Answered Essay: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturin

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 1,500 Estinated total machine-hours used Estinated total fixed manufacturing overhead Estinated variable manufacturing overhead per machine-hour 4,000 $14,750 $17,850 32,600 2,500 Part 7 of 15 $ 3.30 4.10 0.26 points Job o 32,000 $17,500 36,200 $15,100 Direet materials Direct labor cost Actual machine-hours used Molding Fabrication Total 3,600 2,500 2,700 2,800 -- 5,500 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 Foundational 2-7 7 Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Total price for the job Selling price per unit

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): Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. 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. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for Job P and 30 units were produced for Job Q? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

Expert Answer

 

7.

JOB P JOB Q
Total price for the job $254,376 $184,032
Selling price per unit $12,719 $6,134

1. Calculation of predetermined fixed overhead rate per machine hour.

Deatails Molding Fabrication
Estimated machine hours 2,500 1,500
Estimated fixed manufacturing overhead $14,750 $17,850
Predetermined fixed overhead rate per machine hour $5.90 $11.90

2. Calculation of Cost of manufacture for JOB P and JOB Q

Details JOB P JOB Q
Molding Fabrication Total Molding Fabrication Total
Machine hours (A) 3600 2500 6100 2700 2800 5500
Variable manufacturing overhead rate per machine hour (B) 3.30 4.10 3.30 4.10
Fixed manufacturing overhead rate per machine hour (C) 5.90 11.90 5.90 11.90
Direct material (D) 32000 17500
Direct labor (E ) 36200 15100
Variable manufactuing overhead   (A X B) (F) 11880 10250 22130 8910 11480 20390
Fixed manufacturing overhead      (A X C ) (G ) 21240 29750 50990 15930 33320 49250
Total Manufacturing Cost          (D + E + F + G) (H) 141320 102240
Mark -up   (80% on H) (I) 113056 81792
Selling price      (H + I) (J) 254376 184032
No. Of units produced (K) 20 30
Selling price per unit    ( J / K) 12719 6134
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