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-hour2,500$10,250$ 1.50Molding Fabrication Total1,500$15,150$ 2.304,000$25,400Job P Job Q$14,000$21,800esDirect materialsDirect labor costActual machine-hours used:$8,500$7,900MoldingFabrication9001,8007001,0001,900Total2,500Sweeten 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 2-55. What was the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.)Total manufacturing cost

Name: The Foundational 15 (LO2-1, LO2-2, LO2-3, LO2-4][The following inform
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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

Predetermined overhead rate = Estimated total overhead / Estimated machine hours = (2500*$1.50 +…

Business

Accounting

Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour 2,500 $10,250 $ 1.50 Molding Fabrication Total 1,500 $15,150 $ 2.30 4,000 $25,400 Job P Job Q $8,500 $7,900 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication $14,000 $21,800 1,800 700 2,500 900 1,000 1,900 Total

Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour 2,500 $10,250 $ 1.50 Molding Fabrication Total 1,500 $15,150 $ 2.30 4,000 $25,400 Job P Job Q $8,500 $7,900 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication $14,000 $21,800 1,800 700 2,500 900 1,000 1,900 Total

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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Process Assembly Finishing Support Activity Machining Setups Budgeted Cost $311,800 Activity Cost Driver Activity Usage Machine hours (MH) 7,600 24,000 $335,800 Setups 240 Inspecting Purchasing $ 224,000 Inspections 800 $ 130,000 Purchase orders 540 Additional production information concerning its two models follows. Units and Activities Units produced Machine hours Setups Inspections Purchase orders Per Unit Selling price per unit Direct materials cost per unit Direct labor cost per unit Model X Model Z 2,000 4,000 2,200 5,400 80 160 540 260 360 180 Model X $410 Model Z $ 390 160 110 145 160 1. Compute the activity rate for each activity using activity-based costing. 2. Using activity-based costing, compute the overhead cost per unit for each model. 3. Compute the total product cost per unit for each model. 4. For each model, compute the gross profit per unit (selling price per unit minus product cost per unit).
Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (8,100 yards) Direct labor Variable manufacturing overhead Total $36,360 $ 7,070 $ 3,030 During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $18.00 3.50 Total $ 46,980 $ 9,990 $ 4,590 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 1.50 $23.00 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used in production. Per Set of Covers $ 17.40 3.70 1.70 $22.80 Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency…
Use three different activities as cost drivers, machine setups, machine hours, and inspections to compute the overhead rate for each activity. Activity Overhead per Activity Annual Usage Machine Setups $75,000 6,000 Machine Hours $85,002 5,484 Inspections 70,000 20,000
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job P $ 22,360 $36,120 Manufacturing overhead applied 2,970 1,030 4,000 Job P Job Q $ 13,760 $ 12,900 1,380 1,500 2,880 Job Q Molding 4,300 $ 17,200 $ 1.40 Fabrication 2,580 $25,800 $ 43,000 6,880 $ 2.20 Sweeten 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 questions 10 to 15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. Total 11. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not…
Compute factory overhead cost from the following costs: Depreciation on factory buildings $ 45,950 Depreciation on office equipment 32,980 Direct materials used 96,840 Indirect labor $ 6,580 a.$78,930 b.$73,000 c.$96,840 d.$52,530
2 Drilling Company uses activity-based costing and provides this information: Driver Rate $ 0.80 Manufacturing Activity Materials handling Machinery Assembly Inspection Cost Driver Number of parts Number of machine hours Number of parts Number of finished units 58.00 3.20 37.00 Drilling has just completed 87 units of a component for a customer. Each unit required 107 parts and 3.35 machine hours. The prime cost is $1,370 per finished unit. All other manufacturing costs are classified as manufacturing overhead. Required: 1. Compute the total manufacturing costs and the unit costs of the 87 units just completed using ABC costing. 2. In addition to the manufacturing costs, the firm has determined that the total cost of upstream activities, including research and development and product design, is $187 per unit. The total cost of downstream activities, such as distribution, marketing, and customer service, is $307 per unit. Compute the full product cost per unit, including upstream,…