Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

Required information [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): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding 4,400 Fabrication 2,640 Total 7,040 $ 17,600 $ 1.40 $ 26,400 $ 2.20 $ 44,000 Job P Direct materials $ 22,880 Job Q $ 14,080 Direct labor cost $ 36,960 $13,200 Actual machine-hours used: Molding 3,040 1,410 Fabrication 1,060 1,530 Total 4,100 2,940 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. 1. 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 the nearest whole dollar. 2. What was the Sweeten Company's cost of goods sold for March? Do not round intermediate calculations. 3. What was the company's plantwide predetermined overhead rate? Round your answer to 2 decimal places. 4. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? Do not round intermediate calculations. 5. If Job P included 20 units, what was its unit product cost? Do not round intermediate calculations. Round your final answer to the nearest whole dollar. 6. If Job Q included 30 units, what was its unit product cost? Do not round intermediate calculations. Round your final answer to the nearest whole dollar. 7. Assume that Sweeten Company used cost plus pricing (and a markup perce

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Linear Algebra And Its Applications

Authors: David Lay, Steven Lay, Judi McDonald

6th Global Edition

978-1292351216, 1292351217

Students also viewed these Accounting questions

Question

Understand sustainability. LO.1

Answered: 1 week ago