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Sweeten Company_Job order costing

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Question;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;plant wide 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;8.;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;9. Assume the ending raw materials;inventory is $1,000 and the company does not use any indirect materials.;Prepare the journal entry to transfer costs from Work in Process to Finished;Goods.;10. Assume the ending raw materials;inventory is $1,000 and the company does not use any indirect materials. Prepare;a completed Work in Process T-account including the beginning and ending;balances and all debits and credits posted to the account.;11. 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 sold.;12. Assume the ending raw materials;inventory is $1,000 and the company does not use any indirect materials.Prepare the journal;entry to transfer costs from Finished Goods to Cost of Goods Sold.;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.;15. 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. Prepare an absorption costing;income statement for March.

 

Paper#37242 | Written in 18-Jul-2015

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