Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent answers needed for all 7 required Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started

urgent answers needed for all 7 required image text in transcribed
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 $1.00 labor-hour 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 Required: 1. What is the company's predetermined overhead rate? 2. How much manufacturing overhead was applied to Job P and Job Q? 3. What is the direct labor hourly wage rate? 4. If Job P includes 20 units, what is its unit product cost? What is the total amount of manufacturing cost assigned to Job Q as of the end of March (including applied overhead)? 5. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Prepare the journal entries to record raw materials purchases and the issuance of direct materials for use in production. 6. Assume that the company does not use any indirect labor. Prepare the journal entry to record the direct labor costs added to production. 7. Prepare the journal entry to apply manufacturing overhead costs to production

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

Message Brand And Dollars Auditing Marketing Operations

Authors: J. Mike Jacka, Peter R. Scott

1st Edition

163454000X, 9781634540001

More Books

Students also viewed these Accounting questions