QUESTION 1 The first order you received was to manufacture a table using a table

Question

QUESTION 1

The first order you received was to manufacture a table using a table top and four legs. This is your Job #1. Go to the "Job #1 Cost Sheet" tab. There are three assembly employees that spend 2 hours each to make the table. Here, you will calculate the cost of making the table by calculating the direct material, direct labor and applied overhead cost. Complete the job cost sheet by calculating the direct material, direct labor and manufacturing overhead applied that would be incurred for job #1.

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?

Job Cost Sheet Job Number Date  Initiated Item Date completed Direct Matarials Direct Labor Manufacturing Overhead Amount Hours Rate Amount Hours Rate Amount Cost Summary Direct Materials Direct Labor Manufacturing Overhead Total Product Cost Unit Product Cost

Explanation / Answer

In the books of Thunderduck Custom Tables Inc. :

Thunderduck Customs Tables Inc.

Schedule of Cost of Goods Manufactured

For the month ended December 31, 20XX

Thunderduck Customs Tables Inc.

Cost of Goods Sold

For the month ended December 31, 20XX

Thunderduck Customs Tables Inc.

Income Statement

For the month ended December 31, 20XX

Date General Journal Debit Credit $ $ Dec 1 Raw Materials Inventory 19,000 Accounts Payable 19,000 Dec 5 Work in Process Inventory 4,300 Raw Materials Inventory 4,300 Dec 10 Work in Process Inventory ( 3 x 2 x $ 25) 150 Manufacturing Overhead 5,000 Salaries Expense 2,000 Salaries and Wages Payable 7,150 Dec 15 Work in Process Inventory 4,690 Raw Materials Inventory 4,690 Dec 16 Manufacturing Overhead 1,500 Accrued Expenses 1,500 Dec 17 Advertising Expense 1,200 Accrued Expenses 1,200 Dec 20 Manufacturing Overhead 150 Depreciation Expense 600 Accumulated Depreciation: Equipment 750 Dec 22 Work in Process Inventory ( 6 hours x $ 550) 3,300 Manufacturing Overhead 3,300 Dec 26 Finished Goods Inventory 7,750 Work in Process Inventory 7,750 Dec 28 Accounts Receivable 24,000 Sales 24,000 Dec 31 Work in Process Inventory 75 Salaries and Wages Payable 75 Dec 31 Work in Process Inventory 1,650 Manufacturing Overhead 1,650 Dec 31 Cost of Goods Sold 1,700 Manufacturing Overhead 1,700

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