Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. What are the company's predetermined overhead rates in the Molding Department and the Fabrication Department? Note: Round your answers to 2 decimal places. 2.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
9. What are the company's predetermined overhead rates in the Molding Department and the Fabrication Department? Note: Round your answers to 2 decimal places. 2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q ? Note: 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? Note: Do not round intermediate calculations. 4. If Job P includes 20 units, what is its unit product cost? Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar. 12. If Job P includes 20 units, what is its unit product cost? Note: Do not round intermediate calculations. 15. What is Sweeten Company's cost of goods sold for the year? Note: Do not round intermediate calculations. 13. If Job Q includes 30 units, what is its unit product cost? Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar. 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. 1. What is the company's plantwide predetermined overhead rate? Note: Round your answer to 2 decimal places. 6. If Job Q includes 30 units, what is its unit product cost? Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar. 3. What is the total manufacturing cost assigned to Job P? Note: Do not round intermediate calculations. Round your final answer to nearest whole dollar. 5. What is the total manufacturing cost assigned to Job Q? Note: Do not round intermediate calculations. 7. 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? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. 10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? Note: Do not round intermediate calculations. 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 $30,600 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.10 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machinehours. The company gathered the following additional information to enable calculating departmental overhead rates: The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: 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 8. What is Sweeten Company's cost of goods sold for the year? Note: Do not round intermediate calculations. 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? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar

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

Petroleum Accounting: Principles, Procedures; And Issues

Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou

8th Edition

0940966328, 978-0940966321

More Books

Students also viewed these Accounting questions

Question

What strategy for LMD is needed during a recession?

Answered: 1 week ago

Question

How can reflection for leaders and managers be implemented?

Answered: 1 week ago