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 (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 $ 10,000 $ 15,000 $ 25,000 $ 1.40 $ 220 Estimated variable manufacturing overhead per machine-hour Job P Job Q Direct materials 13,000 8,000 Direct labor cost 21,000 7,500 Actual machine-hours used: Molding 1,700 800 Fabrication 600 900 Total 2,300 1,700 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal

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 (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 $ 10,000 $ 15,000 $ 25,000 $ 1.40 $ 220 Estimated variable manufacturing overhead per machine-hour Job P Job Q Direct materials 13,000 8,000 Direct labor cost 21,000 7,500 Actual machine-hours used: Molding 1,700 800 Fabrication 600 900 Total 2,300 1,700 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal

Name: Sweeten Company had no jobs in progress at the beginning of March and
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Description: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. Thecompany has two manufacturing departments--Molding and Fabrication. It started, completed, and soldonly two jobs during March-Job Pand Job Q. The foll

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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Morrow Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Job X32Z Beginning balance $ 5,000 Charged to the job during May Direct materials $ 8,000 Direct labor $ 2,000 Manufacturing overhead applied $ 4,000 Units completed 100 Units sold during May 40 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. Required: What is the cost of goods sold for May? What is the total value of the finished goods inventory at the end of May? What is the total value of the work in process inventory at the end of May?
Weatherhead Incorporated has provided the following data for the month of March. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Total Direct materials $ 4,240 $14,740 $ 41,900 $ 60,880 Direct labor 10,480 29,480 83,880 123,840 Manufacturing overhead applied 5,860 12,100 35,060 53,020 Total $20,580 $56,320 $160,840 $237,740 Manufacturing overhead for the month was overapplied by $3,100.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The work in process inventory at the end of March after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to: (Round…
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-…
Valdosta Company is working on its costing information for January. Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost. The company does not formally close the account until the end of the year. The beginning and ending inventories for the month of August are August 1 August 31 Direct Materials $62,000 $67,000 Work in Process $171,000 $145,000 Finished Goods $78,000 $85,000 Production data for the month of August follows: Direct labor $250,000 Actual manufacturing overhead $195,500 Direct materials purchased $163,000 Transportation in $2,000 Valdosta Company's cost of goods transferred to finished goods inventory for August is Group of answer choices $484,000 $495,000 $577,000 $623,500
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…
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $237,500 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 1011 $ 11,600 $ 18,000 1,700 hours 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit Job 102 $ 8,100 $ 5,700 5-a. Balance 5-b. Is it over- or underapplied? 2,700 hours Job 103 $5,500 $ 5,100 Job 101 was completed and sold for $50,400. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $19,800. 1,100 hours Total Required: 1. Calculate the predetermined…
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…
Valdosta Company is working on its costing information for January. Using normal costing, they use one overhead control account and charges overhead to production at 75% of direct labor cost. The company does not formally close the account until the end of the year. The beginning and ending inventories for the month of August are August 1 August 31 Direct Materials $62,000 $67,000 Work in Process $171,000 $145,000 Finished Goods $78,000 $85,000 Production data for the month of August follows: Direct labor $250,000 Actual manufacturing overhead $195,500 Direct materials purchased $163,000 Transportation in $2,000 Valdosta Company's manufacturing overhead control balance for the month of August is Group of answer choices $8,000 credit, overapplied $8,000 debit, underapplied $8,000 debit, overapplied $8,000 credit, underapplied
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…
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…
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 Cost of goods sold Job P $ 13,000 $ 21,000 $ 1,700 600 2,300 81,840 Job Q $ 8,000 $ 7,500 800 900 1,700 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 that Sweeten…