Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

15 additional information to enable calculating departmental overhead rates: Estinated total machine-hours used Estimated total fixed manufacturing overhead Molding 2,500 $ 12,000 Estimated variable

image text in transcribedimage text in transcribedimage text in transcribed

15 additional information to enable calculating departmental overhead rates: Estinated total machine-hours used Estimated total fixed manufacturing overhead Molding 2,500 $ 12,000 Estimated variable manufacturing overhead per machine-hour $2.20 Fabrication 1,500 $ 16,200 $3.00 Total 4,000 $ 28,200 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cont Actual machine-hours used: 52 Molding Fabrication Total Job P $21,000 $ 27,400 Job 0 $12,000 $ 10,700 2,500 1,600 1,400 3,900 1,700 3,300 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments. Foundational 2-13 (Algo) 13. If Job Q includes 30 units, what is its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Unit product cost Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication 2,500 $ 12,000 $2.20 Total 1,500 4,000 $ 16,200 $ 28,200 $ 3.00 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Job P $ 21,000 Job 0 $12,000 $ 27,400 $ 10,700 2,500 1.600 1,400 3,900 1,700 3,300 Total Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments. Foundational 2-14 (Algo) 14. Assume that Sweeten Company uses cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. If Job P includes 20 units and Job Q includes 30 units, what selling price would the company establish for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Total price for the job Selling price per unit Job P Job Q Check my overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding 2,500 $12,000 $2.20 Fabrication 1,500 $16,200 Total 4,000 $ 28,200 $ 3.00 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Fabrication Molding Total Job P $ 21,000 Job O $ 12,000 $ 27,400 $ 10,700 2,500 1,600 1,400. 1,700 3,900 3,300 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments. Foundational 2-15 (Algo) 15. What is Sweeten Company's cost of goods sold for the year? (Do not round intermediate calculations.) Cost of goods sold

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

15th edition

978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290

More Books

Students also viewed these Accounting questions