[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 $ 21,320 $ 34,440 2,820 980 3,800 Job Q $13,120 $ 12,300 1,310 1,450 2,760 Molding 4,100 $16,400 $ 1.40 Fabrication 2,460 $ 24,600 $ 2.20 Total 6,560 $ 41,000 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.
[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 $ 21,320 $ 34,440 2,820 980 3,800 Job Q $13,120 $ 12,300 1,310 1,450 2,760 Molding 4,100 $16,400 $ 1.40 Fabrication 2,460 $ 24,600 $ 2.20 Total 6,560 $ 41,000 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.
Chapter1: Financial Statements And Business Decisions
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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.
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![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
Job Q
$13,120
$ 21,320
$ 34,440 $ 12,300
2,820
980
3,800
Cost of goods sold
1,310
1,450
2,760
Molding
4,100
$16,400
$ 1.40
Fabrication
2,460
$ 24,600
$ 2.20
Total
6,560
$ 41,000
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.
15. What was Sweeten Company's cost of goods sold for March? (Do not round intermediate calculations.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb93466fc-9139-4799-9790-6a589f14492b%2Fac409e61-b89f-4f0c-8cc6-0983f50b7841%2Fy4vapbv4_processed.jpeg&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
Job Q
$13,120
$ 21,320
$ 34,440 $ 12,300
2,820
980
3,800
Cost of goods sold
1,310
1,450
2,760
Molding
4,100
$16,400
$ 1.40
Fabrication
2,460
$ 24,600
$ 2.20
Total
6,560
$ 41,000
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.
15. What was Sweeten Company's cost of goods sold for March? (Do not round intermediate calculations.)
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