Solution 7:
Predetermined overhead rate = Estimated total overhead / Estimated machine hours = (2500*$2.50 + 1500*$3.30 + $29,400) / 4000
= $10.15 per machine hour
Computation of manufacturing cost assigned to Job P and Q | ||
Particulars | Job P | Job Q |
Direct Material | $24,000 | $13,500 |
Direct Labor | $29,800 | $11,900 |
Manufacturing overhead | $45,675 | $39,585 |
Total Manufacturing cost | $99,475 | $64,985 |
Computation of Total price and per unit price of job | ||
Particulars | Job P | Job Q |
Manufacturing Cost | $99,475.00 | $64,985.00 |
Markup (80%) | $79,580.00 | $51,988.00 |
Total price of job | $179,055.00 | $116,973.00 |
Nos of units | 20 | 30 |
Selling price per unit | $8,953 | $3,899 |
Solution 8:
Cost of goods sold = $99,475 + $64,985 = $164,460
Solution 9:
Computation of departmental overhead rates | ||
Particulars | Molding | Fabrication |
Fixed manufacturing overhead | $12,750 | $16,650 |
Variable manufacturing overhead | $6,250 | $4,950 |
Total manufacturing overhead | $19,000 | $21,600 |
Nos of machine hours | 2500 | 1500 |
Overhead rate per machine hour | $7.60 | $14.40 |
Solution 10:
Computation of overhead applied from Molding department | ||
Particulars | Job P | Job Q |
Actual machine hours | 2800 | 1900 |
Overhead rate | $7.60 | $7.60 |
Overhead applied to jobs | $21,280.00 | $14,440.00 |
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories....
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...
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 2,500 1,500 4,000 Estimated total fixed manufacturing...
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...
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 2,500 1,500 4,000 Estimated total fixed manufacturing...
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 2,500 1,500 4,000 Estimated total fixed manufacturing...
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 2,500 1,500 4,000 Estimated total fixed manufacturing...
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 2,500 1,500 4,000 Estimated total fixed manufacturing...
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 Molding Fabrication Total 2,500 1,500 4,000 Estimated total fixed...
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 2,500 1,500 4,000 Estimated total fixed manufacturing...
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...