ask a expert You work for 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. The company does not have indirect materials. You will keep track of the

costs incurred to manufacture the tables using Job #$1$ Cost Sheet and Job #$2$ Cost Sheet. The

company uses a job order costing system and applies manufacturing overhead to jobs based on

direct labor hours. The total estimated manufacturing overhead costs per month is $$6,300.$ The

company estimates that there will be $120$ direct labor hours worked during the month. $1-$ What

is the predetermined overhead rate $($POHR$)?$ Data $2$: The cost of the direct materials that can

be used to manufacture the table are as follows. Table Top $$2,500$ Table legs, quantity $4($ $$900$

per leg$)$ $$3,600$ Drawer $$450$ Data $3$: Assume a $$50$ per hour wage rate to the assembly

employees. Step $1$ The following is a list of transactions that need to be recorded for the

company for activity in the month of December. Record each journal entry in the "General

Journal" tab of the excel file using the proper format. Please use the following accounts:

Accounts payable Depreciation expense Salaries and wages expense Accounts receivables

Finished goods Salaries and wages payable Accumulated depreciation Insurance expense

Advertising expense Manufacturing overhead Work in process Cost of goods sold Raw

materials Sales revenue Dec $1$:Raw materials purchased on account, $$25,000$ Dec $5$:The first

order you received was to manufacture a table using a table top and four legs. This is your Job

#$1.$ All raw materials needed for Job #$1$ were requested from the material storage for use during

the month. All materials are direct. $($After you journalize this entry please enter the information

into Job #$1$ Cost Sheet$)$ Dec $10$: The following employee costs were incurred but not paid during

the month: Direct labor for Job #$1,$ consisted of $60$ hours at a rate of $$50$ per hour, totaling

$$3,000.($After you journalize this entry please enter the information into Job #$1$ Cost Sheet$)$

Salary for factory supervisor $$2,800.$ Administrative salary $$1,800.$ Dec $12$:Manufacturing

overhead cost was applied based on direct labor hours to Job #$1$ using the POHR calculated in

Question $1.($After you journalize this entry please enter the information into Job #$1$ Cost Sheet$)$

Dec $15$:The second order you received was to manufacture a table using a table top, four legs

and a drawer. This is your Job #$2.$ All raw materials needed for Job #$2$ were requested from the

material storage for use during the month. All materials are direct. $($After you journalize this entry

please enter the information into Job #$2$ Cost Sheet$)$ Dec $16$:Factory rent incurred but not paid

for the month was $$1,100.$ Dec $17$:Advertising costs incurred but not paid for the month was

$$1,200.$ Dec $20$:Depreciation on equipment for the month of December was $$650($ $$450$ for

equipment used in the factory and $$200$ for equipment used in selling and administrative

activities$).$ Dec $23$:Property insurance incurred but not paid $$2,250($ $$1,800$ for the factory and

$$450$ for selling and administrative offices$).$ Dec $26$ :Job #$1$ was completed and transferred to

Finished Goods during the month. Dec $28$:The completed table from Job #$1$ was sold on

account to the customer for $$30,000$ 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.$)$ Dec $31$:By the end of the

month, $30$ hours of direct labor were incurred at a rate of $$50$ per hour, totaling $$1,500$ to begin

production on job #$2.$ The employees will be paid next month. $($After you journalize this entry

please enter the information into Job #$2$ Cost Sheet$)$ Dec $31$:Manufacturing overhead cost was

applied using the direct labor hours from Job #$2$ and the POHR calculated in Question $1.($After

you journalize this entry please enter the information into Job #$2$ Cost Sheet$)$ Step $2$ Post the journal entries that you recorded on the

Ledger$)"$ tab and calculate the ending balance for each account. This is the company's first

month of business, so there will not be any beginning balances.

answer $1-20$ plz