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 (al|data and questions relate to the month of March):Molding2,600$ 10,400$ 1.40FabricationTotal4,160$ 26,000Estimated total machine-hours usedEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hour1,560$ 15,600$ 2.20Direct materialsDirect labor costActual machine-hours used:Job P$ 13,520$ 21,840Job Q$ 8,320$ 7,800MoldingFabrication1,780620830930Total2,4001,760Sweeten 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.4. What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.)X Answer is complete but not entirely correct.Total manufacturing cost$42,924 X !Required information[The following information applies to the questions displayed below.]Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company hastwo manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March-Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (al|data and questions relate to the month of March):Molding2,600$ 10,400$ 1.40FabricationTotal1,560$ 15,600$ 2.20Estimated total machine-hours used4,160$ 26,000Estimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hourJob Q$ 8,320$ 7,800Job P$ 13,520$ 21,840Direct materialsDirect labor costActual machine-hours used:MoldingFabrication1,780620830930Total2,4001,760Sweeten 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.5. If Job P included 20 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer tonearest whole dollar.)X Answer is complete but not entirely correct.Unit product cost$2,614 X

The predetermined overhead rate refers to the rate at which the estimated overhead is to be…

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two 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 (all data and questions relate to the month of March): 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 $ 13,520 $21,840 1,780 620 2,400 Job Q $ 8,320 $ 7,800 830 930 1,760 Molding 2,600 $ 10,400 $ 1.40 Fabrication 1,560 $15,600 $2.20 Total 4,160 $ 26,000

Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two 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 (all data and questions relate to the month of March): 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 $ 13,520 $21,840 1,780 620 2,400 Job Q $ 8,320 $ 7,800 830 930 1,760 Molding 2,600 $ 10,400 $ 1.40 Fabrication 1,560 $15,600 $2.20 Total 4,160 $ 26,000

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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Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two 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 (all data and questions relate to the month of March): 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 Total price for the job Selling price per unit Job P $18,000 $25,000 Job P 2,200 1,100 3,300 Job Q Job Q $10,500 $9,500 1,300 1,400 2,700 Molding 2,500 $11,250 $ 1.90 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with…
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two 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 (all data and questions relate to the month of March): 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 Job. 0 $0,000 $7,500 $13,000 $ 21,000 1,700 600 2,300 000 900 1,700 Holding Fabrication Total 2,500 1,500 4,000 $10,000 $15,000 $25,000 $2.20 $ 1.40 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. A Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-…
! 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 has two 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 (all data and questions relate to the month of March): Molding 2,600 $ 10,400 $ 1.40 Fabrication 1,560 $ 15,600 $ 2.20 Total 4,160 $ 26,000 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: Job P $ 13,520 $ 21,840 Job Q $ 8,320 $ 7,800 Molding Fabrication 1,780 620 830 930 Total 2,400 1,760 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions…
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March-Job Pand Job Q. The following additional information is available for the company as a whole and for Jobs Pand Q (al data and questions relate to the month of March) Istinatod total nachino-hours used Eatinated total fixed nanufacturing overhmad Estinated variable namutacturing overhead per machine bour 2,500 S10, 000 $ 1.00 Holding Fahrieanion Total 1,500 $15,000 $25,e00 $ 2.20 4,000 Job P Job $13,000 sa, 00 $21,000 57,5e0 Biruet muter ial Direct iabor cost Actual machinu-houra usudi Holding 1,700 600 B00 Fabrication 900 Tutal 2, 300 1,700 Sweeten 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 as the…
Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $476,100, and management budgeted 34,500 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April: April insurance cost for the manufacturing property and equipment was $1,900. The premium had been paid in January. Recorded $1,095 depreciation on an administrative asset. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). The purchase was on credit. Paid factory utility bill, $6,590, in cash. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. Incurred and paid other factory overhead costs, $6,330. Purchased $25,500 of materials. Direct materials included unpolished…
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 has two 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 (all data and questions relate to the month of March): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 13,000 $ 16,800 $ 29,800 Estimated variable manufacturing overhead per machine-hour $ 2.60 $ 3.40 Job P Job Q Direct materials $ 25,000 $ 14,000 Direct labor cost $ 30,600 $ 12,300 Actual machine-hours used: Molding 2,900 2,000 Fabrication 1,800 2,100 Total 4,700 4,100…
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 has two 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 (all data and questions relate to the month of March): 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 $ 13,000 $ 21,000 Manufacturing overhead applied 1,700 600 2,300 Job P Job Q $ 8,000 $ 7,500 800 900 1,700 Job Q Molding 2,500 $ 10,000 $ 1.40 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1 to 9, assume…
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two 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 (all data and questions relate to the month of March): Molding Fabrication Total 1,500 $15,150 $ 2.30 Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour 2,500 $10,250 $ 1.50 4,000 $25,400 Job P $14,000 $21,800 Job Q $8,500 $7,900 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 1,800 700 900 1,000 1,900 2,500 Sweeten 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…
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 has two 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 (all data and questions relate to the month of March): Molding 2,600 $ 10,400 $ 1.40 Fabrication Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour 1,560 $ 15,600 $ 2.20 4,160 $ 26,000 Job P $ 13,520 $ 21,840 Job Q $ 8,320 $ 7,800 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication 1,780 830 620 930 Total 2,400 1,760 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1…
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two 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 (all data and questions relate to the month of March): Molding 4, 200 $ 16,800 Fabrication 2,520 $ 25, 200 Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine- 6,720 $ 42,000 hour $ 1.40 $ 2.20 Job Q $ 13,440 $ 12,600 Job P Direct materials Direct labor cost $ 21,840 $35,280 Actual machine-hours used: Molding Fabrication 2,890 1,010 1,340 1,480 Total 3,900 2,820 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…
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Required inTormation [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 has two 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 (all data and questions relate to the month of March): Molding 4,200 $ 16,800 Fabrication 2,520 $25, 200 Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine- 6,720 $ 42,000 hour $ 1.40 $2.20 Job Q $ 13,440 $ 12,600 Job P Direct materials Direct labor cost Actual machine-hours used: $ 21,840 $ 35,280 Molding Fabrication 2,890 1,340 1,480 1,010 Total 3,900 2,820 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For…