15. while calculating the costs of produce and services, a standard costing system_ a. allocates overhead...
15. while calculating the costs of produce and services, a standard costing system_
a. allocates overhead costs on the basis of the actual overhead-cost rates
b. uses standard costs to determine the cost of products
c. does not keep track of overhead cost
d. traces direct costs to output by multiplying the standard prices or rates by the accurate quantities.
Homework Answers
The correct answer is-
b) uses standard costs to determine the cost of products.
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15. while calculating the costs of produce and services,
a standard costing system_
a. allocates overhead...
STU Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on...
STU Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labour-hours (DLH). STU Products develops its manufacturing overhead rate from the current annual budget. The manufacturing overhead budget for 2017 is based on budgeted output of 672,000 units, requiring 3,360,000 DLH. The company is able to schedule production uniformly throughout the year. A total of 72,000 output units requiring 321,000 DLH was produced during May 2017. Manufacturing overhead...
QUESTION 4 ABC Company uses a standard absorption costing system that allocates overhead on the basis...
QUESTION 4 ABC Company uses a standard absorption costing system that allocates overhead on the basis of direct labor hours. Here is their Statement of Gross Margin: Statement of Gross Margin Standard Revenue 1,000,000 Sales price variance (30,000) Sales volume variance 60,000 Net revenue 1,030,000 CGS @ Standard 700,000 Total direct labor variance 30,000 Direct materials price variance (50,000) Direct materials quantity variance 40,000 Fixed overhead budget variance 50,000 Fixed overhead volume variance (100,000) Variable overhead spending variance 20,000 Variable...
14. Kleinfeldt Company allocates overhead on the basis of direct labor hours. It allocates overhead costs...
14. Kleinfeldt Company allocates overhead on the basis of direct labor hours. It allocates overhead costs of $4,000 to two different jobs as follows: Job 1: (10 hours)- $2,000 Job 2: (10 hours) $2,000 The production process for Job 1 is automated. Now Job 1 requires only 2 hours of direct labor but four hours of mechanical processing. As a result, total overhead increased to $6,000. How much overhead cost will be assigned to Job 2 after automation? A) $3,000...
Wilson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on...
Wilson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labor-hours (DLH). The actual costs, compared with the annual budget and 1/12 of the annual budget, are as follows: El (Click the icon to view the data.) More Info Requirement Wilson Products develops its manufacturing overhead rate from the current annualCalculate the following amounts for Wilson Products for May 2017 for 2017 is based on budgeted out1. Total...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two direct-cost categories (direct materials and direct man- ufacturing labour) and one manufacturing overhead cost poll. Destin allocates man- ufacturing overhead costs using direct manufacturing labour costs. Destin provides the following information: Budget for Actuals for Year 2021 Year 2021 Direct manufacturing labour costs Direct manufacturing overhead costs Direct materials costs $1,000,000 $1,750,000 $1,500,000 $980,000 $1,862,000 $1,450,000 REQUIRED 1. Compute the actual and budgeted manufacturing...
Cosi Company uses a job order costing system and allocates its overhead on the basis of...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $800,000 of overhead during the next period, and expects to use 50.000 labor hours at a cost of $10.00 per hour. What is Cost Company's predetermined overhead rote?
c. assigns activity cost pools to products and services, then allocates overhead back to the activity...
c. assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools. d. allocates overhead directly to products and services based on activity levels e. none of these answers are correct. 21. Which of the following has the weakest linkage between activity and cost driver? Activity Machine setup Machine maintenance Lighting on shop floor Quality control Manual cloth making Cost Driver Number of setups Book value of machines Number of kilowatt-bours Square feet of...
Space Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead on the...
Space Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead on the basis of direct manufacturing labor-hours. Most of the company's production and sales occur in the first and second quarters of the year. The company is in danger of losing one of its larger customers, Solar Wholesale, due to large fluctuations in price. The owner of Space has requested an analysis of the manufacturing cost per unit in the second and third quarters. You have...
Cosi Company uses a job order costing system and allocates its overhead on the basis of...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
Cosi Company uses a job order costing system and allocates its overhead on the basis of...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
STU Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labour-hours (DLH). STU Products develops its manufacturing overhead rate from the current annual budget. The manufacturing overhead budget for 2017 is based on budgeted output of 672,000 units, requiring 3,360,000 DLH. The company is able to schedule production uniformly throughout the year. A total of 72,000 output units requiring 321,000 DLH was produced during May 2017. Manufacturing overhead...
14. Kleinfeldt Company allocates overhead on the basis of direct labor hours. It allocates overhead costs of $4,000 to two different jobs as follows: Job 1: (10 hours)- $2,000 Job 2: (10 hours) $2,000 The production process for Job 1 is automated. Now Job 1 requires only 2 hours of direct labor but four hours of mechanical processing. As a result, total overhead increased to $6,000. How much overhead cost will be assigned to Job 2 after automation? A) $3,000...
Wilson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labor-hours (DLH). The actual costs, compared with the annual budget and 1/12 of the annual budget, are as follows: El (Click the icon to view the data.) More Info Requirement Wilson Products develops its manufacturing overhead rate from the current annualCalculate the following amounts for Wilson Products for May 2017 for 2017 is based on budgeted out1. Total...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two direct-cost categories (direct materials and direct man- ufacturing labour) and one manufacturing overhead cost poll. Destin allocates man- ufacturing overhead costs using direct manufacturing labour costs. Destin provides the following information: Budget for Actuals for Year 2021 Year 2021 Direct manufacturing labour costs Direct manufacturing overhead costs Direct materials costs $1,000,000 $1,750,000 $1,500,000 $980,000 $1,862,000 $1,450,000 REQUIRED 1. Compute the actual and budgeted manufacturing...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $800,000 of overhead during the next period, and expects to use 50.000 labor hours at a cost of $10.00 per hour. What is Cost Company's predetermined overhead rote?
c. assigns activity cost pools to products and services, then allocates overhead back to the activity cost pools. d. allocates overhead directly to products and services based on activity levels e. none of these answers are correct. 21. Which of the following has the weakest linkage between activity and cost driver? Activity Machine setup Machine maintenance Lighting on shop floor Quality control Manual cloth making Cost Driver Number of setups Book value of machines Number of kilowatt-bours Square feet of...
Space Manufacturing produces surfboards. The company uses a normal-costing system and allocates manufacturing overhead on the basis of direct manufacturing labor-hours. Most of the company's production and sales occur in the first and second quarters of the year. The company is in danger of losing one of its larger customers, Solar Wholesale, due to large fluctuations in price. The owner of Space has requested an analysis of the manufacturing cost per unit in the second and third quarters. You have...
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
Cosi Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Cosi expects to incur $770,000 of overhead during the next period, and expects to use 47,000 labor hours at a cost of $10.00 per hour. What is Cosi Company's predetermined overhead rate? Multiple Choice 6.10%. 61.0%. 164% 1638%.
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