Maurice Tutor

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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 12.00

Sweeten Company

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

 

 

 

Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials.

 

 

 

Required:

Prepare the journal entry to transfer costs from Work in Process to Finished Goods

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 01:08 PM My Price 12.00

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