ck here to enter cengagenoV X My Home X * CengageNOWv2 |Online teach X D Target Costing | Formula | Exan X n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse Calculator ACIVITY-Baseu Costing In order to compare WoolCorp's current method with activity-based costing, you interview the production staff and compile the following information, which relates to the costs for raw wool and wool yarn. Type of Cost Activity Base Total Cost Sorting Hours of sorting $25,600 Cleaning Units of cleaning machine power 38,400 Combing Hours of combing machine use 1,400 Raw Wool Wool Yarn Hours of sorting required 800 3,200 Units of cleaning machine power required 1,920 4,480 Hours of combing machine use required 70 30 In the following table, compute and enter the activity rate for each of the three activities. If required, round your answers to the nearest cent. Activity Activity Rate Sorting 40 X per sorting hour Cleaning per unit of cleaning machine power Combing per hour of combing machine use In the following table, allocate the costs of sorting, cleaning, and combing based on the rates of activity consumed by each product's process. When required, round your answers to the nearest dollar. Check My Work 6 more Check My Work uses remaning. 9:27 PM 4/17/2020 F6 F8 F9 F10 F11 F12 Home End Insert
ck here to enter cengagenoV X My Home X * CengageNOWv2 |Online teach X D Target Costing | Formula | Exan X n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse Calculator ACIVITY-Baseu Costing In order to compare WoolCorp's current method with activity-based costing, you interview the production staff and compile the following information, which relates to the costs for raw wool and wool yarn. Type of Cost Activity Base Total Cost Sorting Hours of sorting $25,600 Cleaning Units of cleaning machine power 38,400 Combing Hours of combing machine use 1,400 Raw Wool Wool Yarn Hours of sorting required 800 3,200 Units of cleaning machine power required 1,920 4,480 Hours of combing machine use required 70 30 In the following table, compute and enter the activity rate for each of the three activities. If required, round your answers to the nearest cent. Activity Activity Rate Sorting 40 X per sorting hour Cleaning per unit of cleaning machine power Combing per hour of combing machine use In the following table, allocate the costs of sorting, cleaning, and combing based on the rates of activity consumed by each product's process. When required, round your answers to the nearest dollar. Check My Work 6 more Check My Work uses remaning. 9:27 PM 4/17/2020 F6 F8 F9 F10 F11 F12 Home End Insert
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Topic Video
Question
Could I'm ou help me find the activity rates for sorting , cleaning , and combing
Transcribed Image Text:ck here to enter cengagenoV X
My Home
X * CengageNOWv2 |Online teach X
D Target Costing | Formula | Exan X
n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse
Calculator
ACIVITY-Baseu Costing
In order to compare WoolCorp's current method with activity-based costing, you interview the production staff and compile the following information,
which relates to the costs for raw wool and wool yarn.
Type of Cost
Activity Base
Total Cost
Sorting
Hours of sorting
$25,600
Cleaning
Units of cleaning machine power
38,400
Combing
Hours of combing machine use
1,400
Raw Wool
Wool Yarn
Hours of sorting required
800
3,200
Units of cleaning machine power required
1,920
4,480
Hours of combing machine use required
70
30
In the following table, compute and enter the activity rate for each of the three activities. If required, round your answers to the nearest cent.
Activity
Activity Rate
Sorting
40
X per sorting hour
Cleaning
per unit of cleaning machine power
Combing
per hour of combing machine use
In the following table, allocate the costs of sorting, cleaning, and combing based on the rates of activity consumed by each product's process. When
required, round your answers to the nearest dollar.
Check My Work 6 more Check My Work uses remaning.
9:27 PM
4/17/2020
F6
F8
F9
F10
F11
F12
Home
End
Insert
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images
Knowledge Booster
Learn more about
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education