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 machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10-15, assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Stuck on these practice problems please provide details on how you got your answer so I can see what mistakes I made in my notes
![!
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
2,900
$11,600
$ 1.40
Total
1,740
$17,400
2$
Estimated total machine-hours used
4,640
$29,000
Estimated total fixed manufacturing overhead
Estimated variable manufacturing overhead per machine-hour
2.20
Job P
Job Q
$9,280
$8,700
Direct materials
$15,080
$24,360
Direct labor cost
Actual machine-hours used:
Molding
2,000
700
930
Fabrication
1,010
Total
2,700
1,940
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 machine-hours
as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10-15,
assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base.
13. If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to
nearest whole dollar.)
Unit product cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fdfed36-42f7-4753-bff6-d73ae25803b5%2F9ed1bbd7-820d-4fcb-8d05-0a926062d0ab%2Foeachce_processed.png&w=3840&q=75)
![!
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
2,900
$11,600
$ 1.40
Total
4,640
$29,000
Estimated total machine-hours used
Estimated total fixed manufacturing overhead
Estimated variable manufacturing overhead per machine-hour
1,740
$17,400
$ 2.20
Job P
Job Q
$15,080
$24,360
Direct
$9,280
$8,700
als
Direct labor cost
Actual machine-hours used:
Molding
2,000
930
Fabrication
700
1,010
1,940
Total
2,700
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 machine-hours
as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10-15,
assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base.
If Job P incluc
nearest whole dollar.)
20 units, what was its unit product cost? (Do not rou
intermedia
culat
ound your final answer
Unit product cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5fdfed36-42f7-4753-bff6-d73ae25803b5%2F9ed1bbd7-820d-4fcb-8d05-0a926062d0ab%2F5y72s3o_processed.png&w=3840&q=75)
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