Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Smith inc uses a job order costing system with the predetermined

22/12/2020 Client: saad24vbs Deadline: 12 Hours

How to start


 https://youtu.be/QJIIjchPtX4




Job Order Costing - Comprehensive Example Part 1


 https://youtu.be/K26YTSyyg2E




Job order Costing - Comprehensive Example Part 2


 https://youtu.be/Mab3ze6jaBE




Job order Costing Comprehensive Example Part 3


 https://youtu.be/ds38YqBlLlg




Frequently asked questions for JOC project


 https://youtu.be/9oS8rwGls0I






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 in the link under Required III.




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 $ 2,000.00


  Table Leg $ 650.00


  Drawer $ 400.00




  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 $2,500.00


  b. Rent for the factory per month $500.00


  c. Depreciation of factory equipment per month $600.00


  Total Estimated manufacturing overhead $3,600.00




  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




Here you will find a list of transactions that must be recorded for the company for the month of December. On the "General Journal" tab, you will record all of these entries in proper journal entry format. The following is a list of transactions that need to be recorded for the company for activity in the month of December. Record these in the "General Journal" tab using the proper journal entry 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, $20,000.




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 $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 $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 $25,000 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, $30 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= $6,580, Net operating income=$13,470




  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?

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
University Coursework Help
Helping Hand
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

UN - We look forward to hearing from you business letter - A small good thing raymond carver summary - Coles general safety induction card renewal - Kyds youth drama society - Advanced Levels of Clinical Inquiry and Systematic Reviews - Characteristics of full wave rectifier - Rams home loan application form - Aba equal interval graph example - Characterisation in the giver - Anova business statistics HW - Fundamentals of internet networking concepts - Econ hw - Curtis v chemical cleaning - In exile poem analysis arthur nortje - Qct full registration portfolio examples - Celf 5 sample report - Add a step up process smartart diagram to the slide - Aristotle book 1 chapter 7 - Bailey and burch ethics scenarios - Problems caused by accounting diversity - Demonstrates outstanding ability to compare and develop highly functional and valuable performance tools/measures/practices and overall performance management system for the organisational case. - Identifying and correcting sentence fragments - Australian journal of environmental education - How to answer short story questions - Shark nerds always ran the projector - Economics-Microecon theory: Give two examples of insurance that you would or would not consider buying right now. Explain - Wendy's a plan for international expansion - High school stories scandals pranks and controversies episode list - Bent little finger dominant or recessive - 100 kva ups emerson - Letter from birmingham jail thesis statement - Hamer hall seating capacity - Warby ovens national park - Count on you like 4 3 2 - Greenhouse geisser correction factor - No title need it 5 to 6 paragraph, it is a Reflection Paper!!!!! It is important to add my working style is Examine extreme, explore deliberate, excite deliberate and execute deliberate, My report is attach, - Mr barton aqa a level maths - Usc health sciences campus map - The story of yingying summary - What are positive risks in project management - Oms charging 1 jazz unsubscribe code - Physics - Jory henley - Cl2co lewis structure molecular geometry - Online discussion - Rate my teacher john abbott - Company Presentation - Electromagnetic radiation spectrum poster - Lithium hydroxide lioh is used in spacecraft - Anita roddick the body shop - Edward jones seating chart rows - I need 300 words on Business Management - Which of the following material has maximum ductility - Greatest integer function of 2x - Final project - Lightweight ICO Whitepaper / Practical Connection Assignment - Ready player one opening scene - Journal - Roman empire questions and answers - The hobbit teaching guide pdf - Dr mark nesselson pediatrician - Year 9 body systems test - Single threaded rendering contract wars - Perdue farms case study - Coca cola target segment - Good to great the hedgehog concept - Deluxe corporation case study 35 - Hp 2530 48g switch j9775a manual - Then morris gleitzman teaching resources - Wasserman, Charleston Shooting(2015).jpg - Lesson plan 2020 - Qualitative analysis of group 1 cations conclusion - Bruce stevenson toyota launceston - Credentialed community language test - Where sears went wrong - Discussion #25 - Illiad inc has decided to raise additional capital by issuing - Yarra trams 96 disruptions - Convert 180f to c - A department store sells sport shirts in three sizes - Interior decorating proposal example - How is the recurrence interval for a flood determined - My program worksheet hcs 305 answers - Hsc multiple choice questions - Casio fx 82ms tricks - Discussion - Wireshark capture filter source ip address - Bus/475 - Bandit trophy donut county - Homemade concrete block incinerator - 90 day sales plan - Interview of an entrepreneur assignment pdf - Gattaca movie assignment discussion questions answers - Measuring sugar content of a liquid with a laser pointer - 18 gladstone street warragul - Determine the Drivers of Motivation and Well-Being in the 21st Century Global Organization - Deliverable 6 – 5500 Conflict Management and Negotiation Strategies - Nice traffic light system - Petty cash system is designed - One pass shell and tube heat exchanger