Homework Answers
Solution:
"Allocations incurred" account is not used in an activity based costing system.
All other accounts are used in an activity based costing system.
Hence last option is correct.
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Which one of the following accounts is not used in an activity-based costing (ABC) system? Multiple...
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products...
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products costing $920 and sold them on account to XYZ Corporation for $1,315. What is the journal entry that ABC Company should make to record the sale? Multiple Choice Cost of Goods Sold Sales SU315 $1315 SUS Accounts Receivable Sales Finished Goods inventory $395 $920 $0315 Accounts Receivable Sales Cost of Goods Sold Finished Goods Inventory SLOS $920 $920 Direct Materials 68,000 Conversion 68,000 Equivalent...
Which of the following measures is not used by activity-based costing (ABC) systems as an allocation...
Which of the following measures is not used by activity-based costing (ABC) systems as an allocation base for allocating overhead costs to the units produced? Multiple Choice C) Volume-related activities Batch-related activities. Product-related activities ooo O Need-related activities.
Which one below is NOT an advantage of Activity Based Costing (ABC)? A) ABC is more...
Which one below is NOT an advantage of Activity Based Costing (ABC)? A) ABC is more meaningful for costing purposes. B) ABC is more accurate. C) ABC eliminates arbitrary assignments/allocations. D)ABC may lead to reduced costs.
Which of the following is a likely advantage in activity-based costing (ABC)? An increase in the...
Which of the following is a likely advantage in activity-based costing (ABC)? An increase in the cost of accumulating, tracking, and assigning costs to products and services. An increase in the ability to trace indirect costs to specific activities. A decrease in the need to maintain accurate cost driver information. A decrease in the need to maintain accurate overhead cost information. Which of the following is true regarding activity-based costing (ABC)? Companies with a high proportion of non-unit-level costs should...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice O Houses O Airplanes. O Food products. O Motorcycles Machinery Saved A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice LO Payroll Register. Job cost sheet O Invoice O Time ticket. Receiving report. Seved Some companies wait until the end of a month to allocate Factory Overhead. However, most companies allocate...
Meester Corporation has an activity-based costing system with three activity cost pools--Machining, Order Filling, and Other....
Meester Corporation has an activity-based costing system with three activity cost pools--Machining, Order Filling, and Other. In the first stage allocations, costs in the two overhead accounts, equipment depreciation and supervisory expense, are allocated to three activity cost pools based on resource consumption. Data used in the first stage allocations follow: Overhead costs: Equipment depreciation Supervisory expense $87,000 $ 9,400 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Order Filling 2.30 0.20 Machining 0.60 0.60 Equipment depreciation...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the issuance of materials to production is: Multiple Choice Debit Raw Materials Inventory $195,000; credit Accounts Payable $195,000. Debit Work...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the išsuance of materials to production is: Multiple Choice Debit Work in Process Inventory $195,000; credit Row Materials Inventory $195,000....
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $728.000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $728.000 of raw materials on credit; issued materials to production of $220,000 of which $37,500 were indirect. Minstrel incurred a factory payroll of $165,000, of which $47,500 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $18,000 and $32,000 respectively. Compute the cost ofjabs transferred to Finished Goods Inventory Multiple Choice...
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products costing $920 and sold them on account to XYZ Corporation for $1,315. What is the journal entry that ABC Company should make to record the sale? Multiple Choice Cost of Goods Sold Sales SU315 $1315 SUS Accounts Receivable Sales Finished Goods inventory $395 $920 $0315 Accounts Receivable Sales Cost of Goods Sold Finished Goods Inventory SLOS $920 $920 Direct Materials 68,000 Conversion 68,000 Equivalent...
Which of the following measures is not used by activity-based costing (ABC) systems as an allocation base for allocating overhead costs to the units produced? Multiple Choice C) Volume-related activities Batch-related activities. Product-related activities ooo O Need-related activities.
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice O Houses O Airplanes. O Food products. O Motorcycles Machinery Saved A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice LO Payroll Register. Job cost sheet O Invoice O Time ticket. Receiving report. Seved Some companies wait until the end of a month to allocate Factory Overhead. However, most companies allocate...
Meester Corporation has an activity-based costing system with three activity cost pools--Machining, Order Filling, and Other. In the first stage allocations, costs in the two overhead accounts, equipment depreciation and supervisory expense, are allocated to three activity cost pools based on resource consumption. Data used in the first stage allocations follow: Overhead costs: Equipment depreciation Supervisory expense $87,000 $ 9,400 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Order Filling 2.30 0.20 Machining 0.60 0.60 Equipment depreciation...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the išsuance of materials to production is: Multiple Choice Debit Work in Process Inventory $195,000; credit Row Materials Inventory $195,000....
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $728.000 of raw materials on credit; issued materials to production of $220,000 of which $37,500 were indirect. Minstrel incurred a factory payroll of $165,000, of which $47,500 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $18,000 and $32,000 respectively. Compute the cost ofjabs transferred to Finished Goods Inventory Multiple Choice...
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