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 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):Molding2,600$ 10,400$ 1.40FabricationTotalEstimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hour1,560$ 15,600$ 2.204,160$ 26,000Job P$ 13,520$ 21,840Job Q$ 8,320$ 7,800Direct materialsDirect labor costActual machine-hours used:MoldingFabrication1,780830620930Total2,4001,760Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.Required:For questions 1 to 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 questions10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocationbase.1. 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 Department$15,600.00 per MHFabrication Department2$30,660.00 per MH Required information[The following information applies to the questions displayed below.]Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company hastwo manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (alldata and questions relate to the month of March):Molding2,600$ 10,400$ 1.40FabricationTotalEstimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hour1,560$ 15,600$ 2.204,160$ 26,000Job Q$ 8,320$ 7,800Job PDirect materialsDirect labor costActual machine-hours used:$ 13,520$ 21,840MoldingFabrication1,780620830930Total2,4001,760Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.Required:For questions 1 to 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 questions10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocationbase.2. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? (Donot round intermediate calculations.)Answer is not complete.Job PJob QManufacturing overhead applied15,600 x

1.Predetermined Overhead rate Molding Fabrication Estimated fixed MOH $10,400 $15,600…

Company had no jobs in progress at the beginning of Mard ufacturing departments-Molding and Fabrication. It started d Job Q. The following additional information is available fo questions relate to the month of March): Moldir d total machine-hours used d total fixed manufacturing overhead d variable manufacturing overhead per machine-hour 2, $ 10, $ 1 Job Q $ 8,320 $ 7,800 Job P $ 13,520 $ 21,840 aterials bor cost achine-hours used: 830 1,780 620 on 930 2,400 1,760 Company had no underapplied or overapplied manufactur : tions 1 to 9 assume that Sweeten Company uses departme

Company had no jobs in progress at the beginning of Mard ufacturing departments-Molding and Fabrication. It started d Job Q. The following additional information is available fo questions relate to the month of March): Moldir d total machine-hours used d total fixed manufacturing overhead d variable manufacturing overhead per machine-hour 2, $ 10, $ 1 Job Q $ 8,320 $ 7,800 Job P $ 13,520 $ 21,840 aterials bor cost achine-hours used: 830 1,780 620 on 930 2,400 1,760 Company had no underapplied or overapplied manufactur : tions 1 to 9 assume that Sweeten Company uses departme

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 following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
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