[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production, Sweeten also estimated $30,200 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Molding Fabrication 2,500 1,500 Estimated total fixed. ufacturing overhead Estimated variable manufacturing overhead per machine-hour $ 13,250 $ 2.70 $ 16,950 $ 3.50 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials. Direct labor cost. Actual machine-hours used: Molding Fabrication Total Swenton Compra Job P $ 26,000 $ 31,400 3,000 1,900 4,900 Job 0 $ 14,500 $ 12,700 2,100 2,200 4,300 Total 4,000 $ 30,200 my work 14. Assume that Sweeten Company uses cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. If Job P includes 20 units and Job Q includes 30 units, what selling price would the company establish for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Total price for the job Selling price per unit Job P Job Q 15. What is Sweeten Company's cost of goods sold for the year? Note: Do not round intermediate calculations. Cost of goods sold [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production, Sweeten also estimated $30,200 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.00 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Molding Fabrication 2,500 1,500 Estimated total fixed. ufacturing overhead Estimated variable manufacturing overhead per machine-hour $ 13,250 $ 2.70 $ 16,950 $ 3.50 The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials. Direct labor cost. Actual machine-hours used: Molding Fabrication Total Swenton Compra Job P $ 26,000 $ 31,400 3,000 1,900 4,900 Job 0 $ 14,500 $ 12,700 2,100 2,200 4,300 Total 4,000 $ 30,200 my work 14. Assume that Sweeten Company uses cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. If Job P includes 20 units and Job Q includes 30 units, what selling price would the company establish for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Total price for the job Selling price per unit Job P Job Q 15. What is Sweeten Company's cost of goods sold for the year? Note: Do not round intermediate calculations. Cost of goods sold
Expert Answer:
Answer rating: 100% (QA)
Answer 14 Total Price for the Job Selling price per unit 15 Cost of goods sold 188840 Workings i Cal... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Answer the following questions. a. Office Supplies has assets equal to $137,000 and liabilities equal to $110,000 at year-end. What is the total equity for Office Supplies at year-end? b. At the...
-
Answer The following Questions A The first critical step in securing a system is to secure the base operating system", Interpret the Basic steps for Operating Systems Hardening B. "Security Control...
-
As a partner for a consulting firm and you want to leave the company. Based on the partnership agreement, when a partner leaves the firm, his or her ownership in the firm is cashed out with an...
-
How many of these lines have a compiler error? A. 0 B. 1 C. 2 D. 3 E. 4 F. 5 20: var list List.of ('a', 'c', 'e'); 21: Char letter1 = list.get(0); 22: char letter2 = list.get(0); 23: int letter3 =...
-
What is meant by the term critical value in a hypothesis-testing situation? Illustrate what you mean with a business example.
-
Write an application that inputs an integer code for a character and displays the corresponding character. Modify this application so that it generates all possible three-digit codes in the range...
-
The efficiency ratio measures the relation between outputs from and inputs to a process. According to the WBCSD, a company wanting to become eco-efficient should strive to: 1.Reduce the material...
-
Mr. R. Plane, a retired college administrator, consumes only grapes and the composite good Y (PY = $1). His income consists of $10,000/yr from social security, plus the proceeds from whatever he...
-
A company does $100 million in sales. It has some degree of pricing power in that it sells its output for $10 where it costs it $8 to make. Its advertising is highly effective. For every one percent...
-
Using the results of Problem 1.7, show that de r / d = e and de /d = e r . Data From Problem 1.7 Show that the unit vectors e r and e in a cylindrical coordinate system are related to the unit...
-
A researcher is analyzing data on the english test scores for students from 29 countries from the years 2003 to 2006. The researcher is interested in the relationship between the student's PISA test...
-
Automated Teller Machines (ATM) are designed so that users will provide a personal identification number (PIN) and a card to access their bank accounts. Give examples of confidentiality, integrity...
-
The Wagner Corporation has a $23 million bond obligation outstanding, which it is considering refunding. Though the bonds were initially issued at 15 percent, the interest rates on similar issues...
-
Bill and Natalia Martinez Today, January 1, 2021, Bill and Natalia Martinez have come to your firm for help in developing a plan to accomplish their financial goals. From your initial meeting...
-
Music Matters are interested in understanding how their earnings relate to the overall Musical Instrument market. Your manager has asked you to explore the market earnings to support the developments...
-
What role does genetic drift play in the divergence of populations and the eventual emergence of new species ? Explain
-
The block has a mass of 5 kg, and the semicylinder has a mass of 9 kg. (Figure 1) Determine the moment of inertia of the assembly about an axis perpendicular to the page and passing through point O....
-
The manager of a local convenience store is expanding his line of small toy items. To price these new items, the manager is looking at the prices being charged by competing retailers in his area. For...
-
Refer to Best Buys statement of cash flows in Appendix A. (a) Which method is used to compute its net cash provided by operating activities? (b) While its balance sheet shows an increase in...
-
Long Beach issues $4,500,000 of 8%, 15-year bonds dated January 1, 2009, that pays interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,888,000. Required 1. Prepare...
-
Freema Company had no short-term investments prior to year 2011. It had the following transactions involving short-term investments in available-for-sale securities during 2011. Apr. 16 Purchased...
-
How does the presence of a whistle-blowing process improve quality control and independence at a public accounting firm?
-
Trish Mulcahy, a new junior in your office, says that she does not understand why she cannot work on the audit of a company that is a client of your firm and that is owned by her uncle. Trish says...
-
How do these standards differ for (1) errors, (2) frauds, (3) direct-effect illegal acts, and (4) far-removed-effect illegal acts?
Study smarter with the SolutionInn App