Homework Answers
Answer
- Correct Answer = Option #4
Two state system first allocates costs to ‘Departments or activities and then allocates costs to product or services’. - Example of two stage system can be “Activity based costing” method where cost are first allocated to activities and then allocated to products using activity driver.
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A two-stage system first allocates costs to: Multiple Choice Ο O Products or services and then...
Collections of costs that relate to a specific activity are called: Multiple Choice Ο Noncore activities...
Collections of costs that relate to a specific activity are called: Multiple Choice Ο Noncore activities Ο Activity cost pools Ο C) Cost objects. Ο O Cost drivers < Prev 4 of 201 Next >
A basic assumption of activity-based costing (ABC) is that: Multiple Choice O All manufacturing costs vary...
A basic assumption of activity-based costing (ABC) is that: Multiple Choice O All manufacturing costs vary directly with units of production O Products or services require the performance of activities and activities consume resources o Only costs that respond to unit-level drivers are product costs. O Only variable costs are included in the activity cost pools.
First stage cost objects do not include: Multiple Choice 0 O Supplies O Depreciation O Maintenance...
First stage cost objects do not include: Multiple Choice 0 O Supplies O Depreciation O Maintenance and Repair Costs O Direct materials
TRUE OR FALSE: The two-stage cost allocation process allocates costs to multiple cost pools and then...
TRUE OR FALSE: The two-stage cost allocation process allocates costs to multiple cost pools and then to individual cost objects using different allocation bases. TREU OR FALSE: It is important that cost management systems are designed using the cost-benefit principle so that the costs of gathering additional information are balanced against the benefits of that information.
Doede Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing...
Doede Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts--equipment depreciation and supervisory expense--to three activity cost pools--Machining, Order Filling, and Other-- based on resource consumption. Data to perform these allocations appear below: Overhead costs: 3.33 points (8 Equipment depreciation Supervisory expense $22,000 $ 6,000 01:54:13 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Order Filling 0.30 0.20 Machining 0.50 0.50 Equipment depreciation Supervisory expense Other...
Which of the following costs should not be recorded as an expense? Multiple Choice Ο Product...
Which of the following costs should not be recorded as an expense? Multiple Choice Ο Product shipping costs Ο Product advertising Ο Sales commissions Ο Insurance on factory building
8A & C Chapter 5 Study Guide - Support Department and Joint Cost Allocation costs by...
8A & C
Chapter 5 Study Guide - Support Department and Joint Cost Allocation costs by the 7 5. allocate support department San What is the correct sequence of events for allocating support department costs to products regardless of the method (single plantwide rate, multiple production department rates, or activity-based costing) chosen for the allocation process? 1. directie Trace and distribute overhead COSS to Support & production departments. 2. Select a cost driver for each department 3.determine the usage of...
Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll...
Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personel Payroll Housewares Clothing Furniture $11,900...
Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments...
Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personel Payroll Housewares Clothing Furniture Direct...
Allie, Inc. has two service departments and two operating departments. Allie allocates service department costs using...
Allie, Inc. has two service departments and two operating departments. Allie allocates service department costs using the step-down method, with the service department with the highest cost allocated first. Initial cost for service department 1 was $140,000, and for service department 2, $100,000. Service department 1 is allocated on the basis of department employees, while service department 2 is allocated on the basis of square feet. Cost driver usage is as follows: Service 1 Service 2 Operating 1 Operating...
Collections of costs that relate to a specific activity are called: Multiple Choice Ο Noncore activities Ο Activity cost pools Ο C) Cost objects. Ο O Cost drivers < Prev 4 of 201 Next >
A basic assumption of activity-based costing (ABC) is that: Multiple Choice O All manufacturing costs vary directly with units of production O Products or services require the performance of activities and activities consume resources o Only costs that respond to unit-level drivers are product costs. O Only variable costs are included in the activity cost pools.
First stage cost objects do not include: Multiple Choice 0 O Supplies O Depreciation O Maintenance and Repair Costs O Direct materials
Doede Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts--equipment depreciation and supervisory expense--to three activity cost pools--Machining, Order Filling, and Other-- based on resource consumption. Data to perform these allocations appear below: Overhead costs: 3.33 points (8 Equipment depreciation Supervisory expense $22,000 $ 6,000 01:54:13 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Order Filling 0.30 0.20 Machining 0.50 0.50 Equipment depreciation Supervisory expense Other...
Which of the following costs should not be recorded as an expense? Multiple Choice Ο Product shipping costs Ο Product advertising Ο Sales commissions Ο Insurance on factory building
8A & C
Chapter 5 Study Guide - Support Department and Joint Cost Allocation costs by the 7 5. allocate support department San What is the correct sequence of events for allocating support department costs to products regardless of the method (single plantwide rate, multiple production department rates, or activity-based costing) chosen for the allocation process? 1. directie Trace and distribute overhead COSS to Support & production departments. 2. Select a cost driver for each department 3.determine the usage of...
Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personel Payroll Housewares Clothing Furniture $11,900...
Interdepartment Services: Step Method O'Brian's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating departments, Personnel and Payroll provide services to each other. O'Brian's allocates Personnel Department costs on the basis of the number of employees and Payroll Department costs on the basis of gross payroll. Cost and allocation information for June is as follows: Personel Payroll Housewares Clothing Furniture Direct...
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