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Accounting Homework Mangerial 2302 Chap2HW

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Question;Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. Itstarted only two jobs during March?Job P and Job Q. Job P was completed and sold by the end of theMarch and Job Q was incomplete at the end of the March. The company uses a plant widepredetermined overhead rate based on direct labor-hours. The following additional information isavailable for the company as a whole and for Jobs P and Q (all data and questions relate to the month ofMarch):Estimated total fixed manufacturing overhead$ 10,000Estimated variable manufacturing overhead per direct labor-hourEstimated total direct labor-hours to be worked2,000Total actual manufacturing overhead costs incurred$ 12,500Job PDirect materials$ 13,000Direct labor cost$ 21,000Actual direct labor-hours worked 1,400$ 1.00Job Q$8,000$7,5005008. Assume the ending raw materials inventory is $1,000 and the company does not use anyindirect materials. Prepare a schedule of cost of goods manufactured9. Assume the ending raw materials inventory is $1,000 and the company does not use anyindirect materials. Prepare the journal entry to transfer costs from Work in Process to FinishedGoods.10. Assume the ending raw materials inventory is $1,000 and the company does not use anyindirect materials. Prepare a completed Work in Process T-account including the beginning andending 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 anyindirect 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 indirectmaterials. 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 ofGoods Sold.15. Assume that Job P includes 20 units that each sell for $3,000 and that the company?s selling andadministrative expenses in March were $14,000. Prepare an absorption costing income statement forMarch.

 

Paper#44423 | Written in 18-Jul-2015

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