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Can you answer these?? Sweeten Company had no jobs in progress at the beginning of March and no beginning inven tories. It started only two
Can you answer these??
Sweeten Company had no jobs in progress at the beginning of March and no beginning inven tories. It started only two jobs during MarchJob 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 Job P Job O Direct materials Direct labor cost Actual direct labor-hours worked $13,000 $21,000 1.400 $8,000 $7,500 500 1. 2. 3. 4. What is the company's predetermined overhead rate? How much manufacturing overhead was applied to Job P and Job Q? What is the direct labor hourly wage rate? If Job P includes 20 units, what is its unit product cost? What is the total amount of manufac- turing cost assigned to Job Q as of the end of March (including applied overhead)? Assume the ending raw materials inventory is $1,000 and the company does not use any indi- rect materials. Prepare the journal entries to record raw materials purchases and the issuance of direct materials for use in production 5. 6. Assume that the company does not use any indirect labor. Prepare the journal entry to record the direct labor costs added to production. 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. 9. Prepare the journal entry to transfer costs from Work in Process to Finished Goods. 10. Prepare a completed Work in Process T-account including the beginning and ending bal- ances and all debits and credits posted to the account. 11. Prepare a schedule of cost of goods sold. (Stop after computing the unadjusted cost of goods sold.) 12. Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. 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. 15. Assume that Job P includes 20 units that each sell for $3,000 and that the company's selling and administrative expenses in March were $14,000. Prepare an absorption costing income statement for MarchStep by Step Solution
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