Question & Answer: You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufa…..

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 Step 1 manufacturing (no indirect materials used). You will be keeping track of the costs incurred to Cost Sheet and Job #2 Cost Sheet. two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue the tables using Job #1 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 Drawer $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 will be 12 direct labor hours worked during the month. The estimated a. Factory supervisor salary per month b. Rent for the factory per month overhead cost for the month is: Depreciation of factory equipment per month Total Estimated manufacturing overhead $4,500.00 $900.00 $600.00 $6,000.00 c. What is the predetermined manufacturing overhead rate? tep 2 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. tep 3 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 ep 4 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 expense.

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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 Step 1 manufacturing (no indirect materials used). You will be keeping track of the costs incurred to Cost Sheet and Job #2 Cost Sheet. two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue the tables using Job #1 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 Drawer $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 will be 12 direct labor hours worked during the month. The estimated a. Factory supervisor salary per month b. Rent for the factory per month overhead cost for the month is: Depreciation of factory equipment per month Total Estimated manufacturing overhead $4,500.00 $900.00 $600.00 $6,000.00 c. What is the predetermined manufacturing overhead rate? tep 2 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. tep 3 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 ep 4 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 expense.

Expert Answer

Step 1
Predetermined manufacturing overhead rate = Total Estimated manufacturing overhead/direct labor hours
Predetermined manufacturing overhead rate = $6000/12	$500

Step 2
Job Cost Sheet
	Job Number	JOB1		Date Initiated
	Item	Table		Date completed

	Direct Matarials	Direct Labor			Manufacturing Overhead
	Amount	Hours	Rate	Amount	Hours	Rate	Amount
Table Top	$1400	6	20	120	6	$500.00	$3,000.00
Table Leg = 400 x 4	$1,600


	Cost Summary
	Direct Materials		3000
	Direct Labor		120
	Manufacturing Overhead		3000
	Total Product Cost		6120

Job Cost Sheet
	Job Number	Job 2	Date Initiated
	Item	Table with Drawer	Date completed

	Direct Matarials		Direct Labor		Manufacturing Overhead
	Amount	Hours	Rate	Amount	Hours	Rate	Amount
Table Top	1400	3	20	60	3	$500	$1,500
Table Leg = 400 x 4	$1,600
Drawer	$340

	Cost Summary
	Direct Materials	$3,340
	Direct Labor	$60
	Manufacturing Overhead	$1,500
	Total Product Cost	$4,900
	Unit Product Cost	$4,900


Step 4
General Journal
Date	Description	Debit	Credit
Dec 1, 2017	Raw material	$14,000
	Account payable		$14,000

Dec 5, 2017	Work in progess	$3,000
	Raw material		$3,000

Dec 10, 2017	Work in progess	$120
	Salaries and wages payable		$120

	Manufacturing overhead	$3,000
	Salaries and wages payable		$3,000

	Salaries and wages expense	$4,500
	Account payable		$4,500
Dec 15, 2017	Work in progess	$3,340
	Raw material		$3,340

Dec 16, 2017	Manufacturing overhead	$900
	Account payable		$900

Dec 17, 2017	Advertising expense	$1,400
	Account payable		$1,400

Dec 20, 2017	Manufacturing overhead	$150
	Accumulated depreciation		$150

	Depreciation expense	$600
	Account payable		$600

Dec 22, 2017	Work in progress	$3,000
	Manufacturing overhead		$3,000

Dec 26, 2017	Finished goods	$6,120
	Work in progress		$6,120

Dec 28, 2017	Account receivable	$19,000
	Sales revenue		$19,000

	Cost of goods sold	$6,120
	Finished goods		$6,120

Dec 31, 2017	Work in progress	$60
	Salaries and wages payable		$60

	Work in progress	$1,500
	Manufacturing overhead		$1,500

	Cost of Goods Sold	$450
	Manufacturing overhead		$450

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