Homework Answers
| Answer is | ||||||
| 3rd option. I and III | ||||||
| Following statements are true. | ||||||
| I. | Overhead costs are applied to products on the basis of volume-related measures | |||||
| III. | Traditional costing systems tend to distort unit manufacturing costs when numerous goods are made that have widely varying production requirements | |||||
| All manufacturing costs are not easily traceable to the goods produced. | ||||||
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1. Consider the following statements regarding traditional costing systems: 1. Overhead costs are applied to products...
At the economic order quantity Total annual inventor costs holding costs and ordering costs are all minimized Total an...
At the economic order quantity Total annual inventor costs holding costs and ordering costs are all minimized Total annual inventory costs and holding costs are minimized Total annual inventory costs are minimized and hold costs equal ordering costs Total annual inventory costs are minimized and holds costs exceed ordering costs Total annual inventory cost are minimized and ordering costs exceed holding costs Consider the following statements regarding traditional costing systems: Overhead costs are applied to products on the basis volume...
Which of the following statements about similarities between process costing and job-order costing are true? Gestion...
Which of the following statements about similarities between process costing and job-order costing are true? Gestion 18 of yet swered Gints out of 10 1. Both systems assign production costs to units of output. II. Both systems require extensive knowledge of financial accounting. III. The flow of costs through the manufacturing accounts is essentially the same. Remove flag Select one: a. I only. b. I and III. O cil and III. d. lll only Oe. I, II, and Ill.
Which of the following statements is true regarding variable costing? Multiple Choice It is a traditional...
Which of the following statements is true regarding variable costing? Multiple Choice It is a traditional costing approach. It makes it easier to manipulate earnings with changes in production levels. Only manufacturing costs that change in total with changes in production level are included in product costs. It treats overhead in the same manner as absorption costing. It is not permitted to be used for managerial reporting.
Consider the following comments about absorption- and variable-costing income statements: I. A variable-costing income statement discloses...
Consider the following comments about absorption- and variable-costing income statements: I. A variable-costing income statement discloses a firm's contribution margin. II. Cost of goods sold on an absorption-costing income statement includes fixed costs. III. The amount of variable selling and administrative cost is the same on absorption- and variable-costing income statements. Which of the above statements is (are) true? I only. II only. I and II. II and III. I, II, and III.
Assign overhead costs using traditional costing and A B C; compare results.
Assign overhead costs using traditional costing and A B C; compare results.(LO 1 2 ), AN Shaker Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2022 are as follows.Overhead Cost PoolsAmountPurchasing$75,000Handling materials82,000Production (cutting, milling, finishing)210,000Setting up machines105,000Inspecting90,000Inventory control (raw materials and finished goods)126,000Utilities180,000Total budgeted overhead costs$868,000For...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,600 machine-hours and incur $196,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate - per MH per mH | 2. Assume that during the year the company actually worked only 80,300 machine-hours...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,400 machine-hours and incur $187,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 2. Assume that during the year the company actually worked only 80,200 machine-hours and incurred $182,000 of...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that 85,000 machine-hours would be required for the period's estimated level of production. The company also estimated $106,250 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $0.75 per machine-hour. Required: Compute the company's predetermined overhead rate. Assume that during the year the company actually works only 80,000 machine-hours...
1) Look Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to...
1) Look Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs). The company has two products, N06D and M09K, about which it has provided the following data: N06D M09K Direct materials per unit $ 30.80 $ 64.10 Direct labor per unit $ 6.00 $ 28.00 Direct labor-hours per unit 0.20 1.00 Annual production (units) 48,800 21,300 The company's estimated total manufacturing overhead for...
Question 27 1 pts Which of the following statements regarding depreciation is incorrect? When filing for...
Question 27 1 pts Which of the following statements regarding depreciation is incorrect? When filing for corporate taxes, companies prefer to use the depreciation method that allows them to deduct equal amount of depreciation each period. Under the accelerated method, the IRS allows an asset to be fully depreciated to a zero book value. O When selling a partially depreciated asset, a firm is only responsible for taxes on the sale price minus the un-depreciated book value O The straight...
Which of the following statements about similarities between process costing and job-order costing are true? Gestion 18 of yet swered Gints out of 10 1. Both systems assign production costs to units of output. II. Both systems require extensive knowledge of financial accounting. III. The flow of costs through the manufacturing accounts is essentially the same. Remove flag Select one: a. I only. b. I and III. O cil and III. d. lll only Oe. I, II, and Ill.
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,600 machine-hours and incur $196,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate - per MH per mH | 2. Assume that during the year the company actually worked only 80,300 machine-hours...
Medusa Products uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would work 85,400 machine-hours and incur $187,880 in manufacturing overhead costs for the year. Required: 1. Compute the company's predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH 2. Assume that during the year the company actually worked only 80,200 machine-hours and incurred $182,000 of...
Question 27 1 pts Which of the following statements regarding depreciation is incorrect? When filing for corporate taxes, companies prefer to use the depreciation method that allows them to deduct equal amount of depreciation each period. Under the accelerated method, the IRS allows an asset to be fully depreciated to a zero book value. O When selling a partially depreciated asset, a firm is only responsible for taxes on the sale price minus the un-depreciated book value O The straight...
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