Description
Open the attached excel file,
The file includes blank templates for Job # Cost Sheer, Job #2 Cost Sheet, General Journal. T-Accounts (General Ledger), Schedule of Cost of Goods Manufactured, Cost of goods sold and Income Statement.
- The project includes 8 steps. Complete Step 1 - 8 by entering the appropriate accounting information in your template. Please use your name as the name of the company for the purpose of completing titles in your excel documents (Ex. John Smith, Inc.). After completing step 1 to 8 save your final template using the following name format: ACCT_2302_Project_Yourfirstname_Yourlastname, Example: ACCT_2302_Project_John_Smith.
- Record your answers to fill in the blank questions under steps 1, and 8 using the information from your template.
- Submit the completed excel file as an attachment
- All the 8 steps and questions are also attached in the word docs.
Unformatted Attachment Preview
Purchase answer to see full attachment
Explanation & Answer
Hi,Please find attached the proposed answers to the questions.Do not hesiate to contact me if you have any question.
Open the attached excel file “ACCT 2302 Project Excel Template”. The file includes blank
templates for General Journal. T-Accounts (General Ledger), Job #1 Cost Sheet, Job #2 Cost
Sheet, Schedule of Cost of Goods Manufactured, Cost of Goods Sold and Income Statement.
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 $1,200.00
Table Leg
Drawer
$250.00
$320.00
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 $3,500.00
b.Rent for the factory per month $700.00
c.Depreciation of factory equipment per month
$600.00
Total Estimated manufacturing overhead $4,800.00
What is the predetermined manufacturing overhead rate? $4,800 / 12 Direct labor hours =
$400 per Direct Labor Hour
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, $12,000.
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, $30 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 $4,000.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 $700.
17-Dec Advertising costs incurred but not paid for the month was $1,600.
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 determ...