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 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$10,250$ 1.504,000$25,400Job P$14,000$21,800Job Q$8,500$7,900Direct materialsDirect labor costActual machine-hours used:MoldingFabrication1,8007002,5009001,0001,900TotalSweeten 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 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. Foundational 2-99. What were the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round youranswers to 2 decimal places.)Predetermined Overhead RateMolding Departmentper MHFabrication Departmentper MH

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Description: 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 hastwo manufacturing dep

Department Plantwide Overhead Rate The department predetermined overhead rate is set at the…

Business

Accounting

3. What were the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.) Predetermined Overhead Rate per MH Donartnont

3. What were the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.) Predetermined Overhead Rate per MH Donartnont

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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Required information 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 $29,800 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.90 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:…
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