Information to use in completing the study guide is below:Sheds, Inc. designs and builds sheds and outbuildings for individual customers. The company uses a job cost system and treats each customer’s order as a separate job. At the beginning of January, the company had the following raw material inventory: $600At the beginning of January, the company had the following work-in-process:Job 21 $13000Job 25 $9000During January, the following activities took place:1.Started jobs 26 and 27.2.Purchased raw materials in January:$12,000Requisitioned (or used) the following raw materials to the specific jobs:Job 21 $2,000Job 25 $5,000Job 26 $1,000Job 27 $3,0003.Incurred January manufacturing payroll:Direct LaborJob 21 $750Job 25 $2,000Job 26 $900Job 27 $1,500Indirect labor $6004.Incurred additional manufacturing overhead costs for January:Production equipment rent $2,000Manufacturing supplies purchased and used $800Factory utilities $5005.Applied manufacturing overhead using a predetermined rate based on predicted annual overhead and predicted annual direct material cost as follows:Predicted Annual Overhead $48,000Predicted Annual Direct Material cost $120,0006.Completed jobs 25 and 27.7.Customer for Job 27 picked up completed job and was billed the following:Job 27 12,0008.The company had the following period costs that they incurred:Sales commissions $2,000Administrative salaries $3,000The use cell referencing will help in reviewing and studying1.Develop the predetermined overhead rate.2.Complete the job cost sheets provided below for the month of January:Job 21 Job 25 Job 26 Job 27Beginning BalanceCurrent costs:Direct materialsDirect LaborApplied overheadTotal3.Determine the ending Work-In-Process Inventory at the end of January and provide the number of the Jobs still in Work-in-Process at the end of January and the determine total cost of ending work in process for January.4.Determine the Finished Goods for January and provide the number of the Jobs in Finished Goods at the end of January and determine the total cost of ending finished goods for January.5.Determine the Cost of Goods Sold for January and provide the number of the Jobs in Cost of Goods Sold for January and determine the total cost of goods sold for January.6.Put together a statement of cost of goods manufactured for September below. Use Manufacturing Overhead applied in your statement.Shed Inc.Statement of Cost of Goods ManufacturedFor Month ending January 31, 20187.Put together an Income Statement for January below. The company does not close the over or underapplied overhead until the end of the year, so no adjustment is needed to Cost of Goods Sold.Shed Inc.Income StatementFor Month ending January 31, 20188.Determine the underapplied or overapplied manufacturing for January.9.Put together a Column chart below showing 3 products that were put into the jobs in January.
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