ACCT 6301 Ch 4 Quiz

Test yourself ABC Company is producing three products, A, B and C in Direct labor hours their unit. A В C 10,000 15,000 25,000 Number of orders 15 25 10 placed During the year 2019,the total overhead expenses Machine set up hours 150 300 50 are; Requirement 1. Calculated pre-determined overhead rate if overhead is applied based on the direct labor hours .Compute overhead rates using activity based costing. Determine the difference in the amount of overhead allocated to each Procurement cost RO200,000 Machine set up cost RO100,000 product between the two methods.

Test yourself ABC Company is producing three products, A, B and C in Direct labor hours their unit. A C 10,000 15,000 25,000 Number of orders 15 25 10 placed During the year 2019,the total overhead expenses Machine set up hours 150 300 50 are; Requirement 1. Calculated pre-determined overhead rate if overhead is applied based on the direct labor hours Procurement cost RO200,000 Machine set up cost RO100,000 2. Compute overhead rates using activity based costing. 3. Determine the difference in the amount of overhead allocated to each product between the two methods.

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Info in images Choices for Q1 a. $46,154 b. $29,970 c. $11,988   d. $41,958 Choices for Q2 a. Choice D b. Choice A c. Choice B d. Choice C

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QUESTION 1 THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-14. Test Company uses a standard costing system. The company developed the following standard cost sheet for one of its products. Direct materials (6 lbs. @$5 per lb.) (1.5 hours @ $10 per hour) $30 15 Direct labor Variable overhead (1.5 hours @ $4 per hour) Fixed overhead (1.5 hours @ $2 per hour assuming 17,000 hours) During the year, Test Company recorded the following actual results. Units produced 13 Direct materials (71,750 lbs. purchased and used) Direct labor (17,900 hours) Variable overhead Fixed overhead Determine the direct materials price variance. $7,175 unfavorable $7,175 favorable $5,925 unfavorable $5,925 favorable 12,000 $365,925 182,580 69,000 33,000 63

ndenccinstructure.com/courses/3788/assignments/35969 Question 19 View Policies -/1 Current Attempt in Progress Bangor Company manufactures two products, Velveeto and Fondant. Bangor has estimated overhead costs as follows: setting up machines ($160,000), machining ($300,000) and inspecting ($100,000). Information on the two products follows: Velveeto Fondant Direct labor hours 60,000 100,000 Machine setups 2,400 1,600 Machine hours 96,000 104,000 Inspections 3,200 2,800 Overhead is applied to Fondant using direct labor hours. What is the total amount of overhead charged to this product line using traditional costing? $280,000 O $210,000 $350,000 O $105,000 2:29 PM 10/13/2019 e

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es D ♪ Mc Graw Classes N Netflix Activity Assembly Product design Electricity Setup Total Craftmore Machining reports the following budgeted overhead cost and related data for this year. Budgeted Cost $ 477,750 73,500 24,500 61,250 $ 637,000 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required 1 25 Required 2 Dashboard Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 560 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. 80 Job 31 Activity Usage Required 3 320 35 60 5 Complete this question by…

Estimated Estimated Cost Drivers Activity Cost Overhead Street Mountain Pools Costs Tires Tires Machine set ups $  90,000 150 350 Assembling $500,000 25,000 15,000 Inspection $400,000 180 320     Question Based on Schwynn’s actual activity in March, presented below, determine the applied overhead assigned to mountain tires using the activity-based costing approach:     Cost Driver   Activity Cost Pool Mountain Tires Machine set ups    12 Assembling    2,080 Inspection 15

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Data for the past two years for Behavior Corp. are:   20A 20B Units produced 10,000 11,000 Overhead applied per unit P15 P15 Actual overhead:          Fixed 50,000 55,000      Variable 95,000 150,000 Estimated overhead:          Fixed 50,000 56,000      Variable 130,000 142,000 The company determines overhead rates based on estimated units to be produced.   Required: Determine the estimated units of production used to obtain the overhead allocation rates in 20A and 20B. Determine the over- or underapplied factory overhead for each of the two years.

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Needed ASAP Practice Question for Cost Accounting Please use Columns when doing the accounts. Thanks

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Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year Estimated direct labor cost for the year (@ $9/hr.) Actual manufacturing overhead cost for January Actual direct labor cost for January (1,200 hours) $360,000 180,000 19,500 11,000 Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead rate. 0 % b. Prepare a journal entry that applies consulting overhead for January. General Journal Description Debit Credit Work in process inventory 0 0 Consulting overhead c. By what amount is consulting overhead over- or underapplied in January? 0 0 Consulting overhead was over-applied by $ 0 in January.

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Predetermined Overhead Rate, Overhead Application At the beginning of the year, Ilberg Company estimated the following costs: Overhead $416,000 Direct labor cost 520,000 Ilberg uses normal costing and applies overhead on the basis of direct labor cost. (Direct labor cost is equal to total direct labor hours worked multiplied by the wage rate.) For the month of December, direct labor cost was $38,900. Required: 1.  Calculate the predetermined overhead rate for the year. Enter the percentage answer as a whole number.fill in the blank 1 % of direct labor cost 2.  Calculate the overhead applied to production in December.$fill in the blank 2

answer with working for clear understanding Bennette Corporation has provided the following data concerning its overhead costs for the coming year:   Wages and salaries $ 450,000 Depreciation 175,000 Rent 195,000 Total $ 820,000   The company has an activity-based costing system with the following three activity cost pools and estimated activity for the coming year:   Activity Cost Pool Total Activity Assembly 35,000 labor-hours Order processing 450 orders Other Not applicable     The Other activity cost pool does not have a measure of activity; it is used to accumulate costs of idle capacity and organization-sustaining costs. The distribution of resource consumption across activity cost pools is given below:     Activity Cost Pools Total Assembly Order Processing Other Wages and salaries 30% 25% 45% 100% Depreciation 15% 45% 40% 100% Rent 35% 30% 35% 100%   The activity rate for the Order Processing activity cost pool is closest to: Multiple…

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