Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

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): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication 2,900 1,740 $11,600 $17,400 $ 1.40 $ 2.20 Total 4,640 $29,000 Job P $15,080 $24,360 Job O $9,280 $8,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,000 700 2,700 930 1,010 1,940 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, 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 10-15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. 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.) Job P Job Q Total price for the job Selling price per unit 15. What was Sweeten Company's cost of goods sold for March? (Do not round intermediate calculations.) Cost of goods sold $ 94,104

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_2

Step: 3

blur-text-image_3

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

Mylab Accounting With Pearson -- Access Card -- For Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz

5th Edition

0134161645, 9780134161648

More Books

Students also viewed these Accounting questions

Question

Explain the multicultural organization development (MCOD) process.

Answered: 1 week ago