9. What were the company's predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.) 10. How much manufacturing overhead was applied from the Molding Department to Job Pand how much was applied to Job Q? (Do not round Intermedlate calculations.) 11 How much manufacturing overhead was applied from the Fabrication Department to Job Pand how much was applied to Job Q? (Do not round Intermedlate calculations.) 12 If Job Pincluded 20 units, what was its unit product cost? (Do not round Intermedlate calculations.) 13. If Job Q included 30 units, what was its unit product cost? (Do not round Intermedlate calculations. Round your final answer to nearest whole dollar.) 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 Pand Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job Pand 30 units were produced for Job Q? (Do not round Intermedlate calculatlons. Round your final answer to nearest whole dollar.) 15. What was Sweeten Company's cost of goods sold for March? (Do not round Intermedlate calculatlons. Required information (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 compeny has two manufecturing depaitments-Molding and Fabrication. It started, completed, and sold only two jobs during March-Job Pand Job Q. The following edditional informetion is evelable for the company as a whole and for Jobs P end Q (all data and questions relate to the month of March): Estinated total achine-hours used Estimsted total fixed manufacturing overhead Estimated variable nanufacturing overhead per machine-hour nolding Fabeication Total 2,500 S11,000 S15,6e s26, 600 $ 1.80 1,500 4,000 $ 2.60 Job P $17,000 $10,000 $24,200 Job e 0irect materials Direct labor cost Actual machine-hours used: Malding Fabrication Total $ 9,100 2,100 1,200 1,300 2,500 Sweeten 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 as the allocation base. For questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation bese in both departments.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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