FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Required information [The following information applies to the questions displayed below.) Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started. completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $29,800 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.90 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Estimated total machine-hours used Estimated total fixed…arrow_forwardBadour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 119,000 and estimated factory overhead was $785,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories: Materials $ 9,500 Work-in-process (All Job X) 37,900 Finished goods 80,900 Materials purchases $ 130,000 Direct materials requisitioned: Job X $ 55,000 Job Y 40,500 Direct labor hours: Job X 5,500 Job Y 5,000 Labor costs incurred: Direct labor ($6.50 per hour) $ 68,250 Indirect labor 17,000 Factory supervisory salaries 7,700 Rental costs: Factory $ 9,000 Administrative offices 2,700 Total equipment depreciation costs:…arrow_forwardTotal manufacturing cost FOR job P with formulas ? tHANKSarrow_forward
- Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period’s estimated level of production. Sweeten also estimated $32,200 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.50 per machine-hour. Because Sweeten has two manufacturing departments—Molding and Fabrication—it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 14,500 $…arrow_forwardPlease dont provide solution with image thank youarrow_forwardRequired information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $31,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $3.20 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Molding 2,500 $ 13,750 $ 2.90 Fabrication 1,500 $ 17,250…arrow_forward
- During August, Carrothers Company accumulated 610 hours of direct labor costs on Job 50 and 810 hours on Job 56. The total direct labor was incurred at a rate of $22 per direct labor hour for Job 50 and $24 per direct labor hour for Job 56. Journalize the entry to record the flow of labor costs into production during August. If an amount box does not require an entry, leave it blank. Work in Process ✓ X Wages Payable ✔ Xarrow_forwardSweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period’s estimated level of production. Sweeten also estimated $25,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $1.70 per machine-hour. Because Sweeten has two manufacturing departments—Molding and Fabrication—it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates: Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 10,000…arrow_forwardThe following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. Month January February March April May June Direct-Labor Hours 37,000 39,000 52,000 40,000 44,000 42,000 March's costs consisted of machine supplies ($296,400), depreciation ($32,500), and plant maintenance ($570,100). These costs exhibit the following respective behavior: variable, fixed, and semivariable. Manufacturing Overhead $701,000 740,000 899,000 754, 250 805,500 802,500 The manufacturing overhead figures presented in the preceding table do not include Metcalf's supervisory labor cost, which is step- fixed in nature. For volume levels of less than 15,000 hours, supervisory labor amounts to $77,500. The cost is $155,000 from 15,000- 29,999 hours and $232,500 when activity reaches 30,000 hours or more. Required: 4. 1. Determine the machine supplies cost and depreciation for January. 2. Using the high-low method,…arrow_forward
- Nielsen Corporation has two manufacturing departments--Machining and Assembly. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per machine-hour Machining 1,000 $ 4,700 $ 1.20 Assembly 4,000 $ 10,800 $ 2.20 Total 5,000 $ 15,500 During the most recent month, the company started and completed two jobs--Job F and Job M. There were no beginning inventories. Data concerning those two jobs follow: Direct materials Direct labor cost Machining machine-hours Assembly machine-hours Job F $13,000 Job M $ 7,400 $ 20,400 $ 8,800 700 1,600 300 2,400 Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. The total manufacturing cost assigned to Job F is closest to: (Round your intermediate calculations to 2 decimal places.)arrow_forwardRequired 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 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 $ 13,000 $ 16,800 $ 29,800 Estimated variable manufacturing overhead per machine-hour $ 2.60 $ 3.40 Job P Job Q Direct materials $ 25,000 $ 14,000 Direct labor cost $ 30,600 $ 12,300 Actual machine-hours used: Molding 2,900 2,000 Fabrication 1,800 2,100 Total 4,700 4,100…arrow_forward
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