Activity-Based Costing Steampunk Corporation has the following predicted indirect costs and cost drivers for the year for the given activity cost pools: Fabrication Finishing Department Department Cost Driver $ 24,000 12,000 Machine hours 36,000 18,000 Material moves 84,000 6,000 Machine setups 30,000 Inspection hours Total $144,000 $ 66,000 The following activity predictions were also made for the year: Fabrication Finishing Department Department 5,000 2,500 1,500 750 350 25 500 It is assumed that the cost per unit of activity for a given activity does not vary between departments. Steampunk's president, Abner Punk, is trying to evaluate the company's product mix strategy regarding two of its product models, SW100 and SG150. The company has been using a company wide overhead rate based on machine hours but is considering switching to either department rates of activity-based rates. The production manager has provided the following data for the production of a batch of 100 units for each of these models: Maintenance Materials handling Machine Inspections Machine hours Material moves Machine setups Inspection hours . SW100 SG150 $8,000 $12,000 Direct materials cost Direct labor cost $3,200 $2,400 Machine hours (Fabrication) 350 Machine hours (Finishing) 50 Materials moves 40 Machine setups 10 Inspection hours 15 30 a. Determine the cost of one unit each of SW100 and SG150, assuming a company-wide overhead rate is used based on total machine hours. Round rate to two decimal places. 250 100 20 5
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Can you please help me fill out the two tables, also please let me know what formulas and rules were used
![Activity-Based Costing
Steampunk Corporation has the following predicted indirect costs and cost drivers for the year for the given activity cost pools:
Fabrication
Finishing
Department Department Cost Driver
$ 24,000
12,000 Machine hours
18,000 Material moves
36,000
84,000
6,000 Machine setups
30,000 Inspection hours
Total
$144,000
$ 66,000
The following activity predictions were also made for the year:
Maintenance
Materials handling
Machine
Inspections
Fabrication Finishing
Department Department
5,000
2,500
1,500
750
350
25
500
It is assumed that the cost per unit of activity for a given activity does not vary between departments. Steampunk's president, Abner Punk, is trying to evaluate the company's product mix
strategy regarding two of its product models, SW100 and SG150. The company has been using a company wide overhead rate based on machine hours but is considering switching to
either department rates of activity-based rates. The production manager has provided the following data for the production of a batch of 100 units for each of these models:
Machine hours
Material moves
Machine setups
Inspection hours
SW100 SG150
$8,000 $12,000
Direct materials cost
Direct labor cost
$3,200 $2,400
250
Machine hours (Fabrication)
350
Machine hours (Finishing)
100
50
Materials moves
20
40
Machine setups
5
10
Inspection hours
15
30
a. Determine the cost of one unit each of SW100 and SG150, assuming a company-wide overhead rate is used based on total machine hours.
Round rate to two decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F16fef940-4511-470b-8855-bffc10fcd51b%2F97944922-80bf-4856-a5ca-bac3cc18cfea%2Fnb6on5i_processed.png&w=3840&q=75)
![Use rounded overhead rate calculated about for calculations below. Round cost answers to the nearest whole number. Round cost per unit to two decimal places.
Product Costs per Unit
SW100
SG150
Direct materials
Direct labor
0 $
0
Manufacturing overhead
0
Total cost per batch
0 $
Number of units per batch
0
Cost per unit
$
0 $
b. Determine the cost of one unit of SW100 and SG150, assuming department overhead rates are used. Overhead is assigned based on machine hours in both departments.
Round to two decimal places, if applicable.
Overhead rate based on machine hours for Fabrication Dept.: $ 0
Manufacturing overhead:
Fabrication Dept.
Finishing Dept.
Total cost per batch
$
Number of units per batch
Cost per unit
$
Overhead rate based on machine hours for Finishing Dept.: $ 0
Use rounded overhead rate calculated above for calculations below. Round cost answers to the nearest whole number, when needed. Round cost per unit to two decimal places, if needed.
Product Costs per Unit
SW100
SG 150
Direct materials
Direct labor
$
0 $
0
0
0
0 $
O
0
0
0
0
0
0 $
0
0
0
per machine hour.
0
0
0
0
0
per machine hour.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F16fef940-4511-470b-8855-bffc10fcd51b%2F97944922-80bf-4856-a5ca-bac3cc18cfea%2Fwoct1we_processed.png&w=3840&q=75)
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