Question 1. What is the company's plantwide predetermined overhead rate? Question 2. How much manufacturing overhead was
Fantastic news! We've Found the answer you've been seeking!
Question:
Question 1. What is the company's plantwide predetermined overhead rate?
Question 2. How much manufacturing overhead was applied to Job P and How much was applied to job Q?
Q3. What is the total manufacturing cost assigned to Job P?
Q4.If Job P includes 20 units, what is its unit production cost?
Q5.What is the total manufacturing cost assigned to Job Q?
Q6. If job Q includes 30 units,what is its unit production cost?
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 Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine hour Molding 2,500 $ 13,250 $ 2.70 Fabrication 1,500 Total 4,000 $ 16,950 $ 3.50 $ 30,200 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: Fabrication Molding Total Job P $ 26,000 Job Q $ 14,500 $31,400 $ 12,700 3,000 2,100 1,900 2,200 4,900 4,300 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments [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 Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine hour Molding 2,500 $ 13,250 $ 2.70 Fabrication 1,500 Total 4,000 $ 16,950 $ 3.50 $ 30,200 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: Fabrication Molding Total Job P $ 26,000 Job Q $ 14,500 $31,400 $ 12,700 3,000 2,100 1,900 2,200 4,900 4,300 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Date 1 July 2019 1 June 2020 30 June 2020 1 July 2020 1 July 2020 30 June 2021 1 July 2021 Particulars (???) (???) (To record acquisition of delivery truck) (???) (???) (???) (To record minor repair...
-
How can CIM and FMS help a manufacturer to produce products?
-
McClelland Corporation agreed to purchase some landscaping equipment from Agri-Products for a cash price of $500,000. Before accepting delivery of the equipment, McClelland learned that the same...
-
Presented below are selected financial data from the 2015 annual report of the Bristol-Myers Squibb Company: Required Using the ratio definitions from Exhibit 4.6, calculate the financial ratios for...
-
Glaser Services acquired 30% of the outstanding common stock of Nickels Company on January 1, 2010, by paying $800,000 for the 45,000 shares. Nickels declared and paid $0.30 per share cash dividends...
-
Q13. Let A = {y Z : 6 < y 18 and y is even}. What is |A|? Your Answer:
-
What are the risks and benefits of climate change as a result of population growth? explain pros and cons
-
Company mergers and amalgamations are strategic business activities that involve the combination of two or more companies to form a new entity or integrate their operations. These transactions have...
-
1. Review the written standards of your agency. Are the standards monitored? How? 2. You are a case manager, and one of the patient care associates working with you spilled a basin of hot water on...
-
In January, Crane Company requisitions raw materials for production as follows: Job 1 $ 7 4 0 , Job 2 $ 9 8 0 , Job 3 $ 5 7 0 , and general factory use $ 4 9 0 . Prepare a summary journal entry to...
-
Can you elucidate the application of advanced numerical modeling techniques such as discrete element method (DEM) and lattice Boltzmann method (LBM) in simulating complex granular flows and...
-
Pharoah Sales Company has sales of $ 1 , 2 5 0 , 0 0 . If the company\'s management expects sales to grow 4 . 5 0 percent annually, how long will it be before sales double? Use financial calculator...
-
Write a complete java program to simulate the following: Ahmed's Show Suppose you're on a game show and you're given the choice of three doors. Behind one door is a car; there is nothing behind the...
-
Borrowing costs should be recognised as an expense and charged to the profit and loss account of the period in which they are incurred : A. If the borrowing costs relate to qualifying asset B. If the...
-
Eaton Company issued \(\$ 600,000\) of eight percent, 20 -year bonds at 106 on January 1, 2013. Interest is payable semiannually on July 1 and January 1. Through January 1, 2019, Eaton amortized \(\$...
-
Zealand Company sells a motor that carries a 3-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the...
-
On December 31, 2016, Clarke, Inc. borrowed \(\$ 900,000\) on a seven percent, 10 -year mortgage note payable. The note is to be repaid in equal annual installments of \(\$ 128,140\) (payable on...
Study smarter with the SolutionInn App