C3 Exercise 11-29 (Algo) Cost Allocation: Step Method (LO 11-1)Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources), and two operatingdepartments, Publishing and Binding. Management has decided to allocate IT costs on the basis of IT Tickets (issued with each ITrequest) in each department and HR costs on the basis of employees in each department.The following data appear in the company records for the current period:IT ticketsEmployeesDepartment direct costsa. The order of allocation starts with IT.b. The order of allocation starts with HR.Required BITRequired:Use the step method to allocate the service costs, using the following:From:Service department costsHRITTotal costsS016$ 155,000 $ 265,400Complete this question by entering your answers in the tabs below.HRHR1,6000Required AUse the step method to allocate the service costs, using the following:The order of allocation starts with HR.Note: Amounts to be deducted should be indicated by a minus sign. Do not round intermediate calculations.S< Required APublishing1,60024$ 430,000Cost Allocation To:ITPublishingS$BindingBindingRequired B >4,80040$ 390,0000

Direct costs are the expenses that are directly used for the production of goods and services for…

Exercise 11-29 (Algo) Cost Allocation: Step Method (LO 11-1) Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources), and two operating departments. Publishing and Binding. Management has decided to allocate IT costs on the basis of IT Tickets (issued with each IT request) in each department and HR costs on the basis of employees in each department. The following data appear in the company records for the current period: IT tickets Employees Department direct costs a. The order of allocation starts with IT. b. The order of allocation starts with HR. IT Required: Use the step method to allocate the service costs, using the following: From: Service department costs HR IT Total costs S 16 $ 155,000 $ 265,400 Complete this question by entering your answers in the tabs below. HR HR 1,600 0 Required A Required B Use the step method to allocate the service costs, using the following: The order of allocation starts with HR. Note: Amounts to be deducted should be indicated by a minus sign. Do not round intermediate calculations. 0 $ Publishing 1,600 24 $ 430,000 Cost Allocation To: IT < Required A Publishing 0 S 0 $ Binding Required B Binding > 4,800 40 $ 390,000

Exercise 11-29 (Algo) Cost Allocation: Step Method (LO 11-1) Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources), and two operating departments. Publishing and Binding. Management has decided to allocate IT costs on the basis of IT Tickets (issued with each IT request) in each department and HR costs on the basis of employees in each department. The following data appear in the company records for the current period: IT tickets Employees Department direct costs a. The order of allocation starts with IT. b. The order of allocation starts with HR. IT Required: Use the step method to allocate the service costs, using the following: From: Service department costs HR IT Total costs S 16 $ 155,000 $ 265,400 Complete this question by entering your answers in the tabs below. HR HR 1,600 0 Required A Required B Use the step method to allocate the service costs, using the following: The order of allocation starts with HR. Note: Amounts to be deducted should be indicated by a minus sign. Do not round intermediate calculations. 0 $ Publishing 1,600 24 $ 430,000 Cost Allocation To: IT < Required A Publishing 0 S 0 $ Binding Required B Binding > 4,800 40 $ 390,000

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…