The following information applies to the questions displayed below Sweeten Compa

Question

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 overhead rate based on direct labor-hours. The following additional information is avalable for the company as e whole and for Jobs P end Q (ail data and questions relate to the month of March: was incomplete at the end of the March. The company uses a plantwide predetermined Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per direct iebor-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 Job a $ 15.000 $ 9,500 s 52000 $ 15.000 750 2.600

Explanation / Answer

Predetermined overhead rate = 1.4+(14000/3500)= 5.4 Total cost of Job P = 15000+52000+(2600*5.4)= 81040 Journal entry: Cost of goods sold 81040      Finished goods 81040

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