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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CH Marco Company shows the following costs for three jobs worked on in April Balances on March 31 birect materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct Labor used Overhead applied Status on April 30 Additional Information Job 305 Problem 2-2A (Algo) Part 4 $ 37,880 28.000 18.880 155 800 93,000 A (sold) 306 387 $ 48,000 4 Fontshed Job 388 1 128.000 125,000 a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520.000, and total factory payroll cost in April is $333,000. c. Actual overhead costs incurred in April are indirect materials, $55.000; indirect labor, $28,000; factory factory utilities, $24.000, and factory equipment depreciation, $56.000. d. Predetermined overhead rate is 50% of direct lacor cost. e. Job 306 is sold for $655,000 cash in April. In process 4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
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Required information [The following information applies to the questions displayed below.) Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials $ 49,500 34,000 20,000 22,800 6,400 132,700 20,500 Total materials requisitions $ 153,200 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 $ 12,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 10,700 37,900 39,000 4,000 103,700 26,500 $ 130,200 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs…
Morrow Corporation had only one job in process during May-Job X32Z- and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 17,000 $ 14,000 $ 4,400 $ 32,800 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 220 0 100 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May?
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1. Sale of completed units and Cost of sales2. Over- or underapplied factory overhead (Not closed out until the end of the year)