ACCT230-Week 4 Homework

Problem Activity Based Costing Zeta company has identified the following overhead costs and cost drivers for the upcoming year Expected Costs Overhead Item Cost Driver Quantity Number of Setup costs $45,000 300 setups Number of Material Handling $90,000 7,500 material moves Number of Quality Cost $150,000 6,000 Inspections Machining Cost $67,500 Machine Hours 900 Total $352,500 The following information was collected on three jobs that were completed during the year Job 201 $6,000 $2,800 Job 202 $12,000 $2,000 Job 203 $8,000 $4,000 Direct materials Direct labor Units completed 30 150 Direct labor-hours 18 22 15 Machine hours 10 50 10 Number of setups 1 4 Number of Inspections 10 30 Number of material 10 50 moves For the year the company budgeted direct labor cost of $100,000, budgeted direct material cost of $280,000, and estimated labor hours of 5,000. Determine the unit cost for each job using Activity Based Costing. (Round amounts to 2 decimal places.) 20 30

Number of Materials Requisitions Number of Product Inspections 25 Hours of Number of Machine Product Machine Setups Operation 3,000 1,500 Product 001 12 35 Product 002 55 115 Cost per Pool $10,000 $90,000 $135,000 $22,000 Required: a. Compute the unit activity costs for each of the cost drivers listed. b. Assign the overhead costs to products 001 and 002 using activity-based costing.

Approximately Relevant Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Setting up equipment $138,000 Ordering materials 10,200 Machining 92,400 Receiving 18,480 Silven produces two models of cell phones with the following expected activity demands: Model X Model Y 5,000 80 200 Units completed Number of setups Number of orders Machine hours Receiving hours Required: 6,600 385 Activity Driver Activity Capacity Number of setups Number of orders Machine hours Receiving hours 10,000 40 400 4,950 770 120 600 11,550 1,155

Computing and using a single plantwide overhead allocation rate Koehler makes handheld calculators in two models: basic and professional. Koehler estimated $721,000 of manufacturing overhead and 515,000 machine hours for the year. The basic model actually consumed 230,000 machine-hours, and the professional model consumed 285,000 machine hours. Compute the predetermined overhead allocation rate using machine hours (MHr) as the allocation base. How much overhead is allocated to the basic model? To the professional model?

What is the Manufacturing overhead allocated?

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Crystal Pools estimates overhead will utilize 200,000 machine hours and cost $800,000. It takes 3 machine hours per unit, direct material cost of $13 per unit, and direct labor of $22 per unit. What is the cost of each unit produced? Cost per unit $fill in the blank 1

1 Red Raider Company uses a plantwide overhead rate based on machine hours. Each unit requires 2.00 machine hours to produce. How much overhead will be assigned to each unit produced given the following budgeted amounts?  Budgeted Data: Department 1 Department 2 Overhead costs $ 2,700,000   $ 2,940,000   Direct labor hours 170,000 DLH 112,000 DLH Machine hours 31,000 MH 9,000 MH

Activity Allocation Base Predetermined Overhead Allocation Rate Materials handling Number of parts $8.00 per part Machine setup Number of setups 800.00 per setup Insertion of parts Number of parts 28.00 per part Finishing Number of finishing hours 60.00 per hour   Standard Deluxe Parts per rim 8.0 9.0 Setups per 500 rims 12.0 12.0 Finishing hours per rim 2.0 4.5 Total direct labor hours per rim 6.0 9.0 Company manufactures wheel rims. The controller expects the following ABC allocation rates for 2024​: LOADING... ​(Click the icon to view the allocation​ rates.) Elkin produces two wheel rim​ models: standard and deluxe. Expected data for 2024 Part 1  The company expects to produce 500 units of each model during the year. Requirement 1. Compute the total estimated indirect manufacturing cost for 2024.   Begin by selecting the formula to compute the total estimated overhead​ (OH) costs.…

After reviewing the new activity-based costing system that Nancy Chen has implemented at IVC's CenterPoint manufacturing facility, Tom Spencer, the production supervisor, believes that he can reduce production costs by reducing the time spent on machine setups. He has spent the last month working with employees in the plant to change over the machines more quickly with the same reliability. He plans to produce 109,000 units of the Sport model and 44,500 units of the Pro model in the first quarter. He believes that with his more efficient setup routine, he can reduce the number of setup hours for both the Sport and the Pro products by 34 percent. Cost Drivers and Cost Driver Volumes-CenterPoint Manufacturing Facility Activity Assembly building Assembling Setting up machines Handling material Packaging building Inspecting and packing: Shipping Direct material Direct labor Assembly Packaging. Total direct labor. Direct costs Overhead Assembly building Cost Driver SAREEFFSENEGER…

Estimated total machine-hours used Total 4,000 Estimated total fixed manufacturing overhead Molding 2,500 $ 13,000 $ 2.60 Fabrication 1,500 $ 16,800 $ 29,800 $ 3.40 Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Foundational 2-4 (Algo) Job P $ 25,000 $ 30,600 2,900 1,800 4,700 Unit product cost Job Q $ 14,000 $ 12,300 Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation base in both departments. 2,000 2,100 4,100 4. If Job P includes 20 units, what is its unit product cost?…

Textra Plastics produces parts for a variety of small machine manufacturers. Most products go through two operations, molding and trimming, before they are ready for packaging. Expected costs and activities for the molding department and for the trimming department for this year follow. Molding 53,000 DLH 40,500 MH $750,000 Trimming 50,000 DLH 3,600 MH $580,000 Direct labor hours Machine hours Overhead costs Data for two special-order parts to be manufactured by the company in this year follow. Part A27C Part X82B Number of units 10,600 units 51,500 units Machine hours Molding Trimming Direct labor hours 5,400 MH 3,200 MH 1,080 MH 800 MH Molding Trimming 4,000 DLH 3,500 DLH 1,500 DLH 300 DLH Required: 1. Compute the plantwide overhead rate using direct labor hours as the base. 2. Determine the overhead cost assigned to each product line using the plantwide rate computed in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute…

The management of Winterroth Corporation would like to investigate the possibility of basing its predetermined overhead rate on activity at capacity. The Corporation's controller has provided an example to illustrate how this new system would work. In this example, the allocation base is machine-hours. Estimated at the Beginning of the Year Сapacity Actual Machine-hours 53,000 63,000 49,000 Manufacturing overhead $1,803,060 $1,803,060 $1,803,060 If the Corporation bases its predetermined overhead rate on capacity, then as shown on the income statement prepared for internal management purposes, the cost of unused capacity would be closest to: Multiple Choice $286,200 $400,680 $264,600 $136,080

Estimated costs for activity cost pools and other item(s) are as follows: Machining $500000 Assembling 270000 Advertising 450000 Inspecting and testing 245000 Total estimated overhead is $1220000. $1015000. $1465000. $770000.

Mello Manufacturing Company is a diversified manufacturer that manufactures three products (Alpha, Beta, and Omega) in a continuous production process. Senior management has asked the controller to conduct an activity-based costing study. The controller identified the amount of factory overhead required by the critical activities Activity-Based Product Costing of the organization as follows: Activity Cost Pool Activity $259,200 Production Setup 55,000 Materials handling 9,750 Inspection 60,000 Product engineering 123,200 Total $507,150 The activity bases identified for each activity are as follows: Activity Activity Base Production Machine hours Setup Number of setups Materials handling Number of parts Inspection Product engineering Number of inspection hours Number of engineering hours he activity-base usage quantities and units produced for the three products were determined from corporate records and are as follows: Number of Number of Previous Next

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Expected Cost Setting up equipment Ordering materials $141,000 10,800 87,500 Machining Receiving 25,500 Silven produces two models of cell phones with the following expected activity demands: Model X 5,200 80 200 Units completed Number of setups Number of orders Machine hours Receiving hours Required: Activity Model X Model Y Model X Model Y 5,000 425 Model X Model Y 156,100 108,700 1. Determine the total overhead assigned to each product using the four activity drivers. Total Overhead Assigned $ ✓ Total Overhead Assigned X Model Y Activity Driver Activity Capacity Number of setups Number of orders Machine hours Receiving hours 2. Determine the total overhead assigned to each model using the two most expensive activities. The costs of the two relatively inexpensive activities are allocated to the two expensive activities in proportion to their costs. Round interim calculations to two decimal places and round your final answers to the nearest dollar. Percentage Error 10,400 % % 40 400…

Approximately Relevant ABC Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost           Activity Driver Activity Capacity Setting up equipment $132,000           Number of setups   120   Ordering materials 19,800           Number of orders   900   Machining 115,500           Machine hours   10,500   Receiving 26,400           Receiving hours   1,200   Silven produces two models of cell phones with the following expected activity demands:         Model X       Model Y Units completed   4,000     8,000 Number of setups   80     40 Number of orders   300     600 Machine hours   6,000     4,500 Receiving hours   400     800 Required: 1. Determine the total overhead assigned to each product using the four activity drivers.   Total Overhead Assigned Model X   Model Y   2. Determine the total overhead assigned to each model using the two most expensive activities. The…