From the job cost sheet 31 dec direct labor 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, $25 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=
$9,550, Net
operation
income= $16,850
What is the
ending balance
for raw materials?
______________
____
What is the
ending balance
for the work in
process?
______________
___
What is the
ending balance
for finished
goods?
______________
___
What is the actual
manufacturing
overhead cost
incurred during
December before