The Foundational 15 (Algo) [LO2-1, LO2-2, LO2-3, LO2-4] [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 $31,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.20 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 Molding 2,500 Fabrication 1,500 Total 4,000 $ 13,750 $ 2.90 $ 17,250 $ 3.70 $ 31,000 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: Fabrication Molding Total Job P $ 28,000 $ 33,000 Job Q $ 15,500 $ 13,500 3,200 2,300 2,100 2,400 5,300 4,700 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: 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. Foundational 2-1 (Algo) 1. What is the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.) Predetermined overhead rate per MH Foundational 2-2 (Algo) 2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediate calculations.) Job P Job Q Manufacturing overhead applied Foundational 2-3 (Algo) 3. What is the total manufacturing cost assigned to Job P? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Total manufacturing cost Foundational 2-4 (Algo) 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.) Unit product cost Foundational 2-5 (Algo) 5. What is the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.) Total manufacturing cost Foundational 2-6 (Algo) 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.) Unit product cost Foundational 2-7 (Algo) 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.) Total price for the job Selling price per unit Job P Job Q Foundational 2-8 (Algo) 8. What is Sweeten Company's cost of goods sold for the year? (Do not round intermediate calculations.) Cost of goods sold Foundational 2-9 (Algo) 9. What are the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.) Molding Department Fabrication Department Predetermined Overhead Rate per MH per MH Foundational 2-10 (Algo) 10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.) Job P Job Q Manufacturing overhead applied Foundational 2-11 (Algo) 11. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.) Manufacturing overhead applied Job P Job Q Foundational 2-12 (Algo) 12. If Job P includes 20 units, what is its unit product cost? (Do not round intermediate calculations.) Unit product cost Foundational 2-13 (Algo) 13. 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.) Unit product cost Foundational 2-14 (Algo) 14. 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.) Total price for the job Selling price per unit Job P Job Q Foundational 2-15 (Algo) 15. What is Sweeten Company's cost of goods sold for the year? (Do not round intermediate calculations.) Cost of goods sold