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Sweeten Company_Job 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;1.;What is the company?s predetermined overhead rate?;Predetermined overhead rate $ ___per;DLH;2.How;much manufacturing overhead was applied to Job P and Job Q?;Job P Job Q;Manufacturing;overhead applied $ ___ $;3. What is the direct labor hourly wage rate?;Job P Job Q;Direct;labor hourly wage rate___$ ___$;4. Required;a.;If Job P included 20 units, what is its unit product cost?;Unit product;cost___ $;b. What is the total amount of manufacturing;cost assigned to Job Q as of the end of March (including applied overhead)?;Total manufacturing cost;$;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 to production.

 

Paper#44920 | Written in 18-Jul-2015

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