $     6,730
Step 8 Additional Questions
1 What is the ending balance for raw materials? (See Raw materials T-account above) $              6,500
2 What is the ending balance for work in process? (See Work in process T-account above) $              2,860
3 What is the ending balance for finished goods? (See Finished Goods T-account above) $                   -  
4 What is the actual manufacturing overhead cost incurred during December before adjustment? (See Manufacturing overheads T-account total above) $              3,650
5 What is the total applied manufacturing overhead cost during December before adjustment?   $              2,700
6 What is the unadjusted cost of goods sold? (See Schedule of Cost of Goods sold) $              3,520
7 Was the manufacturing overhead for the month of December overapplied/underapplied ?   Underapplied
8 What is the amount of Manufacturing overhead overapplied/underapplied? (See above working) $                 950
9 What is the adjusted cost of goods sold? (See Schedule of Cost of Goods sold) $              4,470
10 What is gross margin? ((10530/15000)*100) 70.20%
11 What is the total prime cost for Job#1? (Direct materials Cost+ Direct labor cost) $              1,720
12 What is the total conversion cost for job #1? (Direct labor cost+ Manufacturing overhead cost) $              1,920
13 What is the total product cost for job#1? (See cost summary in Job cost sheet) $              3,520
14 What was the period cost incurred for the month of December?   (Salaries of supervisor +Rent) $              3,500
15 What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? (Direct materials Cost+ Direct labor cost) $              1,720
16 What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? (Sales- variable cost as per 15 q.) $            13,280
17 What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if the order in Job #1 is for five tables instead of one table assuming this cost is with in the relevant range? (Fixed manufacturing cost will remain the same irrespective of no. of units produced) (See Manufacturing overheads T-account total above) $              3,650

Feel free to ask any clarification, if required. Kindly provide feedback by thumbs up, if satisfied. It will be highly appreciated.
Thank you.


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