Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. What was the companys plantwide predetermined overhead rate? (Round your answer to 2 decimal places.) 2. How much manufacturing overhead was applied to Job

1. What was the companys plantwide predetermined overhead rate?(Round your answer to 2 decimal places.)

2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q?(Do not round intermediate calculations.)

3. What was the total manufacturing cost assigned to Job P?(Do not round intermediate calculations.)

4. If Job P included 20 units, what was its unit product cost?(Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

5. What was the total manufacturing cost assigned to Job Q?(Do not round intermediate calculations.)

6. If Job Q included 30 units, what was its unit product cost?(Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

7. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q?(Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

8. What was Sweeten Companys cost of goods sold for March?(Do not round intermediate calculations.)

9. What were the companys predetermined overhead rates in the Molding Department and the Fabrication Department?(Round your answers to 2 decimal places.)

10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q?(Do not round intermediate calculations.)

11. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q?(Do not round intermediate calculations.)

12. If Job P included 20 units, what was its unit product cost?(Do not round intermediate calculations.)

13. If Job Q included 30 units, what was its unit product cost?(Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

14. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q?(Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

15. What was Sweeten Companys cost of goods sold for March?(Do not round intermediate calculations.)

image text in transcribed
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started. completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $28,200 of freed manufacturing overtheod cost for the coming period and variable manufacturing overthead of $2.50 per mochine-hout. Becouse Sweeten has two manufacturing departments - Molding and Fabricotion - it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental qverhead rates: The direct materials cost, direct labor cost, and mochine-hours used for Jobs P and Q ore as follows: Sweeten Compony had no overapplied or underapplied manufacturing overhead costs during the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools For Business Decision Making

Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

8th Edition

1119316022, 978-1119316022

More Books

Students also viewed these Accounting questions

Question

What is the difference between stereotypes and prejudice? (p. 351)

Answered: 1 week ago

Question

Learn about the labor context in Canada and Quebec.

Answered: 1 week ago