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 $ 10,000 Estimated variable manufacturing overhead per direct labor-hour $ 1.00 Estimated total direct labor-hours to be worked 2,000 Total actual manufacturing overhead costs incurred $ 12,500 Job P Job Q Direct materials $ 13,000 $ 8,000 Direct labor cost $ 21,000 $ 7,500 Actual direct labor-hours worked 1,400 500

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. 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 $ $ 1.00 2,000 $ Job P Direct materials Direct labor cost Actual direct laborhours worked 10,000 12,500 Job Q $ 13,000 $ 8,000 $ 21,000 $ 7,500 1,400 500 1. Required: 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. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required.) Schedule of Cost of Goods Manufactured Direct materials: $ Total raw materials available Raw materials used in production Total manufacturing costs $ Cost of goods manufactured $ 2. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Required: Prepare a completed Work in Process T-account including the beginning and ending balances and all debits and credits posted to the account. (Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required.) Work in Process Beg. Bal End. Bal 3. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Required: Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. General Journal Debit Credit Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. 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 $ 10,000 $ 1.00 2,000 labor-hours to be worked Total actual manufacturing overhead costs incurred $ Job P Direct materials Direct labor cost Actual direct laborhours worked 12,500 Job Q $ 13,000 $ 8,000 $ 21,000 $ 7,500 1,400 500 The ending raw materials inventory is $1,000 and the company does not use any indirect materials. 4. 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. Required: Prepare an absorption costing income statement for March. (Input all amounts as positive values except losses which should be indicated by minus sign.) Income statement for March $ $ \fSweeten Company had no jobs in progress at the beginning of March and no beginning inventories. 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 Job P Direct materials $10,000 $ 1.00 2,000 $12,500 Job Q $13,000 8,000 $ $21,000 $ 7,500 1,400 500 Direct labor cost Actual direct labor-hours worked 1. Required: 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. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required.) Schedule of Cost of Goods Manufactured Direct materials: $ Total raw materials available Raw materials used in production $ Total manufacturing costs Cost of goods manufactured $ Workings:Manufacturing O/H applied = 10000 + (1*(1400+500)) = 11900. 2. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Required: Prepare a completed Work in Process T-account including the beginning and ending balances and all debits and credits posted to the account. (Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required.) Work in Process Beg. Bal End. Bal 3. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Required: Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. General Journal Debit Credit Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. 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 $10,000 Estimated variable manufacturing overhead per direct labor-hour Estimated total direct labor-hours to be worked Total actual manufacturing overhead costs incurred Job P Direct materials $ 1.00 2,000 $12,500 Job Q $13,000 Direct labor cost Actual direct labor-hours worked 8,000 $ $21,000 $ 7,500 1,400 500 The ending raw materials inventory is $1,000 and the company does not use any indirect materials. 4. 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. Required: Prepare an absorption costing income statement for March. (Input all amounts as positive values except losses which should be indicated by minus sign.) Income statement for March $ $ Calculation of cost of goods sold for P: Direct Materials : 13000 Direct Labour: 21000 Manufacturing O/H applied: -Fixed (10000/2000)*1400: 7000 -Variable (1400*1): 1400 42400