[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 $ 21,840 $ 35,280 2,890 1,010 3,900 Predetermined overhead rate Job Q $ 13,440 $ 12,600 1,340 1,480 2,820 per MH Molding 4,200 $ 16,800 $ 1.40 Fabrication 2,520 $ 25,200 $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 6,720 $ 42,000 O. What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)
[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 $ 21,840 $ 35,280 2,890 1,010 3,900 Predetermined overhead rate Job Q $ 13,440 $ 12,600 1,340 1,480 2,820 per MH Molding 4,200 $ 16,800 $ 1.40 Fabrication 2,520 $ 25,200 $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 6,720 $ 42,000 O. What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
![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
$ 21,840
$ 35,280
2,890
1,010
3,900
Predetermined overhead rate
Job Q
$ 13,440
$ 12,600
1,340
1,480
2,820
per MH
Molding
4,200
$ 16,800
$ 1.40
Fabrication
2,520
$ 25,200
$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
6,720
$ 42,000
10. What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2Fac370ce6-860a-4a03-8a23-01629068e93f%2Fon8joid_processed.png&w=3840&q=75)
Transcribed Image Text: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
$ 21,840
$ 35,280
2,890
1,010
3,900
Predetermined overhead rate
Job Q
$ 13,440
$ 12,600
1,340
1,480
2,820
per MH
Molding
4,200
$ 16,800
$ 1.40
Fabrication
2,520
$ 25,200
$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
6,720
$ 42,000
10. What was the company's plantwide predetermined overhead rate? (Round your answer to 2 decimal places.)
Transcribed Image Text:11. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round Intermediate
calculations.)
Manufacturing overhead applied
Job P
Unit product cost
Job Q
12. If Job P Included 20 units, what was its unit product cost? (Do not round Intermediate calculations. Round your final answer to
nearest whole dollar.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education