7-2 Final Project Milestone Three- Draft of Alternative Costing Method

Question 5 Part 1

Chapter 2 (Continued):  Basic Cost Management Concepts College offers students a number of different majors and disciplines.  These majors and disciplines have department chairpersons who are responsible for the department budget preparation.  Please define direct costs and indirect costs and then prepare a list of three direct and three indirect costs for the Accounting Department at  College. Hint:  See Exercise 10 in Chapter 2 of your eText.

Question 15  The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020:                                                             Physical units              Direct Materials          Conversion Costs Beginning WIP                                     100                              $459,888                      $142,570 Started in May 2020                             510                              Completed during May 2020                 450 Total costs added during May 2020                                           $3,237,000                   $1,916,000   Degree of completion: Beginning WIP: direct materials 80%; conversion costs 35% Degree of completion: Ending WIP: direct materials 80%; conversion costs 40% What would be the cost of units completed and transferred out using FIFO method? Group of answer choices $4,065,000 $4,667,140 $1,088,000 $4,207,570

Lecture 10 and Interactive Tutorial 11 discusses the acronym TELOS which provides guidance for accessing project feasibility. The term stands for technical, economic, legal, operational and schedules feasibility. Discuss these feasibilities briefly. And elaborate cost-benefit analysis under economic feasibility. b) Accountants should be involved in the detailed design and implementation of the system development life cycle. Comment on the statement.

QUESTION: 62 DATA CONCERNING THREE OF THE ACTIVITY COST POOLS OF SALCIDO LLC, A LEGAL FIRM, HAVE BEEN PROVIDED BELOW: ACTIVITY COST POOL TOTAL COST TOTAL ACTIVITY RESEARCHING LEGAL ISSUES $21,230 690 RESEARCH HOURS MEETING WITH CLIENTS PREPARING DOCUMENTS $1,205,892 7,353 MEETING HOURS $92,590 5,790 DOCUMENTS THE ACTIVITY RATE FOR THE "MEETING WITH CLIENTS" ACTIVITY COST POOL IS

PRINCIPLE OF HEALTHCARE FINANCE

Question 6.1                                                                                                         For each item listed, select the appropriate purpose of cost allocation from the list below. A purpose may be used more than once. A - To provide information for economic decisions B - To motivate managers and other employees C - To measure income and assets for reports to external parties D - To justify costs or compute reimbursement amounts   Required To encourage simpler product design To cost inventories for reporting on a company's tax return To encourage the sales department to focus on high-margin products To evaluate a make or buy decision To cost inventories for the balance sheet To decide whether to add or delete a product line To decide on an appropriate selling price for a special-order product To cost a product at a fair price for government contracts

JOB COSTING II GLOBAL CAMPUS Discussion Question Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor hours. At the beginning of 2023, they estimated total manufacturing overhead costs at $2,352,000, and they estimated total direct labor hours at 7,000. The administration and selling overheads are to be absorbed in each job cost at 15% of prime cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # 222. Job stats are as follows: Direct materials cost Direct labour cost Direct labour hours $173,250 $240,000 500 hours Special Design Cost Distribution quote from haulage company Units of product produced $8,750 $21,700 400 cartons a) Compute Miguel's Manufacturing Company predetermined manufacturing overhead rate for 2023. b) How much manufacturing overhead was allocated to Job #222? c) Calculate the total cost & quotation price of Job #222, given that a…

G. H. B. Process Cost Practice Quiz Part 1 The following information is related to the blending department: 1. 1,900 units in beginning WIP, 60X completed as to conversion costs 2. Direct Materials added: 22,000 units 3. Goods completed and transterred total 21,800 units 4. All materials are added at the beginning of the process. 5. Beginning WIP was $7,657 10 6. Cost of DMadded during the month: $77,000 7. Cost of DL added during the month: $14,200 8. Factory overhead applied during the month: $6,880 13 9. Ending WIP inventory is 20% completed as to conversion costs 14 15 12 Required. 16 1 Compute total units to be assigned costs 2. Compute Group 1-3 whole units and equivalent units 18 R.Compute cost per equivalent unit for materials and conversion costs 18 4. Using cost per equivalent unit above, determine (A) cost transferred 20 21 22 out of WIP to next department and (B) cost assigned to ending WIP VIP- Blending Dept. 23 Units Units 24 25 26 Beginning 27 28 23 DM 30 31 32 DL 33 34…

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Question 6.1                                                                                                                    For each item listed, select the appropriate purpose of cost allocation from the list below. A purpose may be used more than once. A - To provide information for economic decisions B - To motivate managers and other employees C - To measure income and assets for reports to external parties D - To justify costs or compute reimbursement amounts

ivity Based Costing Assignment i nces s://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https... Al A" ☆ aw 71 N F2 Ly Homework: Activity Based Costin X Required information [The following information applies to the questions displayed below.] # 3 Part Z Part X Totals E Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead cost of $265,000 in the Molding department and $225,000 in the Trimming department. The company budgets 16,000 machine hours (MH) in Molding and 25,000 direct labor hours (DLH) in Trimming. Actual production information follows. Number of Units 3,000 4,000 F3 Complete this question by entering your answers in the tabs below. R F4 Q Search % Molding Department Hours per Unit 2.0 MH per unit 2.5 MH per unit Required: 1. Compute a departmental overhead rate for the Molding department based on machine hours and a departmental ove rate for the Trimming…

Question 8 Identify Activity Bases For a major university, select the activity base most appropriate for each cost listed below. An activity base may be used more than once or not used at all. Cost: Activity Base: 1.  Instructor salaries   2.  Admissions office salaries   3.  Student records office salaries   4.  Financial aid office salaries   5.  Housing personnel wages   6.  Office supplies

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