I need help with this one!! thank you Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2 decimalplaces and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.)B300T500% of% ofTotal AmountAmountAmountTraditional Cost SystemTotal cost assigned to productsTotal cost$B300T500% of% ofTotal AmountTotalTotalAmountAmountAmountAmountActivity-Based Costing SystemDirect costs:Indirect costs:Total cost assigned to products$$Costs not assigned to products:Total cost< Required 2Required 3 >Prev7 of 8Next >%24 n.com/ext/map/index.nI?_con=con&externa_browser=0&n=https%253A%252F%252Fmybb.gvsu.edu%252FWebapps%252FPomework Problems iSavedHi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the B300 and the T500. An absorption costingincome statement for the most recent period is shown:Hi-Tek Manufacturing IncorporatedIncome Statement$ 1,647,6001,207,955SalesCost of goods soldGross marginSelling and administrative expenses439,645640,000$ (200,355)Net operating lossHi-Tek produced and sold 60,400 units of B300 at a price of $19 per unit and 12,500 units of T500 at a price of $40 per unit. Thecompany's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labordollars as the allocation base. Additional information relating to the company's two product lines is shown below:в300T500Total$ 400,000$ 120,500$ 162,900$ 42,700$ 562,900163,200481,855Direct materialsDirect laborManufacturing overheadCost of goods sold$ 1,207,955The company has created an activity-based costing system to evaluate the profitability of its products. Hi-Tek's ABC implementationteam concluded that $59,000 and $108,000 of the company's advertising expenses could be directly traced to B300 and T500,respectively. The remainder of the selling and administrative expenses was organization-sustaining in nature. The ABC team alsodistributed the company's manufacturing overhead to four activities as shown below:ManufacturingActivityActivity Cost Pool (and Activity Measure)Machining (machine-hours)Setups (setup hours)Product-sustaining (number of products)Other (organization-sustaining costs)Overheadв300T500Total$ 206,685113,570101,40090,90062,200153,100772002771160,200$ 481,855NANANATotal manufacturing overhead costRequired:1. Compute the product margins for the B300 and T500 under the company's traditional costing system.2. Compute the product margins for B300 and T500 under the activity-based costing system.3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.Complete this question by entering your answers in the tabs below.Prev7 of 8Next >

places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) B300 T500 % of % of Total Amount Amount Amount Traditional Cost System Total cost assigned to products

places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar amounts.) B300 T500 % of % of Total Amount Amount Amount Traditional Cost System Total cost assigned to products

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....

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Relevant costs; special order pricingKantrovitz Company is a manufacturer of industrial components. One of its products, AP110, is used as a subcomponent in appliance manufacturing. This product has the following information per unit: Selling price $150.00 Costs: Direct material $20.00 Direct labor 15.00 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 30.00 Shipping and handling 3.00 Fixed selling and administrative 10.00 Total per-unit cost $90.00 a. Kantrovitz has received a special, one-time order for 1,000 AP110 parts. Assuming Kantrovitz has excess capacity, what is the minimum price that is acceptable for beginning negotiations on this order? $Answer b. Kantrovitz has 5,000 units of AP110 in inventory that have some defects. The units cannot be sold through regular channels without a significant price reduction. What per-unit cost figure is relevant for setting a minimum selling price on these units? $Answer c. During the next…
Relevant costs; special order pricingKantrovitz Company is a manufacturer of industrial components. One of its products, AP110, is used as a subcomponent in appliance manufacturing. This product has the following information per unit: Selling price $150.00 Costs: Direct material $20.00 Direct labor 15.00 Variable manufacturing overhead 12.00 Fixed manufacturing overhead 30.00 Shipping and handling 3.00 Fixed selling and administrative 10.00 Total per-unit cost $90.00 a. Kantrovitz has received a special, one-time order for 1,600 AP110 parts. Assuming Kantrovitz has excess capacity, what is the minimum price that is acceptable for beginning negotiations on this order? $Answerb. Kantrovitz has 8,000 units of AP110 in inventory that have some defects. The units cannot be sold through regular channels without a significant price reduction. What per-unit cost figure is relevant for setting a minimum selling price on these units? $Answerc. During the next year,…
Privott, Inc., manufactures and sells two products: Product Z9 and Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product Z9 Product N0 Total Labor-related DLHs $ 327,018 6,700 3,300 10,000 Product testing tests 47,247 550 650 1,200 Order size MHs 472,608 4,300 4,600 8,900 $ 846,873 The activity rate for the Labor-Related activity cost pool under activity-based costing is closest to: Multiple Choice A. $72.69 per DLH B. $705.73 per DLH C. $85.90 per DLH D. $32.70 per DLH
Info in images Required: 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) B300 T500 Total Product margin $0 2. Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin $0 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2…
Hi there, Please note that I just need answers to the last three questions. The answers to question 1-3 could be found at: https://www.bartleby.com/questions-and-answers/hi-test-company-uses-the-weighted-average-method-of-process-costing-to-assign-production-costs-to-it/8098f80b-8835-4f14-87e3-506f89c95761 Thank you :) Hi-Test Company uses the weighted-average method of process costing to assign production costs to itsproducts. Information for the company’s first production process for September follows. Assume that allmaterialsare added at the beginning of this production process, and that conversion costs are addeduniformlythroughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect todirect materials, 80% complete with respect to conversion; consists of$45,000 of direct materials cost and $56,320 conversion cost) $101,320Costs incurred in SeptemberDirect materials . $375,000Conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows: Units Produced Total Costs 97,500 $27,165,000 112,500 29,715,000 124,500 31,755,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the variable cost per unit and the total fixed cost. Round your answer for variable cost to the nearest cent. Round your answer for total fixed costs to the nearest dollar. Variable cost: $fill in the blank 2 per unit Total fixed cost: $fill in the blank 3 Based on part (a), estimate the total cost for 80,000 units of production. Round your answer to the nearest dollar. Total cost for 80,000 units: $fill in the blank 4
Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
Open MFG2 and click the Chart sheet tab. The management of Twisp is convinced that the quality of its products is highly dependent on their relative labor costs. Experience has shown that direct labor should account for at least 45% of the total product cost. According to the pie chart that appears on the screen, Twisp did not achieve this goal in 2011. How much should Twisp have spent on direct labor to reach its 45% goal? To find out, try different values for direct labor (cell C8), clicking the Chart sheet tab after each attempt. When you find a direct labor level that increases the direct labor percentage to 45%, enter the answer in the space provided: In 2011, direct labor needed to be ________________. Open MFG3 and click the Chart sheet tab. Did Twisp achieve its 45% goal in 2012? If not, answer the following: In 2012, direct labor needed to be ________________. When the assignment is complete, close the files without saving them again. Worksheet. The MFG2 worksheet presents the companys manufacturing activities for 2011. The company also had the following selling and general activities in 2011: sales of 13,503,000, selling expenses of 2,400,000, and general expenses of 1,200,000. Modify the worksheet to include this information in the Data Section and change the Answer Section so that it is in the form of an income statement. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as MFGT. Hint: Expand the Data Section to include these additional input items alphabetically. Insert a row for sales under the heading in the Answer Section. Add the rest of the income statement information to the bottom of the schedule. You will need to enter formulas for gross profit, all the expenses, and net income. You will also need to change the statement name. Chart. Using the MFG2 file, prepare a single 3-D bar chart to show the dollar amount of materials, labor, and overhead incurred by Twisp in 2011 and 2012. Complete the Chart Data Table and use it as a basis for preparing the chart. Enter all appropriate titles, legends, and formats. Enter your name somewhere on the chart. Save the file again as MFG2. Print the chart.
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Compute the product margins for the B300 and T500 under the company’s traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.
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