Reference no: EM132728458
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 March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labour-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 $12,000
Estimated variable manufacturing overhead per direct labour-hour $1.40
Estimated total direct labour-hours to be worked 2,400
Total actual manufacturing overhead costs incurred $14,500
Job P
Direct Materials $15,500
Direct Labour $22500
Actual Direct labour-hours Worked 1,500
Job Q
Direct materials $8,400
Direct labour $10,500
Actual direct labour-hours worked 700
Required -
1. Prepare the journal entry to apply manufacturing overhead costs to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Assume the ending raw materials inventory is $1,400 and the company does not use any indirect materials. Prepare a schedule of cost of goods manufactured. (Do not leave any empty spaces; input a 0 wherever it is required.)
3. Prepare the journal entry to transfer costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
4. Prepare a completed Work in Process T-account including the beginning and ending balances and all debits and credits posted to the account. (Do not leave any empty spaces; input a 0 wherever it is required.)
5. Prepare a schedule of cost of goods sold. (Do not leave any empty spaces; input a 0 wherever it is required.)
6. Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
7. What is the amount of underapplied or overapplied overhead?
8. Prepare the journal entry to close the amount of underapplied or overapplied overhead to the appropriate account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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