Homework Answers
25 Answer: True
Explanation:
Direct labor is an appropriate allocation base for overhead when overhead costs and direct labor highly correlated. The direct labor activity is a facility-level activity. These activities are required to develop, produce and sell specific types of products.
26 Answer: The total activity for the activity cost pool
Explanation:
In activity-based costing, the activity rate for an activity cost pool is computed by dividing the total overhead cost in the activity cost pool by the total activity for the activity cost pool.
Activity-based costing is a costing method that identifies the activities in organization and assigned costs of each activity. To assign the costs to all products and services to the actual consumption by each.
27 Answer: True
Explanation:
Activity-based costing is a costing method that identifies the activities in organization and assigned costs of each activity not for each product. To assign the costs to all products and services to the actual consumption by each.
The activity-based costing is made to trace the costs of those activities directly to the products that cause them.
An activity rated is computed for each activity cost pool-not for each product.
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emaining Timer hour. 25 Question completion Status 2.857 points QUESTION 25 Direct laboris an appropriate allocation...
emaining Times thout 2.857 points Question Completion Status QUESTIONS Durin October Hybrid Corporation incurred $70,000 of...
emaining Times thout 2.857 points Question Completion Status QUESTIONS Durin October Hybrid Corporation incurred $70,000 of direct labor costs and $2.000 of indirect labor costs. The journal entry to record the accus of these wages would include a credit to Work in Process of $70.000 credit to Work in Process of 5 73.000 debit to Work in Process of $73,000 debit to Work in Process of $70,000 2.857 points QUESTION 9 Reynolds Corporation bases its predetermined overhead rate on the...
Question Completion Status: 9000 underapped 2.857 points QUESTION 7 Job 10233 was recently completed. The following...
Question Completion Status: 9000 underapped 2.857 points QUESTION 7 Job 10233 was recently completed. The following data have been recorded on its job cost sheet: 33.190 Durea materials 71 labor-hours Director hours $15 per labor-hour Direct labor wage rate Machine-hours 175Wachine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is 514 per machine-hour. The total cost that would be recorded on the job cost sheet for Job JQ233 would be: $6,705 $3,219 $5,249 $4,255...
Remaining Time: 1 hour, 38 minutes, 46 seconds. Question Completion Status: QUESTION 20 One way to...
Remaining Time: 1 hour, 38 minutes, 46 seconds. Question Completion Status: QUESTION 20 One way to compute the total contribution margin is to subtract total fed expenses from topeng income True False QUESTION 21 On a cost-volume-profit graph, the revenue line will be shown below the total expense line for any activity level above the break-even point. . True False 2.857 points QUESTION 22 Data concerning Cutshall Enterprises Corporation's single product appear below 2857 points $190.00 Selling price per unit...
Learnu.eebapps/assessment/rake/lunchp/coursement 155166167 Ne ne hour, 47 minutes, 45 seconds 2.057 polo Question completion Status QUESTION TO...
Learnu.eebapps/assessment/rake/lunchp/coursement 155166167 Ne ne hour, 47 minutes, 45 seconds 2.057 polo Question completion Status QUESTION TO Overapplied manufacturing overhead means that: the applied manufacturing overhead cost was less than the actual manufacturing overhead cost the applied manufacturing overhead cost was greater than the actual manufacturing overhead cost the estimated manufacturing overhead cost was less than the actual manufacturing overhead cost. the estimated manufacturing overhead cost was less than the applied manufacturing overhead cost QUESTION 11 XYZ Corporation uses the cost...
1. Sarratt Corporation's contribution margin ratio is 77% and its fixed monthly expenses are $46,000. Assume...
1. Sarratt Corporation's contribution margin ratio is 77% and its fixed monthly expenses are $46,000. Assume that the company's sales for May are expected to be $105,000. Required: Estimate the company's net operating income for May, assuming that the fixed monthly expenses do not change. 2. In activity-based costing, the activity rate for an activity cost pool is computed by dividing the total overhead cost in the activity cost pool by: the total direct labor-hours for the activity cost pool....
Help Which of the following statements is correct? Multiple Choice Activity based management seeks to eliminate...
Help Which of the following statements is correct? Multiple Choice Activity based management seeks to eliminate waste by allocating costs to products that waste resources Activity based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor hours In activity-based costing a separate activity rate se predetermined overhead rate) is computed for each activity cost pool by dividing the estimated overhead cost in the activity...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
Mickley Company's plantwide predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage...
Mickley Company's plantwide predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $12.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $ 290 $ 120 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 30 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.) | 1. Total manufacturing cost 2. Unit product...
not indicate completion. Return to question Required information Greenwood Company manufactures two products—14,000 units of Product...
not indicate completion. Return to question Required information Greenwood Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Machining Machine setups Production design...
1.What is the overhead allocation rate using the traditional direct-hour allocation base? 2. What is the...
1.What is the overhead allocation rate using the traditional
direct-hour allocation base?
2. What is the net income for the Corporate client services
segment using the traditional direct-hour allocation base?
3. What is the net income for the Corporate client services
segment using the three cost drivers in the ABC model?
4.What is the total net income for the firm using the
traditional direct-hour allocation base?
5.What is the total net income for the firm using the three cost
drivers...
emaining Times thout 2.857 points Question Completion Status QUESTIONS Durin October Hybrid Corporation incurred $70,000 of direct labor costs and $2.000 of indirect labor costs. The journal entry to record the accus of these wages would include a credit to Work in Process of $70.000 credit to Work in Process of 5 73.000 debit to Work in Process of $73,000 debit to Work in Process of $70,000 2.857 points QUESTION 9 Reynolds Corporation bases its predetermined overhead rate on the...
Question Completion Status: 9000 underapped 2.857 points QUESTION 7 Job 10233 was recently completed. The following data have been recorded on its job cost sheet: 33.190 Durea materials 71 labor-hours Director hours $15 per labor-hour Direct labor wage rate Machine-hours 175Wachine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is 514 per machine-hour. The total cost that would be recorded on the job cost sheet for Job JQ233 would be: $6,705 $3,219 $5,249 $4,255...
Remaining Time: 1 hour, 38 minutes, 46 seconds. Question Completion Status: QUESTION 20 One way to compute the total contribution margin is to subtract total fed expenses from topeng income True False QUESTION 21 On a cost-volume-profit graph, the revenue line will be shown below the total expense line for any activity level above the break-even point. . True False 2.857 points QUESTION 22 Data concerning Cutshall Enterprises Corporation's single product appear below 2857 points $190.00 Selling price per unit...
Learnu.eebapps/assessment/rake/lunchp/coursement 155166167 Ne ne hour, 47 minutes, 45 seconds 2.057 polo Question completion Status QUESTION TO Overapplied manufacturing overhead means that: the applied manufacturing overhead cost was less than the actual manufacturing overhead cost the applied manufacturing overhead cost was greater than the actual manufacturing overhead cost the estimated manufacturing overhead cost was less than the actual manufacturing overhead cost. the estimated manufacturing overhead cost was less than the applied manufacturing overhead cost QUESTION 11 XYZ Corporation uses the cost...
Help Which of the following statements is correct? Multiple Choice Activity based management seeks to eliminate waste by allocating costs to products that waste resources Activity based costing involves a two-stage allocation process in which overhead costs are first assigned to departments and then to jobs on the basis of direct labor hours In activity-based costing a separate activity rate se predetermined overhead rate) is computed for each activity cost pool by dividing the estimated overhead cost in the activity...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
Mickley Company's plantwide predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $12.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $ 290 $ 120 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 30 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.) | 1. Total manufacturing cost 2. Unit product...
not indicate completion. Return to question Required information Greenwood Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Machining Machine setups Production design...
1.What is the overhead allocation rate using the traditional
direct-hour allocation base?
2. What is the net income for the Corporate client services
segment using the traditional direct-hour allocation base?
3. What is the net income for the Corporate client services
segment using the three cost drivers in the ABC model?
4.What is the total net income for the firm using the
traditional direct-hour allocation base?
5.What is the total net income for the firm using the three cost
drivers...
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