Question
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
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.)
15. What was Sweeten Companys cost of goods sold for March? (Do not round intermediate calculations.)
The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4) [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $48,888 $ 18,888 $ 35,888 The company applies overhead cost to jobs on the basis of direct labor-hours For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account. $510.000. b. Raw materials use in production. $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600.000: indirect labor, $150.000: selling and administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $367,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $500,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year. g. Jobs costing $1.680,000 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2.800,000. The jobs cost $1.690.000 to manufacture according to their job cost sheets. The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4) [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $48,888 $ 18,888 $ 35,888 The company applies overhead cost to jobs on the basis of direct labor-hours For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account. $510.000. b. Raw materials use in production. $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600.000: indirect labor, $150.000: selling and administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing). $367,000 e. Incurred various manufacturing overhead costs (e.g. depreciation, insurance, and utilities). $500,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41.000 direct labor-hours on all jobs during the year. g. Jobs costing $1.680,000 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2.800,000. The jobs cost $1.690.000 to manufacture according to their job cost sheetsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started