15esBecause Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwideoverhead rate with departmental rates that would also be based on machine-hours. The company gathered the followingadditional information to enable calculating departmental overhead rates:Direct materialsDirect labor costActual machine-hours used:MoldingFabricationTotalEstimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hourThe direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows:Job P$ 21,000$ 27,400Foundational 2-15 (Algo)Molding Fabrication2,5001,500$ 16,200$ 3.00$ 12,000$2.202,5001,4003,900Job Q$ 12,000$ 10,700Total1,6001,7003,3004,000$ 28,200Sweeten 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 asthe allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates withmachine-hours as the allocation base in both departments.15. What is Sweeten Company's cost of goods sold for the year? (Do not round intermediate calculations.)

MoldingFabrication Fixed cost $ 12,000 $ 16,200 machine hrs 2,500…

formation to enable calculating departmental overhead rates: Molding terials bor cost chine-hours used: total machine-hours used total fixed manufacturing overhead variable manufacturing overhead per machine-hour materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follo Job Q $ 12,000 $ 10,700 2,500 $ 12,000 $ 2.20 Job P $ 21,000 $ 27,400 Fabrication 1,500 $ 16,200 $ 3.00

formation to enable calculating departmental overhead rates: Molding terials bor cost chine-hours used: total machine-hours used total fixed manufacturing overhead variable manufacturing overhead per machine-hour materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follo Job Q $ 12,000 $ 10,700 2,500 $ 12,000 $ 2.20 Job P $ 21,000 $ 27,400 Fabrication 1,500 $ 16,200 $ 3.00

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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Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $953,500 696,000 31,700 88,000 16,000 12,200 Advertising expense 19,100 Administrative office salaries 82,000 Administrative office depreciation expense 10,500 Total costs and expenses $1,909,000 The average shop direct labor rate is $24.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
ator=&inpr... 18 R Print Item Calculating Departmental Overhead Rates and Applying Overhead to Production At the beginning of the year, Glaser Company estimated the following: Assembly Testing Department Department Total Overhead $364,000 $371,280 $735,280 Direct labor hours 157,500 118,125 275,625 Machine hours 50,500 54,540 105,040 Glaser uses departmental overhead rates. In the assembly department, overhead is applied on the basis of direct labor hours. In the testing department, overhead is applied on the basis of machine hours. Actual data for the month of March are as follows: Assembly Testing Department Department Total Overhead $43,680 $44,554 $88,234 Direct labor hours 18,900 14,175 33,075 Machine hours 6,060 6,545 12,605 Required: 1. Calculate the predetermined overhead rates for the assembly and testing departments. Round your answers to the nearest cent. Assembly department overhead rate per direct labor hour Testing department overhead rate per machine hour Check My Work 4…
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redetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $637,100 Shop direct labor 465,000 Shop and repair equipment depreciation 51,100 Shop supervisor salaries 142,000 Shop property taxes 25,800 Shop supplies 19,800 Advertising expense 12,700 Administrative office salaries 54,800 Administrative office depreciation expense 7,000 Total costs and expenses $1,415,300 The average shop direct labor rate is $15 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$ per direct labor hour
Exercise 2-15 (Algo) Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO 2-2, LO2-3, LO2-4] Skip to question [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 53,000 machine - hours would be required for the period's estimated level of production. It also estimated $980,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $5.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine - hours. The company gathered the following information to enable calculating departmental overhead rates: Molding Fabrication Total Machine - hours 23,000 30,000 53,000 Fixed manufacturing…
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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…