Question

i need your help for that question to solve step 1 to 8

QUESTION 1

1. 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	$1,100.00
   		Table Leg	$200.00
   		Drawer	$310.00
   	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	$3,000.00
   	b.	Rent for the factory per month	$600.00
   	c.	Depreciation of factory equipment per month	$600.00
   		Total Estimated manufacturing overhead	$4,200.00
   	What is the predetermined manufacturing overhead rate?
   Step 2	The first order you received was to manufacture a table using a table top and four legs. This is your Job #1.
   Step 3	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, $11,000.
   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:
   	There are three assembly employees that spend 2 hours each, $25 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 $3,500.
   	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 $600.
   17-Dec	Advertising costs incurred but not paid for the month was $1,400.
   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 "Job Cost Sheet". (After you journalize this entry please enter the information into Job #1 Cost Sheet)
   26-Dec	Job #1 was completed and transferred to Finished Goods during the month.
   28-Dec	The completed table from Job #1 was sold on account to the customer for $16,000 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, $25 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
   	Check Figure: Cost of Goods Manufactured= $4,150, Net operating income=$6,750
   	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 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?

i need the answers of step 1,2,3,4,5,6,7,8

just give the answers of step 4,5,6,7&8 that is all i need

Answer 1

	The company design and manufacture Sepciality table
	Need to montior and keeping track of the cost incurred
	to manufacture the Job cost Sheet #1 and Job cost Sheet #2
	Cost of direct Material
	Table Top$	1100
	Table Leg$	200
	Drawer $	310
	Comoany using Job order costing systme and
	Manyfacture OH - calculate based on DLH ( Direct labour Hour)
	Company estimate = 12 DLH worked during the Month
	Estimated manufacturing OH COST for the month
	Factory Supervisory Salary per month $				3000
	Rent for factory per month $				600
	Depreciation of Factory per month $				600
	Total Estimated manufacture OH				4200
	What is pre determined manufacturing OH
	As per Question
	Total Estimated manufacture OH $				4200
	Company estimate = 12 DLH worked during the Month
	What is pre determined manufacturing OH				$4200/12
	Pre determined manufacturing OH $				350

1st Dec	Details	Debit($)	Credit($)
	Raw Material - Inventory	11,000
	Account payable		11,000
5th Dec	Work in process- Inventory	1,900
	Raw Material - Inventory		1,900
	( calculation
	1 table Top =$ 1100
	4 table leg = $200*4=$800
10th Dec	Imporant point to Note that,
	Employee cost incurred but Not paid in the same month
	Details	Debit($)	Credit($)
	Work in process- Inventory	150
	(3*2*$25)
	Supervison Salary- Manufacturing OH	3,500
	Salary Expenses	2,000
	Salary Payable		5,650
15th Dec	Work in process- Inventory	2,210
	Raw Material - Inventory		2,210
	( calculation
	1 table Top =$ 1100
	4 table leg = $200*4=$800
	1 drawer= $310
	Total =$ 1100+$800+$310
16th Dec	Manufacturing OH	600
	Account payable		600
	( rent for the month - Not paid but Liability
17th Dec	Manufacturing OH- Advertisement cost	1,400
	Account payable		1,400
	( Advertisement cost for the month - Not paid but Liability
20th Dec	Manufacturing OH	150
	Depreciation - office	600
	Accumulated depreciation		750
22nd Dec	Work in process- Inventory	2,100
	Manufacturing OH		2,100
	( 3*2*$350 ( Pre determined OH)
26TH Dec	Finished goods	4,150
	Work in process- Inventory		4,150	( as per Question)
28TH Dec	Account Receivable	16,000
	Sales		16,000
28TH Dec	Cost of goods sold	4,150
	Finished goods		4,150
31st Dec	Work in process- Inventory	75
	Salary Payable		75
	(3 hrs *$25/hr)
31st Dec	Work in process- Inventory	1,050
	Manufacturing OH		1,050
	( 3 Hrs * $ 350 / hr Pre determined OH rate
31st Dec	Cost of goods sold	1,100
	Manufacturing OH		1,100

Raw Material
	Details	Debit($)	Details	Credit($)
1st Dec	Account Payable	11000
5th Dec			Work In process - Inventory	1900
15th Dec			Work In process - Inventory	2210
			Closing Balance	6890
Total		11000		11000
Work in process
	Details	Debit($)	Details	Credit($)
5th Dec	Raw Material - Inventory	1900	Finished goods	4150
10th Dec	Salary Payable	150
15th Dec	Raw Material - Inventory	2210
22ND Dec	Manufacturing OH	2100
31st Dec	Salary payable	75
31st Dec	Inventory - Manf OH	1050	Closing Balance	3335
Total		7485		7485
Manufacturing OH
	Details	Debit($)	Details	Credit($)
22ND Dec			Manufacturing OH	2100
10th Dec	Salary Payable	3500
16th Dec	Account payable	600
20th Dec	Asset Depreciation	150
31st Dec			Work in process- Inventory	1050
			Cost of goods sold	1100
Total		4250	Total	4250

	Job 1 Costing
	Direct Material$	Direct Labour$			Manf OH
		Hr	Rate	Amnt	Hr	Rate	Amnt $	Amnt $
5th Dec	1900							1900
10th Dec		6	25	150				150
22nd Dec					6	350	2100	2100
Total Cost Shipped								4150

	Job 2 Costing
	Direct Material$	Direct Labour$			Manf OH
		Hr	Rate	Amnt	Hr	Rate	Amnt $	Amnt $
15th Dec	2210							2210
31st Dec		3	25	75				75
31st Dec					3	350	1050	1050
Total Cost Shipped								3335

Raw Material Ending Bal -$ 6890

Work in process ending bal -$ 3335

What is the actual manufacturing OH before adjustment - $ 4250 ( please see above T account - Debit side )

What is applied manufacturing OH before applied - $ 3150 ( T account - credit side $ 2100 + $ 1050)

Adjusted cost of goods sold - $4150 as per question

What is the manufacturing OH applied - Over or under-$ 1100 ( please see T account - Manf OH )

Adjusted cost of Goods sold - $ 5250 Gross Margin - Sales - $ 16000 -Cost of goods sold -$ 5250=$0750

prime cost for Job 1 - Material + Labour =$1900+$150=2050. Conversion cost - Job 2- Labour +oh=$75+1050=$1125

Total Product cost Job 1- Material+ labour+OH -$ 4150 ( Please see above Job 1 cost sheet)

Total period cost -Salary+ dep + advertisement - $2000+$600+$1400=$4000

Total variable cost in Job 1 - Material + Labour -$ 1900$150=$ 2050

Contribution margin- Revenue - Variable cost - $ 16000-$ 2050=$13950

Actual ( not applied )- $ 4200 ( 12 Hrs *$ 350/hr)