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 departments-Molding and Fabrication. It

image text in transcribedimage text in transcribedimage text in transcribed image text in transcribed

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 $14,750 $ 17,850 $32,600 Estimated variable manufacturing overhead per machine-hour $ 3.30 $ 4.10 Job P $32,000 $36,200 Job O $17,500 $15,100 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 3,600 2,500 6,100 2,700 2,800 5,500 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 915, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. 5. What was the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.) Total manufacturing cost 6. 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 7. 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. Round your final answers to nearest whole dollar.) Job P Job Q Total price for the job Selling price per unit machine-hours as the allocation base in both departments. 8. What was Sweeten Company's cost of goods sold for March? (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 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

Equity Asset Valuation

Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen

2nd Edition

978-0470571439

Students also viewed these Accounting questions