Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

assume the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4) [The

assume the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments 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
The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4) [The following information applies to the questions displayed below.) Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March Job P and Job Q. 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): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $10,eee $ 15,000 $25,000 Estimated variable manufacturing overhead per machine- hour 1.40 $ $ 2.20 Job P Job $13,000 $8,000 $21,000 $7,500 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 800 1,700 600 2,300 900 1,700 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. 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 departmental predetermined overhead rates with machine hours as the allocation base in both departments. Foundational 2-9 9. What were the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.) Molding Department Fabrication Department Predetermined Overhead Rate por MH por MH Foundational 2-10 10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? (D. not round intermediate calculations.) Job P Job Manufacturing overhead applied Foundational 2-11 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.) Job P Job Manufacturing overhoed applied Foundational 2-12 12. Job Pincluded 20 units, what was its unit product cost? (Do not round intermediate calculations.) Unit product cost Foundational 2-13 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) Unit product cost Foundational 2-14 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.) Job P Job Q Total price for the job Seling price per unit Foundational 2-15 15. What was Sweeten Company's cost of goods sold for Match? (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

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

22nd Edition

126059808X, 978-1260598087

More Books

Students also viewed these Accounting questions

Question

How do you calculate a marginal percent?

Answered: 1 week ago

Question

How are values illustrated in the case?

Answered: 1 week ago

Question

Describe S. Truett Cathys self-concept and self-efficacy.

Answered: 1 week ago