Homework Answers
Answer -Q 3
| Option -D is the correct answer |
| Activity Based Costing aims to determine the cost which are specific to a product or service based on the activity driver which are undertaken for the product or service .This will create a clear vision of the overhead expenses which is to be charged to a product or services and thereby increase the profit and also satisfy the needs of customers |
Answer Q-4
| Option - D is the correct answer |
| Product line activities are activities which support entire product line but not individual unit.Depreciation on equipement that can only be used to produce ketchup would be classified as product line activity.Product line activities can be easily allocated to specific product |
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Question 3 1 pts Which of the following refers to using refined cost information to...
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...
Question 9 Match the following statements to the appropriate terms. Allocates overhead to multiple activity cost...
Question 9 Match the following statements to the appropriate terms. Allocates overhead to multiple activity cost pools, then assigns the activity cost pools to products. An activity that has a direct cause-effect relationship with the resources consumed. Increases the worth of a product or service to customers. Should be eliminated or reduced. Plant management. Engineering changes. Equipment setups. Assembling. Primary objective is to eliminate all manufacturing inventories. Used to initiate manufacturing under JIT processing. Activity-based costing Product-level activity Unit-level activity...
(25 pts) 3. Herro Corporation has established the following cost pools for 2019. COST POOLS COMMITTED...
(25 pts) 3. Herro Corporation has established the following cost pools for 2019. COST POOLS COMMITTED COSTS COST DRIVERS LEVEL Maintenance Materials handling Machine setup Inspection Total $ 40,000 50,000 60,000 50,000 $200,000 Machine hours Number of moves Setup hours Number of inspections 10,000 250 1,000 500 The following information pertains to two representative jobs completed during January 2019. ITEM Job A1 Job B2 Direct materials cost Direct labor cost Number of units Direct labor hours Machine hours Number of...
1. Which costing system is most likely to produce the least cost distortion? a. Departmental overhead...
1. Which costing system is most likely to produce the least cost distortion? a. Departmental overhead allocation rates b. Plantwide overhead rate c. Activity-based costing d. Traditional costing system 2. The cost of reworking defective products before shipping to customers would be classified as which type of quality costs? a. External failure cost b. Internal failure cost c. Prevention cost d. Appraisal cost 3. A window manufacturer has a commitment to lean production. What is not a benefit from adopting...
uestion 1 In a labor-intensive manufacturing company, overhead costs are usually assumed to be closely related...
uestion 1 In a labor-intensive manufacturing company, overhead costs are usually assumed to be closely related to the level of direct labor hours. True False 4.09 points Question 2 In a high-tech company, where production is highly automated, overhead costs are assumed to be closely related to the level of direct labor hours. True False 4.17 points Question 3 Understanding the sources of overhead costs is necessary for a company to effectively compete in today's marketplace. True False 4.17 points...
Question 39 3 pts 39. Which of the following is not a cost resulting from a...
Question 39 3 pts 39. Which of the following is not a cost resulting from a unit-level activity? The cost of sending monthly statements to customers. The per unit cost of packaging goods. The cost of electricity to power manufacturing equipment, The indirect cost of glue used on each product.
Question 8 refers to the following: Wintertime Company produces the handles which are used in...
Question 8 refers to the following: Wintertime Company produces the handles which are used in the production of their snow shovels. Wintertime’s costs to produce 80,000 handles annually are as follows: Direct materials $25,000 Direct labor 42,000 Variable overhead 28,000 Fixed overhead 65,000 TOTAL $160,000 An outside supplier has offered to sell Wintertime similar handles for $1.50 per handle. If the handles are purchased from the outside supplier, $50,000 of annual fixed factory overhead...
Question 1 0.4 pts The overall role of an operations manager is to: Control quality Schedule...
Question 1 0.4 pts The overall role of an operations manager is to: Control quality Schedule deliveries Collect and organize shipments Convert inputs (raw materials) into outputs (goods or services) Question 2 0.4 pts Swisher cigar factory makes little cigars and big cigars on the same machine. This is an example of using: CAD CAM CIM FMS Question 3 0.4 pts The software system that determines the steps needed to produce a component and instructs the machines that do the...
Additional Information: Jobs 12 – 15 were completed this quarter. Job 16 was started but not...
Additional Information:
Jobs 12 – 15 were completed this quarter. Job 16 was started
but not completed this quarter. Jobs 12 – 14 have been delivered to
the customers. Job 12 was in process at the beginning of the
quarter and was included in last year’s inventory at a cost of
$169,000 as shown above.
Round to the nearest dollar on Financial Statements and to the
nearest cent on per unit calculations
Complete a Cost of Goods Manufactured Statement for...
Additional Information: Jobs 12 – 15 were completed this quarter. Job 16 was started but not...
Additional Information:
Jobs 12 – 15 were completed this quarter. Job 16 was started
but not completed this quarter. Jobs 12 – 14 have been delivered to
the customers. Job 12 was in process at the beginning of the
quarter and was included in last year’s inventory at a cost of
$169,000 as shown above.
Round to the nearest dollar on Financial Statements and to the
nearest cent on per unit calculations.
Complete a Job Costing Sheet for each job...
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...
Question 9 Match the following statements to the appropriate terms. Allocates overhead to multiple activity cost pools, then assigns the activity cost pools to products. An activity that has a direct cause-effect relationship with the resources consumed. Increases the worth of a product or service to customers. Should be eliminated or reduced. Plant management. Engineering changes. Equipment setups. Assembling. Primary objective is to eliminate all manufacturing inventories. Used to initiate manufacturing under JIT processing. Activity-based costing Product-level activity Unit-level activity...
(25 pts) 3. Herro Corporation has established the following cost pools for 2019. COST POOLS COMMITTED COSTS COST DRIVERS LEVEL Maintenance Materials handling Machine setup Inspection Total $ 40,000 50,000 60,000 50,000 $200,000 Machine hours Number of moves Setup hours Number of inspections 10,000 250 1,000 500 The following information pertains to two representative jobs completed during January 2019. ITEM Job A1 Job B2 Direct materials cost Direct labor cost Number of units Direct labor hours Machine hours Number of...
Question 39 3 pts 39. Which of the following is not a cost resulting from a unit-level activity? The cost of sending monthly statements to customers. The per unit cost of packaging goods. The cost of electricity to power manufacturing equipment, The indirect cost of glue used on each product.
Question 1 0.4 pts The overall role of an operations manager is to: Control quality Schedule deliveries Collect and organize shipments Convert inputs (raw materials) into outputs (goods or services) Question 2 0.4 pts Swisher cigar factory makes little cigars and big cigars on the same machine. This is an example of using: CAD CAM CIM FMS Question 3 0.4 pts The software system that determines the steps needed to produce a component and instructs the machines that do the...
Additional Information:
Jobs 12 – 15 were completed this quarter. Job 16 was started
but not completed this quarter. Jobs 12 – 14 have been delivered to
the customers. Job 12 was in process at the beginning of the
quarter and was included in last year’s inventory at a cost of
$169,000 as shown above.
Round to the nearest dollar on Financial Statements and to the
nearest cent on per unit calculations
Complete a Cost of Goods Manufactured Statement for...
Additional Information:
Jobs 12 – 15 were completed this quarter. Job 16 was started
but not completed this quarter. Jobs 12 – 14 have been delivered to
the customers. Job 12 was in process at the beginning of the
quarter and was included in last year’s inventory at a cost of
$169,000 as shown above.
Round to the nearest dollar on Financial Statements and to the
nearest cent on per unit calculations.
Complete a Job Costing Sheet for each job...
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