he company has two manufacturing departments–Molding and Fabrication. It started, completed, and sold on

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 overhead $ 15,000 $ 18,000 $ 33,000
Estimated variable manufacturing overhead per machine-hour $ 3.40 $ 4.20
Job P Job Q
Direct materials $ 33,000 $ 18,000
Direct labor cost $ 37,000 $ 15,500
Actual machine-hours used:
Molding 3,700 2,800
Fabrication 2,600 2,900
Total 6,300 5,700
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.

1. What was the company’s plantwide predetermined overhead rate?(Round your answer to 2 decimal places.)

2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)

3. What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.)

4. If Job P included 20 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

5. What was the total manufacturing cost assigned to Job Q? (Do not round intermediate calculations.)

6. If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

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.)

8. What was Sweeten Company’s cost of goods sold for March? (Do not round intermediate calculations.)

9. What were the company’s predetermined overhead rates in the Molding Department and the Fabrication Department? (Round your answers to 2 decimal places.)

10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)

11. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q? (Do not round intermediate calculations.)

12. If Job P included 20 units, what was its unit product cost? (Do not round intermediate calculations.)

13. If Job Q included 30 units, what was its unit product cost? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

14. 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 answer to nearest whole dollar.)

15. What was Sweeten Company’s cost of goods sold for March? (Do not round intermediate calculations.)

Expert Answer

Req 1:
Total Overheads of Plant
Total variable overheads:
Molding(2500 MH @3.40): $ 8500
fabrication (1500 MH @ 4.20): $6300
Total Variable Overheads: 14800
Total fixed Overheads: 33000
Total Overheads of Plant 47800
Total Machine hours 4,000
Pre-determined overheads rate 11.95
(Total overhed=ads/ Total labour hours)
Req2:
Overheads applied
Job P Job Q
Total machine hours 6300 5700
Overhead rate per MH 11.95 11.95
Overheads applied 75285 68115
Req 3:
Manufacturing cost of JObP:
Material cost 33000
Labour cost 37000
Overheads applied 75285
Total manufacturing cost 145285
Req 4: Unit cost of Job P
Total Manufacturing cost 145285
Divide: Number of Units 20
Unit cost 7264
Req 5: manufacturing cost of Job Q:
Material cost 18000
Labour cost 15500
Overheads applied 68115
Total manufacturing cost 101615
Req 6:
Unit cost of Job Q
Total Manufacturing cost 101615
Divide: Number of Units 30
Unit cost 3387
Req 7:
Job P Job Q
Total manufacturing cost 145285 101615
Add: Mark up @80% of cost 116228 81292
Total Sales price of Jobs 261513 182907
Number of units 20 30
Selling price per unit 13076 6097
Req 8:
Cost of Goods sold(both Job P and Q has been sold)
Manufacturing cost of Job P 145285
Manufacturing cost of Job Q 101615
Total cost of goods sold 246900
Req9:
Molding Fabrication
Total Fixed overheads 15000 18000
Number of MH 2500 1500
Fixed OH per MH 6 12
Variable OH per MH 3.4 4.2
Total Deptt. OH per MH 9.4 16.2
Req 10:
Job P Job Q
Molding Deptt. MH used 3700 2800
Overheads rate of Molding 9.4 9.4
Overheads of Molding applied 34780 26320
Req 11:
Job P Job Q
Fabriaction Deptt. MH used 2600 2900
Overheads rate of fabrication 16.2 16.2
Overheads of fabrication applied 42120 46980
Req 12:
Unit product cost of Job P
Material cost 33000
Labour cost 37000
Overheads applied
Molding 34780
fabrication 42120
Total manufacturing Cost 146900
Number of units 20
Unit cist of Job P 7345
Req 13: Unit Product of Job Q:
Material cost 18000
Labour cost 15500
Overheads applied
Molding 26320
fabrication 46980
Total manufacturing Cost 106800
Number of units 30
Unit cist of Job P 3560
Req 14: Selling price
Job P Job Q
manufacturing cost 146900 106800
Add: mark up @80% of cost 117520 85440
Sales price of Jobs 264420 192240
Divide Number of units 20 30
Sselling price per unit 13221 6408
Req 15: Cost of Goods sold
(both the jobs have been sold)
Total manufacturing cost of Job P 146900
Total manufacturing cost of Job Q: 106800
Total Cost of Goods sold 253700
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