Question
7. Prepare the journal entry to apply manufacturing overhead costs to production. 8. Assume the ending raw materials inventory is $1,000 and the company does
7. | Prepare the journal entry to apply manufacturing overhead costs to production. |
8. | Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Prepare a schedule of cost of goods manufactured.
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9. | Prepare the journal entry to transfer costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
10. | Prepare a completed Work in Process T-account including the beginning and ending balances and all debits and credits posted to the account. |
11. | Prepare a schedule of cost of goods sold. |
12. | Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
13. | What is the amount of underapplied or overapplied overhead? |
14. | Prepare the journal entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
15. | Assume that Job P includes 20 units that each sell for $3,000 and that the companys selling and administrative expenses in March were $14,000. Prepare an absorption costing income statement for March. |
Please help. Thank you in advanced
The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per direct labor-hour Estimated total direct labor-hours to be worked Total actual manufacturing overhead costs incurred $ 10,000 $1.00 2,000 $12,500 Direct materials Direct labor cost Actual direct labor-hours worked Job P Job Q $13,000 $ 8,000 $ 21,000 $ 7,500 400 500Step by Step Solution
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