Estimated total machine-hours used Molding 2,500 Fabrication 1,500 Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour $ 13,000 $ 2.60 $ 16,800 $ 3.40 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job P $ 25,000 $ 30,600 2,900 1,800 4,700 Job Q $ 14,000 $ 12,300 2,000 2,100 4,100 Total 4,000 $ 29,800 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as

Estimated total machine-hours used Molding 2,500 Fabrication 1,500 Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour $ 13,000 $ 2.60 $ 16,800 $ 3.40 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job P $ 25,000 $ 30,600 2,900 1,800 4,700 Job Q $ 14,000 $ 12,300 2,000 2,100 4,100 Total 4,000 $ 29,800 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as

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Description: Estimated total machine-hours usedTotal4,000Estimated total fixed manufacturing overheadMolding2,500$ 13,000$ 2.60Fabrication1,500$ 16,800 $ 29,800$ 3.40Estimated variable manufacturing overhead per machine-hourThe direct materials cost, direct labo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Estimated total machine-hours used
Total
4,000
Estimated total fixed manufacturing overhead
Molding
2,500
$ 13,000
$ 2.60
Fabrication
1,500
$ 16,800 $ 29,800
$ 3.40
Estimated variable manufacturing overhead per machine-hour
The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows:
Direct materials
Direct labor cost
Actual machine-hours used:
Molding
Fabrication
Total
Foundational 2-4 (Algo)
Job P
$ 25,000
$ 30,600
2,900
1,800
4,700
Unit product cost
Job Q
$ 14,000
$ 12,300
Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year.
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 predetermined departmental overhead rates with
machine-hours as the allocation base in both departments.
2,000
2,100
4,100
4. If Job P includes 20 units, what is its unit product cost? (Do not round intermediate calculations. Round your final answer to
nearest whole dollar.)

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Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 8,000 units, 65% completed 31,880 To Finished Goods, 184,000 units ? Direct materials, 188,000 units @ $2.10 394,800 Direct labor 404,400 Factory overhead 157,320 Bal., ? units, 20% completed ? Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs WholeUnits Equivalent UnitsDirect Materials Equivalent UnitsConversion Inventory in process, beginning…
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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…
Tolerin Company uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials $41,280 Overhead $ 66,150 7,000 8,000 Cost added during May Equivalent units of production Required: Compute the cost per equivalent unit for materials, for labour, for overhead, and in total. (Round your answers to 2 decimal places.) Cost per equivalent unit Materials Labour $ 26,460 7,000 Labour Overhead $ Total 0:00 Next >
if job 10 consists of 50 units of product, what is the unit cost of this job?
1. Calculate the plant-wide overhead rate using the following information: Estimated Total Manufacturing Costs Estimated Cost Allocation Base Actual Total Manufacturing Costs Actual Cost Allocation Base $20 per machine hour $30 per machine hour $1,000,000 50,000 machine hours $1,500,000 25,000 machine hours $60 per machine hour $40 per machine hour