Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 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 $ 13,200

Estimated variable manufacturing overhead per direct labour-hour $ 1.20

Estimated total direct labour-hours to be worked 3,300

Total actual manufacturing overhead costs incurred $ 17,000

Job P Job Q Direct materials $ 17,500 $ 9,300

Direct labour $ 43,200 $ 11,700

Actual direct labour-hours worked 2,400 650

8. Assume the ending raw materials inventory is $2,300 and the company does not use any indirect materials. Prepare a schedule of cost of goods manufactured. (Do not leave any empty spaces; input a 0 wherever it is required.)

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. (Do not leave any empty spaces; input a 0 wherever it is required.)

11. Prepare a schedule of cost of goods sold. (Do not leave any empty spaces; input a 0 wherever it is required.)

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.)

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

Margins Of Error In Accounting

Authors: D. Myddelton

1st Edition

0230219918, 9780230219915

More Books

Students also viewed these Accounting questions