Sweeten Company had no jobs in progress at the beggining ofMarch and no beginning inventories. It started only wo jobs duringMarch - Job P and Job Q. Job P was completed and sold by the end ofthe March and Job Q was incomplete at the end of the March. Thecompany uses a plantwide predetermined overhead rate based ondirect labor hours. The following additional Information isavailible for the company as a whole and as for Jobs P and Q (alldata 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
Direct Materials -
Job P - $13,000. Job Q- $8,000
Direct Labor Cost-
Job P- $21,000. Job Q- $7,500
Actual direct labor hours worked
Job P- 1,400. Job Q- 500
1- If job P includes 20 units, what is its unit productcost?
Unit product cost $______________________________
2- What is the total amount of manufacturing cost assigned toJob Qas of the end of March (including applied overhead)?
Total maufacturing cost $_________________________________
Sweeten Company had no jobs in progress at the beggining ofMarch and no beginning inventories. It started only wo jobs duringMarch - Job P and Job Q. Job P was completed and sold by the end ofthe March and Job Q was incomplete at the end of the March. Thecompany uses a plantwide predetermined overhead rate based ondirect labor hours. The following additional Information isavailible for the company as a whole and as for Jobs P and Q (alldata 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
Direct Materials -
Job P - $13,000. Job Q- $8,000
Direct Labor Cost-
Job P- $21,000. Job Q- $7,500
Actual direct labor hours worked
Job P- 1,400. Job Q- 500
1- If job P includes 20 units, what is its unit productcost?
Unit product cost $______________________________
2- What is the total amount of manufacturing cost assigned toJob Qas of the end of March (including applied overhead)?
Total maufacturing cost $_________________________________
Related questions
Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. It started only two jobs duringMarchâJob P and Job Q. Job P was completed and sold by the end ofthe March and Job Q was incomplete at the end of the March. Thecompany uses a plantwide predetermined overhead rate based ondirect labor-hours. The following additional information isavailable for the company as a whole and for Jobs P and Q (all dataand questions relate to the month of March): |
| Estimated total fixed manufacturing overhead | $ | 14,400 |
| Estimatedvariable manufacturing overhead per direct labor-hour | $ | 1.50 |
| Estimatedtotal direct labor-hours to be worked | 3,600 | |
| Total actualmanufacturing overhead costs incurred | $ | 19,500 |
| Job P | Job Q | |||
| Direct materials | $ | 15,000 | $ | 9,600 |
| Direct labor cost | $ | 40,500 | $ | 12,000 |
| Actual direct labor-hoursworked | 2,700 | 800 | ||
1. Assume the ending raw materials inventory is $2,600 and thecompany does not use any indirect materials. Prepare a schedule ofcost of goods manufactured.
2. Prepare the journal entry to transfer costs from Work inProcess to Finished Goods
3. Prepare a schedule of cost of goods sold.
Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. It started only two jobs duringMarchâJob P and Job Q. Job P was completed and sold by the end ofthe March and Job Q was incomplete at the end of the March. Thecompany uses a plantwide predetermined overhead rate based ondirect labor-hours. The following additional information isavailable for the company as a whole and for Jobs P and Q (all dataand questions relate to the month of March): |
| Estimated total fixed manufacturing overhead | $ | 14,400 |
| Estimatedvariable manufacturing overhead per direct labor-hour | $ | 1.50 |
| Estimatedtotal direct labor-hours to be worked | 3,600 | |
| Total actualmanufacturing overhead costs incurred | $ | 19,500 |
| Job P | Job Q | ||||
| Direct materials | $ | 15,000 | $ | 9,600 | |
| Direct labor cost | $ | 40,500 | $ | 12,000 | |
| Actual direct labor-hoursworked | 2,700 | 800 | |||
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2. Prepare a schedule of cost of goods sold
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4.
Assume that Job P includes 35 units that each sell for $2,600and that the companyâs selling and administrative expenses in Marchwere $13,000. Prepare an absorption costing income statement forMarch. |
| Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during MarchâJob 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):
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