Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all parts. you meed to calculate cost of goods sold Answers of previous parts The following information applies to the questions displayed below.)

Please answer all parts.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
you meed to calculate cost of goods sold
Answers of previous parts
image text in transcribed
image text in transcribed
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 March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labour-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 labour-hour $ Estimated total direct labour-hours to be worked Total actual manufacturing overhead costs incurred $ 14,800 160 3.700 21,000 Direct materials Direct labour Actual direct labour-hours worked $ $ Job P 21,500 44,800 2.800 $ $ Job O 9.700 12.000 750 11. Award: 9.00 points 11. Prepare a schedule of cost of goods sold. (Do not leave any empty spaces; input a 0 wherever it is required.) Schedule of Cost of Goods Sold Unadjusted cost of goods sold 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 March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labour-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 labour-hour $ Estimated total direct labour-hours to be worked Total actual manufacturing overhead costs incurred 5 160 3.700 20000 $ $ Job 20500 S 400 $ Job 9700 2000 100 Dect about .00 drvet tabour hour worked 12. Award: 4.00 points 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.) Journal entry worksheet Record entry to transfer costs from Finished Goods te Cost of Goods Sold Transaction (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 March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labour-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 labour-hour $ Estimated total direct labour-hours to be worked Total actual manufacturing overhead costs incurred $ 14,800 1.60 3.700 21,000 Direct materials Direct labour Actual direct labour hours worked $ $ Job P 21,500 44,800 2.800 $ $ Job Q 9,700 12,000 250 13. Award: 2.00 points 13. What is the amount of underapplied or overapplied overhead? overhead [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 March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labour-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): 100 150 Estimated total fixed manufacturing overhead $ Estimated variable manufacturing overhead per direct labour-hour $ Estimated total direct labour-hours to be worked Total actual manufacturing overhead costs incurred 5 21000 $ $ 21900 44.800 Job 200 2.000 $ Det bour Actual direct labour hours wowed 14. Award 4.00 points 14. Prepare the journal entry to close the amount of underapplied or overapplied overhead to the appropriate account. (If no entry is required for a action/event, select "No journal entry required in the first account field.) Journal entry worksheet Record entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold 5. Account Titles Debit Credit Raw Material Inventory 33,900 =21500+9700+2700 Accounts Payable $ 33,900 6. Account Titles Debit Credit Work in Process Inventory 56,800 =44800+12000 Wages Payable/Factory Payroll $ 56,800 7. Predetermined Overhead = $14800/3700 + 1.60 = $5.60 per DLH Account Titles Debit Work in Process Inventory $ 19,880 =(2800+750)*5.6 Manufacturing Overhead $ 19,880 Credit Predetermined Overhead Rate Estimated Fred Overhead Estimated Direct Labor Hours 3700 Predetermined Overhead Rate 400 SWEETEN COMPANY SCHEDULE OF COST OF GOODS MANUFACTURED Direct material Beginning Raw-material inventory Add: Purchases of material Raw materialable for use Deduct Ending Raw material inventory Raw material used in production Direct labor Manufacturing overheads (5.62800-750 5.6) Total manufacturing costs Beginning Work in process inventory Total Cost of Work in Process Less Ending Work in process inventory (97001200071056) Cost of Goods Manufactured 28,500 58.800 19 880 105,180 Predetermined Fwd Overheads Add Estimated Variable manufactu Total Predetermined Overhead 8.6 Per Direct Labor 25.900 79.210 RRRRRSEDES BIEBERRASSES 8 8 8 8 8 8 8 9.Prepare the journal entry to transfer costs from Work in Process to Finished Goods Debit Credit Transaction General Journal 1 Finished Goods Work in Process 79 280 79 280 27 10. Prepare a completed Work in Process T-account including the beginning and ending balances and all debits and credits posted to the account. Work In Process 79 280 Finished Goods Beg Bal Direct Material Direct Labor Manufacturing overheads End Bal 28,500 56.800 19 8.90 25.900

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect 2-semester For Auditing & Assurance Services A Systematic Approach

Authors: Author

10th Edition

1259292045, 9781259292040

More Books

Students also viewed these Accounting questions

Question

How is workforce planning linked to strategic planning?

Answered: 1 week ago