Horngren's Accounting, Student Value Edition (11th Edition)
11th Edition
ISBN: 9780133851182
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 18, Problem 5QC
Which of the following is not part of manufacturing
Learning Objective 2
- Manufacturing plant property taxes
- Manufacturing plant utilities
Depreciation on delivery trucks- Insurance on plant and equipment
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Click to watch the Tell Me More Learning Objective 1 video and then answer the questions below.
1. Which of the following manufacturers is most likely to use a process cost system?
Purse manufacturer
Sports drink manufacturer
Automobile manufacturer
Guitar manufacturer
2. Process and job order cost systems are similar in that both systems _______.
record and summarize product costs
classify product costs as direct materials, direct labor, and factory overhead
allocate factory overhead costs to products
All of these choices are correct.
Calculate a job cost using ABC (Learning Objective 2)Oliver Industries, a small, family-run manufacturer, has adopted an ABC system . The fol- lowing manufacturing activities, indirect manufacturing costs, and usage of cost drivers have been estimated for the year :54-7Direct materials ................................................................................ ? Direct labor ...................................................................................... ? Manufacturing overhead ...... .......... .......... ............. ................. .......... ? Total job cost .................................................................................... $?Classifying costs within the cost hierarchy (Learning Objective 2) Classify each of the following costs as either unit-level, batch-level, product-level, orfacility-level.a. Engineering costs for new productb. Order processingc. Depreciation on factoryd. Direct labore. Shipment of an order to a customerf. Product line manager…
Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below.
1. The first step in preparing a cost of production report is to _____.
compute equivalent units of production
determine the units to be assigned costs
determine the cost per equivalent unit
allocate costs to units transferred out and partially completed units
2. The last step in preparing a cost of production report is to _____.
compute equivalent units of production
determine the units to be assigned costs
determine the cost per equivalent unit
allocate costs to units transferred out and partially completed units
Chapter 18 Solutions
Horngren's Accounting, Student Value Edition (11th Edition)
Ch. 18 - Prob. 1QCCh. 18 - Prob. 2QCCh. 18 - Dunaway Company reports the following costs for...Ch. 18 - Which of the following is a direct cost of...Ch. 18 - Which of the following is not part of...Ch. 18 - Which of the following accounts does a...Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - World-class businesses use which of these systems...Ch. 18 - Prob. 10QC
Ch. 18 - What is the primary purpose of managerial...Ch. 18 - List six differences between financial accounting...Ch. 18 - Explain the difference between line positions and...Ch. 18 - Explain the differences between planning,...Ch. 18 - Prob. 5RQCh. 18 - Describe a service company, and give an example.Ch. 18 - Describe a merchandising company, and give an...Ch. 18 - How do manufacturing companies differ from...Ch. 18 - List the three inventory accounts used by...Ch. 18 - Explain the difference between a direct cost and...Ch. 18 - What are the three manufacturing costs for a...Ch. 18 - Give five examples of manufacturing overhead.Ch. 18 - What are prime costs? Conversion costs?Ch. 18 - What are product costs?Ch. 18 - How do period costs differ from product costs?Ch. 18 - How is cost of goods manufactured calculated?Ch. 18 - How does a manufacturing company calculate cost of...Ch. 18 - How does a manufacturing company calculate unit...Ch. 18 - How does a service company calculate unit cost per...Ch. 18 - How does a merchandising company calculate unit...Ch. 18 - Prob. S18.1SECh. 18 - Prob. S18.2SECh. 18 - Prob. S18.3SECh. 18 - Computing manufacturing overhead Learning...Ch. 18 - Prob. S18.5SECh. 18 - Prob. S18.6SECh. 18 - Computing cost of goods sold and operating income,...Ch. 18 - Prob. S18.8SECh. 18 - Prob. S18.9SECh. 18 - Prob. S18.10SECh. 18 - Prob. S18.11SECh. 18 - Prob. S18.12SECh. 18 - Prob. S18.13SECh. 18 - Prob. E18.14ECh. 18 - Prob. E18.15ECh. 18 - Prob. E18.16ECh. 18 - Prob. E18.17ECh. 18 - Prob. E18.18ECh. 18 - Prob. E18.19ECh. 18 - Computing cost of goods manufactured Learning...Ch. 18 - Computing cost of goods manufactured Consider the...Ch. 18 - Prob. E18.22ECh. 18 - Prob. E18.23ECh. 18 - Prob. E18.24ECh. 18 - Prob. E18.25ECh. 18 - Prob. P18.26APGACh. 18 - Classifying period costs and product costs...Ch. 18 - Prob. P18.28APGACh. 18 - Prob. P18.29APGACh. 18 - Prob. P18.30APGACh. 18 - Prob. P18.31APGACh. 18 - Prob. P18.32APGACh. 18 - Prob. P18.33APGACh. 18 - Prob. P18.34BPGBCh. 18 - Prob. P18.35BPGBCh. 18 - Prob. P18.36BPGBCh. 18 - Prob. P18.37BPGBCh. 18 - Prob. P18.38BPGBCh. 18 - Prob. P18.39BPGBCh. 18 - Prob. P18.40BPGBCh. 18 - Prob. P18.41BPGBCh. 18 - Prob. P18.42CPCh. 18 - Prob. 18.1DCCh. 18 - Prob. 18.1EI
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Click to watch the Tell Me More Learning Objective 4 video and then answer the questions below. 1. Which of the following represents the computation of direct materials cost per equivalent unit? Total direct cost for the period divided by total equivalent units of direct materials. Total equivalent units of direct materials divided by total direct cost for the period. Total direct cost for the period divided by total units of direct materials. Total units of direct materials divided by total direct cost for the period. 2. What is the conversion cost per equivalent unit, when the total conversion cost for the period is $1,225 and the total units of packaged drinking water produced during the same period is 5,000 gallons (70 percent complete). $0.17 per gallon $0.35 per gallon $2.86 per gallon None of these choices are correct.arrow_forwardE4-23A Use ABC to allocate manufacturing overhead (Learning Objective 2) Several years after reengineering its production process, Biltmore Corporation hired a new controller, Rachael Johnson. She developed an ABC system very similar to the one used by Biltmore’s chief rival, Westriver. Part of the reason Johnson developed the ABC system was because Biltmore’s profits had been declining even though the company had shifted its product mix toward the product that had appeared most profitable under the old system. Before adopting the new ABC system, Biltmore had used a plantwide overhead rate based on direct labor hours that was developed years ago. For the upcoming year, Biltmore’s budgeted ABC manufacturing overhead allocation rates are as follows: Activity Allocation Base Activity Cost Allocation Rate Materials handling # of parts $3.84 per part Machine setup # of setups $330.00 per setup Insertion of parts # of parts $30.00 per part Finishing Finishing DL hrs $54.00 per hour The…arrow_forwardEquipment includes machinery used in manufacturing, computers and other office equipment, vehicles, furniture, and fixtures. What costs might we incur to get equipment ready for use?arrow_forward
- Referring to the question E2-26A in the textbook named Managerial Accounting by Pearson- 5th edition. The expenses named “ insurance on plant, depreciation-plant building and equipment and repairs and maintenance-plant “, how can we identify they are not a kind of indirect costs of manufacturing? For instance, insurance on plant is obvious an expenses because of manufacturing the product. Plus, What is the purpose of the question mention- Assume that the RM inventory contains only direct materials? Please instruct. Appreciatedarrow_forwardLearning Outcomes Addressed: This assessment item addresses the following unit learning outcomes (ULOs) as described in the Unit Outline: 1. Clear understanding of various cost terms, cost behaviour and the role of overhead cost in pricing decisions 2. Ability to apply Activity Based Costing (ABC) techniques to an actual business in order to arrive at the most accurate costing for products. requirement: kindly adress these two question in detail. (please avoid any kind of plagorism and copy past and then paraphrasing )arrow_forwardd. What was the cost of products completed during Febuary? e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary? f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold? Please provide an explanation it would be of great help with my learning. Thank you <3arrow_forward
- Which of the following is not part of manufacturing overhead for producing a computer? a. Manufacturing plant property taxes b. Manufacturing plant utilities c. Depreciation on delivery trucks d. Insurance on plant and equipmentarrow_forwardI have the following information: direct materials $250 and total manufacturing cost $700. Overhead applied to jobs at a rate of 200% of direct labor cost. This is for Chapter 2 job costing in managerial accounting. I am supposed to figure out conversion cost, direct labor cost, and manufacturing overhead. I know the formula for conversion cost= direct labor + manufacturing OH Prime cost= direct labor + direct materials How do I figure out direct labor cost with the given information? The learning objective states calcualte predetermined overhead rate, but I do not have estimated manufacturing cost and estimated labor. Can you please help? Thanks, Erica Gordonarrow_forwardUse ABC to allocate manufacturing overhead (Learning Objective 2)Several years after reengineering its production process, King Corporation hired a new controller, Christine Erickson . She developed an ABC system very similar to the one used by King's chief rival. Part of the reason Erickson developed the ABC system was because King's profits had been declining, even though the company had shifted its product mix toward the product that had appeared most profitable under the old system . Before adopting the new ABC system, the company had used a plantwide overhead rate, based on direct labor hours developed years ago .For the upcoming year, King's budgeted ABC manufacturing overhead allocation rates are as follows :ActivityMaterials handling .......................... Machine setup ................................ Insertion of parts ............................ Finishing .........................................Allocation BaseNumber of partsNumber of setupsNumber of partsFinishing…arrow_forward
- List the business, technological, and organizational challenges that were addressed throughout the project to implement a new learning management system, and explain the three-sphere model for systems management in your own words. Do not depend on the examples in the textbook.arrow_forwardWhich of the following is not part of the manufacturing overhead for producing a computer? Manufacturing plant property taxes Manufacturing plant utilities Depreciation on delivery trucks Insurance on plant and equipmentarrow_forwardIdentify a cost driver for office equipment (computer, printer, cartridge, paper, etc.) of an overhead activity for a homeless shelter.arrow_forward
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