29 Jun Question Sweeten Company had no jobs in pr
Question
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 plant wQuestion
1. Costs per Equivalent Unit
Oregon Products Inc. completed and transferred 72,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 2,900 units, which were 3?5 complete as to conversion cost. All materials are added at the beginning of the process. Direct materials cost incurred was $202,230, direct labor cost incurred was $36,705, and factory overhead applied was $18,600.
Determine the following for the Pressing Department. Round “cost per equivalent unit” answers to the nearest cent.
a. Total conversion cost
$
b. Conversion cost per equivalent unit
$
c. Direct materials cost per equivalent unit
$
2. Equivalent Units of Production and Related Costs
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.
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Determine the following:
a. The number of units in work in process inventory at the end of the period.
units
b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in “0”.
Work in Process-Assembly Department
ide
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
Estimated total direct labor-hours to be worked
2,000
Total actual manufacturing overhead costs incurred
$ 12,500
Job P
Direct materials
$ 13,000
Direct labor cost
$ 21,000
Actual direct labor-hours worked 1,400
$ 1.00
Job Q
$
8,000
$
7,500
500
8. Assume the ending raw materials inventory is $1,000 and the company does not use any
indirect materials. Prepare a schedule of cost of goods manufactured
9. Assume the ending raw materials inventory is $1,000 and the company does not use any
indirect materials. Prepare the journal entry to transfer costs from Work in Process to Finished
Goods.
10. Assume the ending raw materials inventory is $1,000 and the company does not use any
indirect materials. Prepare a completed Work in Process T-account including the beginning and
ending balances and all debits and credits posted to the account.
11. Assume the ending raw materials inventory is $1,000 and the company does not use any
indirect materials. Prepare a schedule of cost of goods sold.
12. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect
materials. Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold.
13. What is the amount of underapplied or overapplied overhead?
14. Prepare the journal entry to close the amount of underapplied or overapplied overhead to Cost of
Goods Sold.
15. Assume that Job P includes 20 units that each sell for $3,000 and that the company’s selling and
administrative expenses in March were $14,000. Prepare an absorption costing income statem
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