The last step in activity-based costing is to identify the cost driver that has a strong...
The last step in activity-based costing is to
| identify the cost driver that has a strong correlation to the activity cost pool. |
| assign overhead costs to products, using overhead rates determined for each cost pool. |
| identify and classify the activities involved in the manufacture of specific products, and allocate overhead to cost pools. |
| compute the activity-based overhead rate per cost driver. |
Homework Answers
Answer:
Assign overhead cost to products, using overhead rates determined for each cost pool
Lat step in ABC costing is the assign the overhead cost. Activity costing is the Costing System Used to allocate the overhead costs based on appropriate cost drives. Identification of Cost Driver, Allocate overhead cost to Cost Pool, Comput ethe overhead rate and the Allocate the overhead cost based on the overhead rate and the allocation base.
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The last step in activity-based costing is to
identify the cost driver that has a strong...
QUESTION 2 The first step in activity-based costing is to assign manufacturing overhead costs for each...
QUESTION 2 The first step in activity-based costing is to assign manufacturing overhead costs for each activity cost pool to products. compute the activity-based overhead rate per cost driver. identify and classify the major activities involved in the manufacture of specific products. identify the cost driver that has a strong correlation to the activity cost pool.
QUESTION 19 Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are...
QUESTION 19 Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year Activity Cost Cost Driver Pool Ordering and Orders Receiving Machine Setup Setups Machining Assembly Inspection Cost Driver Activity Est. Overhead $120,000 500 orders 450 setups 1,500,000 125,000 MH 1,200,000 1,000,000 parts 500 inspections 297,000 Machine hours Parts |Inspections 300,000 If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is $1.20 per direct...
(Ch4) The first step in activity-based costing is to Select one: O a. assign manufacturing overhead...
(Ch4) The first step in activity-based costing is to Select one: O a. assign manufacturing overhead costs for each activity cost pool to products. O b. identify and classify the major activities involved in the manufacture of specific products. O c. calculate the activity-based overhead rate per cost driver. O d. identify the cost driver that has a strong correlation to the activity cost pool. (Ch4) Activity-based costing Select one: O a. uses direct labor as its primary cost driver....
Which of the following is not a step involved in activity-based costing? Multiple Choice Identify the...
Which of the following is not a step involved in activity-based costing? Multiple Choice Identify the activities that consume resources and assign costs to those activities. Assign costs to products by multiplying the cost driver rate by the volume of cost driver units consumed by the product. Compute a cost rate per cost driver unit or transaction. Determine how to reduce the costs of making products by cutting activities.
Question 33 2 pts The first step for implementing activity-based costing is Calculate activity rates Assign...
Question 33 2 pts The first step for implementing activity-based costing is Calculate activity rates Assign overhead costs to activity cost pools Define activities, activity cost pools, and activity measures Assign overhead costs to cost objects Question 34 2 pts The differences between ABC and Traditional Product Costs include the following except: Traditional cost systems create a more favorable net operating income (loss) Traditional cost systems allocate manufacturing overhead costs using a volume-related allocation base Traditional cost systems allocate all...
Saved A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for...
Saved A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing Cleaning factory Providing utilities Expected Cost $120,400 31,000 61,160 Cost Driver Purchase orders Square feet Square feet Expected Usage of Cost Driver 4,300 purchase orders 4,800 square feet 4,800 square feet Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Activity cost pool Expected Costs Activity Overhead Rate Expected...
Check my work A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost...
Check my work A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing Cleaning factory Providing utilities Expected CostCost Driver $113,400 P urchase orders 30,500 Square feet 59,270 Square feet Expected Usage of Cost Driver 4,200 purchase orders 4,700 square feet 4,700 square feet Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Activity cost pool Expected Costs Expected Amount...
QS 17-8 Computing activity rates LO P3 A manufacturer uses activity-based costing to assign overhead costs...
QS 17-8 Computing activity rates LO P3 A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing cleaning factory Providing utilities Expected Cost $93,600 29,000 53, 720 Cost Driver Purchase orders Square feet Square feet Expected Usage of Cost Driver 3,900 purchase orders 4,400 square feet 4,400 square feet Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Activity cost...
Howell Corporation's activity-based costing system has three activity cost pools--Machining, Setting Up, and Other. The company's...
Howell Corporation's activity-based costing system has three activity cost pools--Machining, Setting Up, and Other. The company's overhead costs, which consist of equipment depreciation and indirect labor, are allocated to the cost pools in proportion to the activity cost pools' consumption of resources Equipment depreciation (total) Indirect labor (total) $32,300 $7.250 Distribution of Resource Consumption Across Activity Cost Pools Machining Setting up Equipment depreciation ceciation 0.50 0.30 0.30 Indirect labor other 0.30 0.20 Costs in the Machining cost pool are assigned...
Howell Corporation's activity based costing system has three activity cost pools--Machining. Setting Up, and other. The...
Howell Corporation's activity based costing system has three activity cost pools--Machining. Setting Up, and other. The company's overhead costs, which consist of equipment depreciation and indirect labor, are allocated to the cost pools in proportion to the activity cost pools' consumption of resources. Equipment depreciation (total) Indirect labor (total) $ 27,200 $ 7,840 Distribution of Resource Consumption Across Activity Cost Pools Equipment depreciation Indirect labor Machining 0.40 0.40 Setting Up Other 0.300 .30 0.30 0.30 Costs in the Machining cost...
QUESTION 2 The first step in activity-based costing is to assign manufacturing overhead costs for each activity cost pool to products. compute the activity-based overhead rate per cost driver. identify and classify the major activities involved in the manufacture of specific products. identify the cost driver that has a strong correlation to the activity cost pool.
QUESTION 19 Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year Activity Cost Cost Driver Pool Ordering and Orders Receiving Machine Setup Setups Machining Assembly Inspection Cost Driver Activity Est. Overhead $120,000 500 orders 450 setups 1,500,000 125,000 MH 1,200,000 1,000,000 parts 500 inspections 297,000 Machine hours Parts |Inspections 300,000 If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is $1.20 per direct...
(Ch4) The first step in activity-based costing is to Select one: O a. assign manufacturing overhead costs for each activity cost pool to products. O b. identify and classify the major activities involved in the manufacture of specific products. O c. calculate the activity-based overhead rate per cost driver. O d. identify the cost driver that has a strong correlation to the activity cost pool. (Ch4) Activity-based costing Select one: O a. uses direct labor as its primary cost driver....
Question 33 2 pts The first step for implementing activity-based costing is Calculate activity rates Assign overhead costs to activity cost pools Define activities, activity cost pools, and activity measures Assign overhead costs to cost objects Question 34 2 pts The differences between ABC and Traditional Product Costs include the following except: Traditional cost systems create a more favorable net operating income (loss) Traditional cost systems allocate manufacturing overhead costs using a volume-related allocation base Traditional cost systems allocate all...
Saved A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing Cleaning factory Providing utilities Expected Cost $120,400 31,000 61,160 Cost Driver Purchase orders Square feet Square feet Expected Usage of Cost Driver 4,300 purchase orders 4,800 square feet 4,800 square feet Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Activity cost pool Expected Costs Activity Overhead Rate Expected...
Check my work A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing Cleaning factory Providing utilities Expected CostCost Driver $113,400 P urchase orders 30,500 Square feet 59,270 Square feet Expected Usage of Cost Driver 4,200 purchase orders 4,700 square feet 4,700 square feet Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Activity cost pool Expected Costs Expected Amount...
QS 17-8 Computing activity rates LO P3 A manufacturer uses activity-based costing to assign overhead costs to products. Budgeted cost information for selected activities for next year follows. Activity Purchasing cleaning factory Providing utilities Expected Cost $93,600 29,000 53, 720 Cost Driver Purchase orders Square feet Square feet Expected Usage of Cost Driver 3,900 purchase orders 4,400 square feet 4,400 square feet Compute activity rates for each of the cost pools. (Round your answers to 2 decimal places.) Activity cost...
Howell Corporation's activity-based costing system has three activity cost pools--Machining, Setting Up, and Other. The company's overhead costs, which consist of equipment depreciation and indirect labor, are allocated to the cost pools in proportion to the activity cost pools' consumption of resources Equipment depreciation (total) Indirect labor (total) $32,300 $7.250 Distribution of Resource Consumption Across Activity Cost Pools Machining Setting up Equipment depreciation ceciation 0.50 0.30 0.30 Indirect labor other 0.30 0.20 Costs in the Machining cost pool are assigned...
Howell Corporation's activity based costing system has three activity cost pools--Machining. Setting Up, and other. The company's overhead costs, which consist of equipment depreciation and indirect labor, are allocated to the cost pools in proportion to the activity cost pools' consumption of resources. Equipment depreciation (total) Indirect labor (total) $ 27,200 $ 7,840 Distribution of Resource Consumption Across Activity Cost Pools Equipment depreciation Indirect labor Machining 0.40 0.40 Setting Up Other 0.300 .30 0.30 0.30 Costs in the Machining cost...
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