Foundational 2-14 (Algo)14. Assume that Sweeten Company uses cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establishselling prices for all of its jobs. If Job P includes 20 units and Job Q includes 30 units, what selling price would the company establishfor Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis?Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar.Total price for the jobSelling price per unitJob PJob Q [The following information applies to the questions displayed below.]Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started,completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predeterminedoverhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would berequired for the period's estimated level of production. Sweeten also estimated $29,800 of fixed manufacturing overheadcost for the coming period and variable manufacturing overhead of $2.90 per machine-hour.Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwideoverhead rate with departmental rates that would also be based on machine-hours. The company gathered the followingadditional information to enable calculating departmental overhead rates:Direct materialsDirect labor costActual machine-hours used:MoldingFabricationEstimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hourThe direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows:Job P$ 25,000$ 30,600Foundational 2-14 (Algo)Molding Fabrication2,5001,500$ 13,000$ 2.60$ 16,800$ 3.402,9001,8004,700Job Q$ 14,000$ 12,300Total2,0002,1004,1004,000$ 29,800TotalSweeten 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.

The selling price is determined using the selling price formula and is used to sell the item for a…

Foundational 2-14 (Algo) 14. Assume that Sweeten Company uses cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. If Job P includes 20 units and Job Q includes 30 units, what selling price would the company establish for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Total price for the job Selling price per unit Job P Job Q

Foundational 2-14 (Algo) 14. Assume that Sweeten Company uses cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. If Job P includes 20 units and Job Q includes 30 units, what selling price would the company establish for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Total price for the job Selling price per unit Job P Job Q

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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