Reference no: EM131221109
How do you get sales on the income statement when is is not given?
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 $ 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.
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