Reference no: EM131211078
Sweeten Company had no jobs in progress at the beginning of March and nn begianing 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 was incomplete at the end of the March. The company uses a twjdepredetermined overhead rate based on direct labor-hours. The following additional intormation 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 $ 15,000
Estimated variable manufacturing overhead per direct labor-hour $ 2.00
Estimated total direct labor-hours to be worked 3,000
Total actual manufacturing overhead costs incurred $ 19,000
Job P Job Q
Direct materials $19,500 $ 9,000
Direct labor cost $ 31,500 $ 7,500
Actual direct labor-hours worked 2.100 500
1-Prepare a schedule of cost of goods sold.
2-Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold.
3-What is the amount of underapplied or overapplied overhead?
4-Prepare the journal entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold.
5-Assume that Job P includes 30 units that each sell for $2,800 and that the company’s selling and administrative expenses in March were $10,500. Prepare an absorption costing income statement for March.
could you please solve these separately .. and with detiles for each Q
|
What is its unit product cost
: Sweeten Company had no jobs in progress at the beginning of March and nn begianing inventories. What is the company’s predetermined overhead rate? What is the direct labor hourly wage rate? if Job P includes 30 units, what is its unit product cost? W..
|
|
The legal forms of conducting business
: This is a Corporate Tax Accounting question so please write with details on this. “Do you think there is a difference between the legal forms of conducting a business and the principal Federal income tax forms of doing so? Explain briefly and broadly..
|
|
What advisors the firm hired
: What advisors the firm hired? Record information about consultants, auditors, layers, underwriters, and printers if any. What are the costs/fees for them? Which one you believe placed the most important role during the preparation of the IPO? Since w..
|
|
The portfolio of trading securities
: The portfolio of trading securities had a cost of $200,032 and a fair value of $188,000, requiring a credit balance in Valuation Allowance for Trading Investments of $12,032 ($200,032 - $188,000). Thus, the debit balance from December 31, 2016, is to..
|
|
Prepare a schedule of cost of goods sold
: Sweeten Company had no jobs in progress at the beginning of March and nn begianing 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 was incomplete at the end of the March..
|
|
Determine the effective-interest rate
: Headland Company sells 8% bonds having a maturity value of $2,400,000 for $2,053,950. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. Collapse question part (a) Determine the effective-inter..
|
|
Record redemptions of bonds payable
: Vaughn Company had bonds outstanding with a maturity value of $312,000. On April 30, 2017, when these bonds had an unamortized discount of $11,000, they were called in at 105. To pay for these bonds, Vaughn had issued other bonds a month earlier bear..
|
|
The net position accounts of the enterprise fund
: During the year an enterprise fund purchased $230,000 worth of equipment. The equipment was acquired with a cash down payment of $30,000 and a $200,000 loan. A partial year of depreciation on the equipment was taken in the amount of $23,000. What is ..
|
|
Maturity value-number of interest periods over life of bond
: Sunland Inc. has issued three types of debt on January 1, 2017, the start of the company’s fiscal year. (a) $12 million, 12-year, 13% unsecured bonds, interest payable quarterly. Prepare a schedule that identifies the following items for each bond: (..
|