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 $ 12,000 Estimated variable manufacturing overhead per direct labor hour $ 1 40 Estimated total direct labor hours to be worked 2,400 Total actual manufacturing overhead costs incurred $ 14,500 Job P Job Q Direct materials $ 15,000 $ 8,400 Direct labor cost $ 22,500 $ 10,500 Actual direct labor hours worked 1,500 700 8 Assume the ending raw materials inventory is $1,400 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 (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 25 units that each sell for $2,800 and that the companys selling and administrative expenses in March were $21,000 Prepare an absorption costing income statement for March

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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 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	$	12,000
Estimated variable manufacturing overhead per direct labor-hour	$	1.40
Estimated total direct labor-hours to be worked		2,400
Total actual manufacturing overhead costs incurred	$	14,500

	Job P		Job Q
Direct materials	$	15,000	$	8,400
Direct labor cost	$	22,500	$	10,500
Actual direct labor-hours worked		1,500		700

8.	Assume the ending raw materials inventory is $1,400 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. (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 25 units that each sell for $2,800 and that the companys selling and administrative expenses in March were $21,000. Prepare an absorption costing income statement for March.