Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tried several times but dont know why they are wrong Sweeten Company had no jobs in progress at the beginning of March and no beginning

image text in transcribedimage text in transcribedimage text in transcribedTried several times but dont know why they are wrong

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 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): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding 2,500 $11,250 $ 1.90 Fabrication 1,500 $15,750 $ 2.70 Total 4,000 $27,000 Job P $18,000 $25,000 Job $ 10,500 $ 9,500 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,200 1,100 3,300 1,300 1,400 2,700 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 $ 84,240 x Total price for the job Selling price per unit 128,880 X $ 6,444 X $ $ 2,808 X Foundational 2-15 (Algo) 15. What was Sweeten Company's cost of goods sold for March? (Do not round intermediate calculations.) Cost of goods sold $ 118,400

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

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

Audit Culture How Indicators And Rankings Are Reshaping The World

Authors: Cris Shore, Susan Wright

1st Edition

0745336450, 978-0745336459

More Books

Students also viewed these Accounting questions