Compute the cost that is assigned to the car wheels and truck wheels product lines using an activity-based costing system, given the following information. Use of Cost Drivers per Product Number of setups Direct labor hours Number of inspections Setting up machines $ Assembling Inspection Total cost assigned $ $ $ Car 200 39,000 100 Truck 800 33,000 1,100 Car Wheels $ $ $ $ Truck Wheels

Compute the cost that is assigned to the car wheels and truck wheels product lines using an activity-based costing system, given the following information. Use of Cost Drivers per Product Number of setups Direct labor hours Number of inspections Setting up machines $ Assembling Inspection Total cost assigned $ $ $ Car 200 39,000 100 Truck 800 33,000 1,100 Car Wheels $ $ $ $ Truck Wheels

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Knowledge Check Bluebean Incorporated produces two lines of coffee cups: espresso coffee cups and travel coffee mugs. The unit cost information is shown here. The company uses a traditional volume-based costing system and believes that the number of labor hours is the appropriate cost driver. Activity Cost Pool Selling price Direct materials Direct labor Units produced Direct labor hours Estimated total overhead costs Item Number 1-Predetermined overhead rate Item Number 2- Total manufacturing overhead allocated Item Number 3-Manufacturing cost per unit Item Number 4-Gross profit per unit Espresso Coffee Cups $ 20 $6 $2 10,000 units 10,000 hours $ 80,000 Travel Coffee Mugs $ 25 58 $5 4,000 units 6,000 hours Espresso Coffee Cups Travel Coffee Mugs
Required information Skip to question Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity Machining Machine-hours $ 227,700 11,000 MHs Machine setups Number of setups $ 153,900 270 setups Production design Number of products $ 91,000 2 products General factory Direct labor-hours $ 257,000 10,000 DLHs Activity Measure Product Y Product Z Machining 8,700 2,300 Number of setups 60 210 Number of products 1 1 Direct labor-hours 8,700 1,300 2. Using the plantwide overhead rate, how much manufacturing overhead cost is…
Drilling Company uses activity-based costing and provides this information: Driver Rate Manufacturing Activity Materials handling Machinery Assembly Inspection Cost Driver Drilling has just completed 74 units of a component for a customer. Each unit required 94 parts and 2.70 machine hours. The prime cost is $1,240 per finished unit. All other manufacturing costs are classified as manufacturing overhead. Required 1 Number of parts Number of machine hours Number of parts Number of finished units Required: 1. Compute the total manufacturing costs and the unit costs of the 74 units just completed using ABC costing. 2. In addition to the manufacturing costs, the firm has determined that the total cost of upstream activities, including research and development and product design, is $174 per unit. The total cost of downstream activities, such as distribution, marketing, and customer service, is $294 per unit. Compute the full product cost per unit, including upstream, manufacturing, and…
Compute the cost that is assigned to the car wheels and truck wheels product lines using an activity-based costing system, given the following information. Use of Cost Drivers per Product Car Truck Number of setups 200 800 Direct labor hours 43,000 45,000 Number of inspections 100 1,100 Car Wheels Setting up machines SA $ Assembling $ Truck Wheels $ $ SA Inspection $ SA $ Total cost assigned $ SA $ SUPPORT
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Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $157,850 4,100 $ Machine Hours 324,622 14,114 2$ Inspections 119,000 3,400
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