Homework Answers
Answer is option E
The activity-based costing system is an alternative system to determine the full cost
The activity-based costing system is used to assign overhead and indirect costs to products and services. In this method, the cost driver rate is derived by dividing the amount of the cost pool by cost driver, and then this cost driver rate is used to determine the amount of overhead and indirect costs related to a particular activity.
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4. Which of the following sentences is FALSE (only one correct answer): O O O O...
Which of the following statements is false? Multiple Choice o A cost can be defined as...
Which of the following statements is false? Multiple Choice o A cost can be defined as a direct cost of the bookkeeping system can keep track of how much of the cost was consumed by the cost object c ) Whether a cost is direct or indirect cannot be determined until the cost object has been defined o o the cost object is a batch of 1000 units of production, then factory property taxes could be a direct cost of...
True or False 6. An architect is a business which is likely to use job costing....
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
Hello, thanks for helping compare. 3) Which of the following is NOT a characterization of activity-based...
Hello, thanks for helping compare. 3) Which of the following is NOT a characterization of activity-based costing? Select one: A. identifying all resources used by activities regardless of how individual costs behave in the short run B. identification of only variable costs C. using the cost hierarchy to allocate costs to products D. identification of all costs used by activities 4) Indications that a product cost system needs revision include Select one: A. the company uses a single allocation base...
True or false 1. Indirect manufacturing costs are easily traceable to products. 2. One important reason...
True or false
1. Indirect manufacturing costs are easily traceable to products. 2. One important reason that managers allocate overhead costs to products is to promote the efficient use of resources. 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes. 4. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used. 5. The plant wide approach to allocating overhead is typically the simplest...
true or false 1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses...
true or false
1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses ti ses direct s as its all 2. One important reason that managers allocate overhead costs to products is to promote efficient use of resources. Departmer Departmen 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated products for inventory costing purposes. 4. Total company wide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used....
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a...
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor, and two manufacturing overhead cost pools (the machining department overhead allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to...
The following information is provided for Astroid Antenna Corp., which manufactures two products: Lo-Gain antennas and...
The following information is provided for Astroid Antenna Corp., which manufactures two products: Lo-Gain antennas and Hi-Gain antennas for use in remote areas. Click the icon to view the information.) Astroid Antenna plans to produce 175 Lo-Gain antennas and 350 Hi-Gain antennas. Read the requirements. Requirement 1. Compute the indirect manufacturing cost per unit using direct labor hours for the single plantwide predetermined overhead allocation rate. First, compute the predetermined overhead (OH) allocation rate. (Round your answer to the nearest...
Which of the following statements is true of activity-based costing?
Which of the following statements is true of activity-based costing?Multiple ChoiceABC ignores the allocation of marketing costs.ABC classifies some indirect costs as direct costs. products.ABC is more likely to result in big differences from a traditional costing system if the business makes only one product rather than multiple products.Activities are the cost objects of the second stage of ABC.Production costs per tennis racket total $ 38, which consists of $ 25 in variable production costs and $ 13 in fixed...
Assigned Media Question Help o E4-24A (similar to) Camoy Products has adopted an ABC cooling system....
Assigned Media Question Help o E4-24A (similar to) Camoy Products has adopted an ABC cooling system. The following manufacturing activities. Indirect manufacturing costs, and cost drivers have been identified: Click the icon to view the activity costs and drivers.) The Job Cost Record for Job 0624 revealed that direct materials requisitioned for the job totaled S1,040 The Job Cost Record also showed that direct labor for this job totaled 8 hours at a wage rate of $27 per hour Other...
The following data is available for September 2017: DIRECT ALLOCATION DATA STEP-DOWN ALLOCATION DATA REQUIREMENTS O-books,...
The following data is available for September
2017:
DIRECT ALLOCATION DATA
STEP-DOWN ALLOCATION DATA
REQUIREMENTS
O-books, an online book retailer, has two operating departments—corporate sales and consumer sales—and two support departments—human resources and information systems. Each sales department conducts merchandising and marketing operations independently. O-books uses number of employees to allocate human resources costs and processing time to allocate information systems costs. The controller of 0-books reads a widely used textbook that states that "the reciprocal method is conceptually the...
Which of the following statements is false? Multiple Choice o A cost can be defined as a direct cost of the bookkeeping system can keep track of how much of the cost was consumed by the cost object c ) Whether a cost is direct or indirect cannot be determined until the cost object has been defined o o the cost object is a batch of 1000 units of production, then factory property taxes could be a direct cost of...
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
True or false
1. Indirect manufacturing costs are easily traceable to products. 2. One important reason that managers allocate overhead costs to products is to promote the efficient use of resources. 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes. 4. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used. 5. The plant wide approach to allocating overhead is typically the simplest...
true or false
1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses ti ses direct s as its all 2. One important reason that managers allocate overhead costs to products is to promote efficient use of resources. Departmer Departmen 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated products for inventory costing purposes. 4. Total company wide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used....
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor, and two manufacturing overhead cost pools (the machining department overhead allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows: (Click the icon to...
The following information is provided for Astroid Antenna Corp., which manufactures two products: Lo-Gain antennas and Hi-Gain antennas for use in remote areas. Click the icon to view the information.) Astroid Antenna plans to produce 175 Lo-Gain antennas and 350 Hi-Gain antennas. Read the requirements. Requirement 1. Compute the indirect manufacturing cost per unit using direct labor hours for the single plantwide predetermined overhead allocation rate. First, compute the predetermined overhead (OH) allocation rate. (Round your answer to the nearest...
Which of the following statements is true of activity-based costing?Multiple ChoiceABC ignores the allocation of marketing costs.ABC classifies some indirect costs as direct costs. products.ABC is more likely to result in big differences from a traditional costing system if the business makes only one product rather than multiple products.Activities are the cost objects of the second stage of ABC.Production costs per tennis racket total $ 38, which consists of $ 25 in variable production costs and $ 13 in fixed...
Assigned Media Question Help o E4-24A (similar to) Camoy Products has adopted an ABC cooling system. The following manufacturing activities. Indirect manufacturing costs, and cost drivers have been identified: Click the icon to view the activity costs and drivers.) The Job Cost Record for Job 0624 revealed that direct materials requisitioned for the job totaled S1,040 The Job Cost Record also showed that direct labor for this job totaled 8 hours at a wage rate of $27 per hour Other...
The following data is available for September
2017:
DIRECT ALLOCATION DATA
STEP-DOWN ALLOCATION DATA
REQUIREMENTS
O-books, an online book retailer, has two operating departments—corporate sales and consumer sales—and two support departments—human resources and information systems. Each sales department conducts merchandising and marketing operations independently. O-books uses number of employees to allocate human resources costs and processing time to allocate information systems costs. The controller of 0-books reads a widely used textbook that states that "the reciprocal method is conceptually the...
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