Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two
Â
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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Job P $ 27,000 $ 32,200 Predetermined overhead rate Molding Fabrication 2,500 1,500 $ 17,100 $ 3.60 $ 13,500 $ 2.80 3,100 2,000 5,100 per MH Job Q $ 15,000 $ 13, 100 Total 2,200 2,300 4,500 Total 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 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. 4,000 $ 30,600 1. What is the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.) ! Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Job P $ 27,000 $ 32,200 Manufacturing overhead applied 3,100 2,000 5,100 Job P Molding Fabrication 2,500 1,500 $ 13,500 $ 2.80 $ 17,100 $ 3.60 Job Q $ 15,000 $ 13,100 Job Q Total 2,200 2,300 4,500 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 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. 4,000 $ 30,600 2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediate calculations.) of 9 d Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours use Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job P $ 27,000 $ 32,200 3,100 2,000 5,100 Total manufacturing cost Molding Fabrication 2,500 1,500 $ 17,100 $ 13,500 $ 2.80 $ 3.60 for Jobs P and Q are as follows: Job Q $ 15,000 $ 13,100 2,200 2,300 4,500 Total 4,000 $ 30,600 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 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. 3. What is the total manufacturing cost assigned to Job P? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) ! Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead pr machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Job P $ 27,000 $ 32,200 Molding Fabrication 2,500 1,500 $ 17,100 $ 3.60 $ 13,500 $ 2.80 3,100 2,000 5,100 Unit product cost Job Q $ 15,000 $ 13,100 Total 2,200 2,300 4,500 4,000 $ 30,600 Total 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 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. 4. If Job P includes 20 units, what is its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) 9 Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Molding 2,500 Fabrication 1,500 Estimated total fixed manufacturing overhead Estimated variable manufact $ 13,500 $ 2.80 overhead $ 17,100 $ 3.60 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication machine-hour Job P $ 27,000 $ 32,200 Total manufacturing cost 3,100 2,000 5,100 Job Q $ 15,000 $ 13, 100 2,200 2,300 4,500 5. What is the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.) Total Total 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 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. 4,000 $ 30,600 Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Job P $ 27,000 $ 32,200 Molding Fabrication 2,500 1,500 $ 13,500 $ 2.80 $ 17,100 $ 3.60 3,100 2,000 5,100 Unit product cost Job Q $ 15,000 $ 13,100 Total 2,200 2,300 4,500 4,000 $ 30,600 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 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. 6. If Job Q includes 30 units, what is its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Molding 2,500 Estimated total machine-hours used Fabrication 1,500 Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour $ 13,500 $ 17,100 $ 2.80 $ 3.60 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total price for the job Selling price per unit Job P $ 27,000 $ 32,200 Job P 3,100 2,000 5,100 Job Q Job Q $ 15,000 $ 13,100 Total 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 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. 2,200 2,300 4,500 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? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) < Prev 7 8 9 Total of 9 4,000 $ 30,600 HI 1 Nevt Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Job P $ 27,000 $ 32,200 Molding Fabrication 2,500 1,500 $ 13,500 $ 2.80 $ 17,100 $ 3.60 3,100 2,000 5,100 Cost of goods sold Job Q $ 15,000 $ 13,100 Total 2,200 2,300 4,500 4,000 $ 30,600 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 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. 8. What is Sweeten Company's cost of goods sold for the year? (Do not round intermediate calculations.) Required information [The following information applies to the questions displayed below.] 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 machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Molding Fabrication 2,500 1,500 Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour $ 13,500 $ 2.80 $ 17,100 $ 3.60 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Molding Department Fabrication Department Predetermined Overhead Job P $ 27,000 $ 32,200 Rate 3,100 2,000 5,100 per MH per MH Job Q $ 15,000 $ 13,100 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 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. 2,200 2,300 4,500 9. What are the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.) Total 4,000 $ 30,600
Step by Step Solution
★★★★★
3.27 Rating (150 Votes )
There are 3 Steps involved in it
Step: 1
Step 1 Introduction The overhead is applied to the production on the basis of the predetermined over...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started