Foundational 2-22. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediatecalculations.)Job PJob QManufacturing overhead applied Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company hastwo 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 (alldata and questions relate to the month of March):Estimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hourMolding Fabrication Total1,500$15,150$ 2.302,500$10,2501.504,000$25,4002$Job Q$8,500$7,900Job P$14,000$21,800Direct materialsDirect labor costActual machine-hours used:MoldingFabrication1,8007009001,0001,900Total2,500Sweeten Companyno 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 asthe allocation base. For questions 9-15, assume that the company uses departmental predetermined overhead rates withmachine-hours as the allocation base in both departments.

Name: Foundational 2-22. How much manufacturing overhead was applied to Job
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Description: Foundational 2-22. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediatecalculations.)Job PJob QManufacturing overhead applied Sweeten Company had no jobs in progress at the beginning of M

First we calculate, predetermined overhead rate Predetermined overhead rate = Estimated total…

Answered: 2. How much manufacturing overhead was…

Business

Accounting

2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When materials are used as indirect materials, their cost is debited to Facotry or Manufacturing overhead account. TRUE FALSE
provide correct option with explanation
The basis used for allocating manufacturing overhead (such as machine hours or direct labor hours) should closely align with O a. estimation techniques used in other areas of financial reporting. O b. the GAAP rules for allocating overhead. O C. the incurrence of overhead costs. d. the way that competitors allocate overhead.
How would the process-costing computations differ from those illustrated in the chapter if overhead were applied on some activity base other than direct labor?
In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.
Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work -in-Process Inventory , Finished Goods Inventory , and Cost of Goods Sold? a . The balance in the Work-in - Process account after allocation will be the same under either method . b . The balance in the Work-inProcess account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts . c. None of given answer is correct . d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold . e. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold
Can you give us the actual formula for determining the overhead rate and not just the two components without relating them to each other, please? That should then help you give a better explanation of how/why the overhead could be over or underapplied.
Which of the following statement(s) islare correct? I. Manufacturing overhead includes all manufacturing costs except direct labor and direct materials II. Prime costs consist of direct material and direct labor. Conversion cost is essentially direct labor O A. I only O B. Il only O C. Both I & II D. Neither I nor II
Manufacturing overhead is not : A manufacturing cost . An indirect cost . A period cost. о A product cost.
Overhead costs are overapplied if the amount applied to Work in Process is: O a. None of the given answer is correct O b. equal to estimated overhead. Oc. equal to actual overhead incurred. O d. less than estimated overhead. O e. less than actual overhead incurred. 5 PAGE Jump to... JIZ TWO
17. The expenses that are not directly identifiable to the salable product are termed as ______ a. Direct materials b. All of the given options c. Overheads d. Direct labor
I. In job-order costing, when the predetermined overhead rate is based on direct labor-hours, the amount of overhead applied to a job is proportional to the amount of actual direct labor-hours incurred on the job. II. In job-order costing, the work in process inventory account contains the actual costs of direct labor, direct materials, and manufacturing overhead incurred on partially completed jobs. A. Both statement are false b. Both statement are true c. Only statement I is true d. Only statement II is trye