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

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

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) Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication Total 4,000 $14,000 $17,400 $31,400 2,500 1,500 $ 3.00 3.80 Job Q $29,000 $16,000 $33,800 $13,900 Job P Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 3,300 2.200 5,500 2,400 2,500 4,900 Sweeten Company had no underapplied or overapplied 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 overhead rates with machine-hours as the allocation base in both departments

Explanation / Answer

Solution 2-5:

Predetermined overhead rate = Estimated overhead / Estimated machine hours

Estimated overhead = Variable overhead + Fixed overhead = (2500*$3) + (1500*$3.8) + $31,400

= $44,600

Overhead rate = $44,600 / 4000 = $11.15 per machine hour

Manufacturing cost assigned to Job Q = $84,535

Solution 2-6:

Unit product cost of job Q = $2,818

Solution 2-7:

Solution 2-8:

Cost of goods sold for march = Cost of job p and job Q

= $124,125 + $84,535 = $208,660

Solution 2-9:

Note: I have answered more than required parts as per chegg policy, kindly post separate question for answer of remaining parts.

Compuatation of manufacturing cost and cost per unit assigned to Job Particulars Job P Job Q Direct Material $29,000.00 $16,000.00 Direct Labor $33,800.00 $13,900.00 Manufacturing overhead $61,325.00 $54,635.00 Total Manufacturing cost $124,125.00 $84,535.00 Nos of units 20 30 Cost per unit $6,206 $2,818

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