Question

Please look at each picture :) it is a step by step

Problem

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

Answer 1

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
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