Question

he 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		2,500			1,500			4,000
Estimated total fixed manufacturing overhead	$	10,000		$	15,000		$	25,000
Estimated variable manufacturing overhead per machine-hour	$	1.40		$	2.20

	Job P			Job Q
Direct materials	$	13,000		$	8,000
Direct labor cost	$	21,000		$	7,500
Actual machine-hours used:
Molding		1,700			800
Fabrication		600			900
Total		2,300			1,700

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.

Answer 1

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Sweeten
Answer 1
Plant wide predetermined OH Rate	Molding	Fabrication	Total	Note
Machine Hours	2,500.00	1,500.00	4,000.00	A
Variable OH Rate	1.40	2.20		B
Variable OH cost	3,500.00	3,300.00	6,800.00	C=A*B
Fixed Manufacturing overhead	10,000.00	15,000.00	25,000.00	D
Total OH			31,800.00	E=C+D
Plant wide predetermined OH Rate			7.95	F=E/A

Answer 2	Job P	Job Q	Note
Actual Machine hours	2,300.00	1,700.00	G
Plant wide predetermined OH Rate	7.95	7.95	See F
Overhead applied	18,285.00	13,515.00	H=G*F

Answer 3	Amount $	Note
Direct Materials	13,000.00
Direct Labor	21,000.00
Overhead applied	18,285.00	See H
Manufacturing cost assigned to Job P	52,285.00	I
Answer 4	Amount $
Manufacturing cost assigned to Job P	52,285.00	See I
Number of units	20.00	J
Unit product cost	2,614.25	K=I/J
Answer 5	Amount $
Direct Materials	8,000.00
Direct Labor	7,500.00
Overhead applied	13,515.00	See H
Manufacturing cost assigned to Job Q	29,015.00	L
Answer 6	Amount $
Manufacturing cost assigned to Job Q	29,015.00	See L
Number of units	30.00	M
Unit product cost	967.17	N=L/M

Answer 7	Job P	Job Q	Note
Manufacturing cost assigned	52,285.00	29,015.00	O=K,N
Mark up at 80%	41,828.00	23,212.00	P=O*80%
Total price for the job	94,113.00	52,227.00	Q=P+O
Number of units	20.00	30.00	R=J,M
Selling price per unit	4,705.65	1,740.90	S=Q/R

Answer 8	Amount $	Note
Manufacturing cost assigned to Job P	52,285.00	See K
Manufacturing cost assigned to Job Q	29,015.00	See N
Cost of goods sold	81,300.00

Answer 9
Calculation of predetermined OH Rate	Molding	Fabrication	Note
Machine Hours	2,500.00	1,500.00	See A
Fixed Manufacturing overhead	10,000.00	15,000.00	See D
Fixed Manufacturing overhead rate	4.00	10.00	T=D/A
Variable OH Rate	1.40	2.20	See B
Departmental predetermined OH Rate	5.40	12.20	U=T+B

Answer 10- Job P	Molding	Fabrication	Total	Note
Machine hours used	1,700.00	600.00	2,300.00	V
Departmental predetermined OH Rate	5.40	12.20		See U
Overhead applied in Job P	9,180.00	7,320.00	16,500.00	W=V*U
Answer 10- Job Q	Molding	Fabrication	Total
Machine hours used	800.00	900.00	1,700.00	X
Departmental predetermined OH Rate	5.40	12.20		See U
Overhead applied in Job Q	4,320.00	10,980.00	15,300.00	Y=X*U

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