Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Skip to question [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of

Required information

Skip to question

[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 departmentsMolding and Fabrication. It started, completed, and sold only two jobs during MarchJob 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 4,200 2,520 6,720
Estimated total fixed manufacturing overhead $ 16,800 $ 25,200 $ 42,000
Estimated variable manufacturing overhead per machine-hour $ 1.40 $ 2.20

Job P Job Q
Direct materials $ 21,840 $ 13,440
Direct labor cost $ 35,280 $ 12,600
Actual machine-hours used:
Molding 2,890 1,340
Fabrication 1,010 1,480
Total 3,900 2,820

Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.

Required:

For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base.

6. What was the total manufacturing cost assigned to Job Q?

image text in transcribed

7. 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.)

image text in transcribed

(I hope six and seven are correct but I need the answers to fourteen and fifteen.

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? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

image text in transcribed

15. What was Sweeten Companys cost of goods sold for March?

image text in transcribed

Total manufacturing cost $ 51,332 Answer is complete and correct. Unit product cost $ 1,711 Job P Job Q Total price for the job Selling price per unit 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

Emerging Markets And Financial Resilience Decoupling Growth From Turbulence

Authors: C. Hooy, R. Ali, HooyChee-Wooi, S. Ghon Rhee

2nd Edition

1137266600, 9781137266606

More Books

Students also viewed these Accounting questions

Question

Would you investigate to learn more about this Club? How?

Answered: 1 week ago

Question

=+f. Does it promise a benefit or solve a problem?

Answered: 1 week ago

Question

=+ Why do some seem like a personalized, individual message?

Answered: 1 week ago