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The following Information applies to the questions displayed below.) Sweeten Company had no jobs in progress at the beginning of March and no beginning Inventorles.
The following Information applies to the questions displayed below.) Sweeten Company had no jobs in progress at the beginning of March and no beginning Inventorles. 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 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 $ 15,200 $ 1.70 3.800 $ 22,000 Direct materials Direct labor cost Actual direct labor-hours worked Job P $ 17,000 $ 49,300 2.900 Job Q $ 9,800 $13.600 800 6. What is the amount of underapplied or overapplied overhead? Total amount underapplied 9. If Sweeten Company's labor time tickets totaled $68,600 for the month of March, then how much indirect labor cost would be included in Manufacturing Overhead Incurred? Indirect labor included in Manufacturing Overhead Incurred 10. Calculate the cost of goods sold using the direct method. Cost of goods sold 12. Calculate the cost of goods sold using the indirect method. Cost of goods sold 15. Assume that Job P includes 33 units that each sell for $2,900 and that the company's selling and administrative expenses in March were $10,500. Prepare an absorption costing income statement for March. Income Statement for March Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income
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