Required information The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4] The follow

Question

Required information The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4] 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 Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine- hour 2,5001,500 4,000 $12,250 $ 16,350 $28,680 $ 2.30 3.10 Job P Job Q $22,000 $12,500 $28,200 $11,100 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,600 1,700 1,590 1,800 4,100 3,50e Sweeten Company had no underapplied or overappied manufacturing overhead costs during the month. 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 departmental predetermined overh machine-hours as the allocation base in both departments to search

Explanation / Answer

Predetermined overhead rate: Molding 7.2 =2.3+(12250/2500) Fabrication 14 =3.1+(16350/1500) Total cost of Job P: Direct materials 22000 Direct labor 28200 Overhead applied 39720 =(2600*7.2)+(1500*14) Total cost 89920 Add: Mark up 71936 =89920*80% Total selling price 161856 Divided by Units 20 Selling price per unit 8093 Total cost of Job Q: Direct materials 12500 Direct labor 11100 Overhead applied 37440 =(1700*7.2)+(1800*14) Total cost 61040 Add: Mark up 48832 =61040*80% Total selling price 109872 Divided by Units 30 Selling price per unit 3662 14 Job P Job Q Total price of the job 161856 109872 Selling price per unit 8093 3662

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