13. If Job Q included 30 units, what was its unit product cost? (Do not round Intermedlate 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 seling 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 Pand 30 units were produced for Job Q? (Do not round Intermedlate 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.) Required information (The following information apples to the questions displayed below) Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The compeny hes two manufectuning depertments-Molding and Febrication. It sterted, completed, and sold only two jobs during March-Job P end Job a The following additional informetion is eveleble for the compeny as a whole end for Jobs Pend Q (all dete and questions relate to the month of Merch) chlne rs ed total fixed ufacturing overtead Estinated variable nanufacturing overhead per machine hour N at Ttal 1, 1,00 4,00 SI1, S,cee s, s 1.0 S 2.e Oirect sateriais oirect labor cost Actunl achine hours used lding Fabrication Tetal $17,000 S0,000 2,100 1,200 Sveeten Company had no underapplied or overappled menufecturing overheed costs during the month. Required For questions 18. essume that Sweeten Company uses a planttwide predetermined overhead rate with machine-hours as the allocation bese. For questions 9-15. assume that the company uses departmental predetermined overhead retes with mechine-hours es the allocation bese in both depertments.
13. If Job Q included 30 units, what was its unit product cost? (Do not round Intermedlate 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 seling 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 Pand 30 units were produced for Job Q? (Do not round Intermedlate 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.) Required information (The following information apples to the questions displayed below) Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The compeny hes two manufectuning depertments-Molding and Febrication. It sterted, completed, and sold only two jobs during March-Job P end Job a The following additional informetion is eveleble for the compeny as a whole end for Jobs Pend Q (all dete and questions relate to the month of Merch) chlne rs ed total fixed ufacturing overtead Estinated variable nanufacturing overhead per machine hour N at Ttal 1, 1,00 4,00 SI1, S,cee s, s 1.0 S 2.e Oirect sateriais oirect labor cost Actunl achine hours used lding Fabrication Tetal $17,000 S0,000 2,100 1,200 Sveeten Company had no underapplied or overappled menufecturing overheed costs during the month. Required For questions 18. essume that Sweeten Company uses a planttwide predetermined overhead rate with machine-hours as the allocation bese. For questions 9-15. assume that the company uses departmental predetermined overhead retes with mechine-hours es the allocation bese in both depertments.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
Transcribed Image Text:13. If Job Q included 30 units, what was its unit product cost? (Do not round Intermedlate 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 Pand 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
Intermedlate calculations. Round your final answer to nearest whole dollar.)
15. What was Sweeten Company's cost of goods sold for March? (Do not round Intermedlate calculatlons.)
Required information
(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
compeny has two manufecturing departments-Molding and Fabrication. It sterted, completed, end sold
only two jobs during March-Job Pend Job Q. The following edditional informetion is evelable for the
compeny as a whole and for Jobs Pand Q (all data and questions relate to the month of March):
Holding Fabrication Total
2,500
Estinated total nachine-hours used
Estimsted total fixed manufacturing overhead
Estimated variable nanufacturing overhead per machine-hour
1,500
4,000
S11,000 $15,600 $26,600
5 1.80 $ 2.60
Job P
$17,800 510,000
$24, 200 $ 9,100
Job 0
Direct materials
Direct labor cost
Actual machine-hours used
Molding
Fabrication
2,100
3,000
3,100
1,200
1,30
2,500
Total
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.
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