SOLUTION: ACCT 2302 Richland College Job Order Costing & Schedule of Cost of Goods Paper

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 blanktemplates for General Journal. T-Accounts (General Ledger), Job #1 Cost Sheet, Job #2 CostSheet, Schedule of Cost of Goods Manufactured, Cost of Goods Sold and Income Statement.Step 1You work for Thunderduck Custom Tables Inc. This is the first month of operations. Thecompany designs and manufactures specialty tables. Each table is specially customized for thecustomer. This month, you have been asked to develop and manufacture two new tables forcustomers. You will design and build the tables. This is a no nail, no screw, and no gluemanufacturing ( no indirect materials used). You will be keeping track of the costs incurred tomanufacture the tables using Job #1 Cost Sheet and Job #2 Cost Sheet. The cost of the directmaterials that can be used to manufacture the table are as follows. These cost are on a per unitbasis.Table Top $1,200.00Table LegDrawer$250.00$320.00The company uses a job order costing system and applies manufacturing overhead to jobsbased 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 $3,500.00b.Rent for the factory per month $700.00c.Depreciation of factory equipment per month$600.00Total Estimated manufacturing overhead $4,800.00What is the predetermined manufacturing overhead rate? $4,800 / 12 Direct labor hours =$400 per Direct Labor HourStep 2The first order you received was to manufacture a table using a table top and four legs. This isyour Job #1.Step 3 The customer that has ordered Job #2, wants a table that is the same as Job #1, butwants 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 foractivity in the month of December. Record those in the “General Journal” tab of the excel fileusing the proper format. Please use the following accounts:Accounts Receivables, Raw materials, Work in process, Finished goods, Accumulateddepreciation, Accounts payable, Salaries and wages payable, Sales revenue, Manufacturingoverhead, Cost of goods sold, Salaries and wages expense, Advertising expenses, andDepreciation 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 useduring the month. Assume all materials are direct. (After you journalize this entry please enterthe 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 tablefor Job #1. (After you journalize this entry please enter the information into Job #1 CostSheet)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 foruse during the month. Assume all materials are direct. (After you journalize this entry pleaseenter 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 ($150for equipment used in the factory and the remainder for equipment used in selling andadministrative activities).22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 basedon the POHR determ…

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