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The following information applies to the questions displayed below] 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 avallable 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 Estimated variable manufacturing overhead per direct labor-hour Estimated total direct labor-hours to be worked Total actual manufacturing overhead costs incurred $ 14,000 $ 1.40 3.500 $19.000 Direct materials Direct labor cost Actual direct labor-hours worked Job P Job Q $15,000 $9.500 $ 52.000 $ 15,000 2.600750

Solution

Transaction General Journal Dr Cr Raw material Inventory 27000 Accounts payable (15000+9500+2500) 27000 5 Work In Process Inventory 67000 Wages Payable (52000+15000) 67000 7 Work In Process Inventory 18090 Manufcaturing overhead 18090 (5.4*2600)+(750*5.4) Predetermine overhead rate 5.40 1.4+(14000/3500) Statement of Cost of Goods manufactured Direct Material Beginning, Direct Material $0 Add: Direct material purchased 27000 Total Direct Material Available $27,000 Less: ending, Direct material 2500 Direct Material used $24,500 Direct Labor 67000 Manufacturing overhead 18090 Total manufacturing cost $109,590 Beginning , work in process 0 Ending, Work in process 28550 Cost of Goods Manufactured $81,040 Transfer to Finished goods Inventory Dr Cr Finished goods Inventory 81040 Work In Process Inventory 81040 (15000+52000+(5.4*2600)) 10) Work In process Opening Balance 0 Finsihed Good inventory $81,040 Raw Material Inventory $24,500 Wages payable $67,000 ManufacturingOverhead $18,090 Ending balance $28,550 11 Schedule of Cost of Good sold Beginning Inventory 0 Add: Cost of good manufactured $81,040 81040 Less: enidng Inventory 0 Unadjusted Cost of good sold 81040 12 Dr Cr Cost of good sold 81040 Finished goods Inventory 81040 13 Overhead applied $18,090 Actual Overhead 19000 Underapplied overhead $910 Dr Cr 14 Cost of good sold 910 ManufacturingOverhead 910 15 Income statement Sales (2500*40) 100000 Less:Cost of goofd sold $81,950 Gross profit $18,050 LesS: Selling & administrative expenses 11000 Net Income $7,050 If any doubt please comment