Which of the following stages are a part of activity-based costing? Trace costs to activities Overhead...
Which of the following stages are a part of activity-based costing? Trace costs to activities Overhead costs are assigned to cost objects Trace costs to cost objects Overhead costs are assigned to a plant or department a.I and III b.I, II, and IV c.II and IV d.I, II, III, and IV
Homework Answers
Option 1 is correct.
First We have to trace cost relaed to the activities.
Second the overhead costs have to assigned to cost objects (Products).
Then these aasigned overhead cost will be assigned to plan or department based on cost drivers.
.
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Which of the following stages are a part of activity-based
costing? Trace costs to activities Overhead...
Wave Crest Cosmetics produces cosmetic products for 11 major buyers. One customer accounts for of the...
Wave Crest Cosmetics produces cosmetic products for 11 major buyers. One customer accounts for of the sales, the other 10 customers account for the remaining sales. The 10 smaller customers place orders of about equalse, The large customer purchases 1,000,000 units per year by placing orders per year, and the 10 smaller customers order 1,000,000 units in total by placing 300 orders per year. Ordering costs total $518,500 per year. How much would be assigned to the large customer as...
Which of the following is a key feature of activity based costing? A. Overhead costs are...
Which of the following is a key feature of activity based costing? A. Overhead costs are assigned on the basis of volume B. Overhead costs are assigned on the basis of sales C. Overhead costs are assigned on the basis of direct labor hours D. Overhead costs are assigned on the basis of activities
2. The more activities tracked by activity-based costing, the more accurately overhead costs are assigned True...
2. The more activities tracked by activity-based costing, the more accurately overhead costs are assigned True False 3. From an ABC perspective, what causes costs to be incurred? A. Financial transactions. B. The volume of units produced. C. Debits and credits. D. Management decisions E. Activities. 4. A method of assigning overhead costs to a product using a single overhead rate is: A. Plantwide overhead rate method. B. Cost pool overhead rate method. C. Departmental overhead rate method. D. Activity-based...
nts) 16. Eaton Company uses activity-based costing to allocate overhead costs to products. When figuring the...
nts) 16. Eaton Company uses activity-based costing to allocate overhead costs to products. When figuring the cost of ordering raw materials, which of the following is likely the best cost driver for this activity? a. Number of orders placed. b. Weight of the parts ordered. c. Square footage of the purchasing department area. d. Direct labor cost e. None of the answer choices is correct. e comfc future for safet materia local h e factor ta rela 17. Which of...
18) Gould Corporation uses the following activity rates from its activity-based costing to assign overhead costs t...
18) Gould Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: 18) Activity Cost Pool Setting up batches Processing customer orders Assembling products Activity Rate 59.96 per batch $ S 73.20 per customer order S 4.65 per assembly hour Data concerning two products appear below: Product Product K91B F650 Number of batches Number of customer orders 97 68 47 61 Number of assembly hours 501 908 How much overhead cost would be assigned...
19) An activity based costing system uses which of the following procedures? a) Overhead costs are...
19) An activity based costing system uses which of the following procedures? a) Overhead costs are traced to departments, then costs are traced to products. b) Overhead costs are traced to activities, then costs are traced to products. c) Overhead costs are traced directly to products. d) All overhead costs are expenses as incurred. Answer: (2 points)
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been...
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to the company's three activity cost pools as follows: Processing, $52,100; Supervising, $30,100; and Other, $18,600. Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activity data appear below: MHs (Processing) Batches (Supervising) Product O6 17,400 750 Product...
Mastery Problem: Activity-Based Costing (Advanced) Activity-Based Costing Traditionally, Overhead cost: Sometimes referred to as "factory overhead,"...
Mastery Problem: Activity-Based Costing (Advanced) Activity-Based Costing Traditionally, Overhead cost: Sometimes referred to as "factory overhead," this is an indirect cost that is not directly tied to the production of units, yet nonetheless must be built into product cost in order to appropriately price it. Examples are managerial salaries, rent expense, setup costs, and property taxes.overhead costs are assigned based arbitrarily on the rate of either Direct labor: This is a labor cost directly associated with the production of goods...
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been...
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to the company's three activity cost pools as follows: Processing, $48,800: Supervising. $36,700; and Other, $26,600. Processing costs are assigned to products using machine-hours (MHS) and Supervising costs are assigned to products using the number of batches. The costs in the other activity cost pool are not assigned to products. Activity data appear below: MHS (Processing) 17,700 640 18,340 Batches (Supervising) 1,690 Product...
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allo...
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to the company's three activity cost pools as follows: Processing, $48,800; Supervising, $28,800; and Other, $24,100. Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activity data appear below: MHs (Processing) Batches (Supervising) Product O6 10,600 1,670 Product...
Wave Crest Cosmetics produces cosmetic products for 11 major buyers. One customer accounts for of the sales, the other 10 customers account for the remaining sales. The 10 smaller customers place orders of about equalse, The large customer purchases 1,000,000 units per year by placing orders per year, and the 10 smaller customers order 1,000,000 units in total by placing 300 orders per year. Ordering costs total $518,500 per year. How much would be assigned to the large customer as...
2. The more activities tracked by activity-based costing, the more accurately overhead costs are assigned True False 3. From an ABC perspective, what causes costs to be incurred? A. Financial transactions. B. The volume of units produced. C. Debits and credits. D. Management decisions E. Activities. 4. A method of assigning overhead costs to a product using a single overhead rate is: A. Plantwide overhead rate method. B. Cost pool overhead rate method. C. Departmental overhead rate method. D. Activity-based...
nts) 16. Eaton Company uses activity-based costing to allocate overhead costs to products. When figuring the cost of ordering raw materials, which of the following is likely the best cost driver for this activity? a. Number of orders placed. b. Weight of the parts ordered. c. Square footage of the purchasing department area. d. Direct labor cost e. None of the answer choices is correct. e comfc future for safet materia local h e factor ta rela 17. Which of...
18) Gould Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products: 18) Activity Cost Pool Setting up batches Processing customer orders Assembling products Activity Rate 59.96 per batch $ S 73.20 per customer order S 4.65 per assembly hour Data concerning two products appear below: Product Product K91B F650 Number of batches Number of customer orders 97 68 47 61 Number of assembly hours 501 908 How much overhead cost would be assigned...
19) An activity based costing system uses which of the following procedures? a) Overhead costs are traced to departments, then costs are traced to products. b) Overhead costs are traced to activities, then costs are traced to products. c) Overhead costs are traced directly to products. d) All overhead costs are expenses as incurred. Answer: (2 points)
Wedd Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to the company's three activity cost pools as follows: Processing, $48,800: Supervising. $36,700; and Other, $26,600. Processing costs are assigned to products using machine-hours (MHS) and Supervising costs are assigned to products using the number of batches. The costs in the other activity cost pool are not assigned to products. Activity data appear below: MHS (Processing) 17,700 640 18,340 Batches (Supervising) 1,690 Product...
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