Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Foundational 15 [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
The Foundational 15 [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 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): For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. For questions 10-15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. 1. What were the company's predetermined overhead rates in the Molding Department and the Fabrication Department? 2. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? 3. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q? 4. What was the total manufacturing cost assigned to Job P? 5. If Job P included 20 units, what was its unit product cost? 6. What was the total manufacturing cost assigned to Job Q ? 7. If Job Q included 30 units, what was its unit product cost? 8. 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? 9. What was Sweeten Company's cost of goods sold for March? 10. What was the company's plantwide predetermined overhead rate? 11. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? 12. If Job P included 20 units, what was its unit product cost? 13. If Job Q included 30 units, what was its unit product cost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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