Reference no: EM132552853
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 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):
Estimated total fixed manufacturing overhead $13,200
Estimated variable manufacturing overhead per direct labor-hourn $1.20
Estimated total direct labor-hours to be worked 3,300
Total actual manufacturing overhead costs incurred $17,000
Job P Job Q
Direct materials $17,500 $9,300
Direct labor cost $43,200 $11,700
Actual direct labor-hours worked 2,400 650
Question 1: Prepare a journal entry to transfer costs from Work in Process to Finished Goods