Required information The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4] [The follo
ID: 2603470 • Letter: R
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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 $11,500 $15,900 $27,400 2,500 1,500 $ 2.00 2.80 Job P JobQ $19,000 $11,000 $25,800 9,900 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,300 1,200 3,500 1,400 1,500 2,900 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month.Explanation / Answer
Molding:
Estimated Variable Manufacturing Overhead per MH = $2.00
Estimated MH used = 2,500
Estimated Variable Manufacturing Overhead = Estimated Variable Manufacturing Overhead per MH * Estimated MH used
Estimated Variable Manufacturing Overhead = $2.00 * 2,500
Estimated Variable Manufacturing Overhead = $5,000
Estimated Fixed Manufacturing Overhead = $11,500
Total Estimated Manufacturing Overhead = Estimated Variable Manufacturing Overhead + Estimated Fixed Manufacturing Overhead
Total Estimated Manufacturing Overhead = $5,000 + $11,500
Total Estimated Manufacturing Overhead = $16,500
Fabrication:
Estimated Variable Manufacturing Overhead per MH = $2.80
Estimated MH used = 1,500
Estimated Variable Manufacturing Overhead = Estimated Variable Manufacturing Overhead per MH * Estimated MH used
Estimated Variable Manufacturing Overhead = $2.80 * 1,500
Estimated Variable Manufacturing Overhead = $4,200
Estimated Fixed Manufacturing Overhead = $15,900
Total Estimated Manufacturing Overhead = Estimated Variable Manufacturing Overhead + Estimated Fixed Manufacturing Overhead
Total Estimated Manufacturing Overhead = $4,200 + $15,900
Total Estimated Manufacturing Overhead = $20,100
Total Estimated Manufacturing Overhead = Total Estimated Manufacturing Overhead (Molding) + Total Estimated Manufacturing Overhead (Fabrication)
Total Estimated Manufacturing Overhead = $16,500 + $20,100
Total Estimated Manufacturing Overhead = $36,600
Total MH used = 4,000
Predetermined Overhead Rate = Total Estimated Manufacturing Overhead / Total MH used
Predetermined Overhead Rate = $36,600 / 4,000
Predetermined Overhead Rate = $9.15
Answer 2.
Job P:
Total MH used = 3,500
Predetermined Overhead Rate = $9.15
Manufacturing Overhead applied = Total MH used * Predetermined Overhead Rate
Manufacturing Overhead applied = 3,500 * $9.15
Manufacturing Overhead applied = $32,025
Job Q:
Total MH used = 2,900
Predetermined Overhead Rate = $9.15
Manufacturing Overhead applied = Total MH used * Predetermined Overhead Rate
Manufacturing Overhead applied = 2,900 * $9.15
Manufacturing Overhead applied = $26,535
Answer 3.
Job P:
Total Manufacturing Cost = Direct Materials + Direct Labor + Manufacturing Overhead applied
Total Manufacturing Cost = $19,000 + $25,800 + $32,025
Total Manufacturing Cost = $76,825
Answer 4.
Job P:
Total Manufacturing Cost = $76,825
Number of units produced = 20
Unit Product Cost = Total Manufacturing Cost / Number of units produced
Unit Product Cost = $76,825 / 20
Unit Product Cost = $3,841
Answer 5.
Job Q:
Total Manufacturing Cost = Direct Materials + Direct Labor + Manufacturing Overhead applied
Total Manufacturing Cost = $11,000 + $9,900 + $26,535
Total Manufacturing Cost = $47,435
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