If to those obtained inu Using the ABC system, what percentage of the Product Design cost is assigned to Product Y?ntugcs SiIIIWhat percentage is assigned to Product Z? Are these percentages similar to those obtained inrequirement 11? Why?Ls Using the ABC system, what percentage of the General Factory cost is assigned to Product Y?What percentage is assigned to Product Z? Are these percentages similar to those obtained inrequirement 11? Why?in) abeGrawHillEducationConnectEXERCISE 7–1 ABC Cost Hierarchy LO7–1The following activities occur at Greenwich Corporation, a company that manufactures a varietyof products.Receive raw materials from suppliers.b. Manage parts inventories.Do rough milling work on products.d. Interview and process new employees in the personnel department.e. Design new products.I. Perform periodic preventive maintenance on general-use equipment.g. Use the general factory building.h. Issue purchase orders for a job.a.c.Classify each of the activities above as either a unit-level, batch-level, product-level, ororganization-sustaining activity.Required:

Activity based costing: It can be defined as the costing that assigns cost using factors like cost…

Answered: If to those obtained in u Using the ABC…

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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?Which of the following is not a step involved in activity-based costing Assign costs to products by multiplying the cost driver rate by the volume of cost driver units consumed by a O .the product .Determine how to reduce the costs of making products by cutting activities .b O Identify the activities that consume resources and assign costs to those activities c O .Compute a cost rate per cost driver unit or transaction .d O
35. Which of the following is not an objective of product costing systems? a. To assist in the preparation of financial statements b. To provide information for cost planning c. To determine the optimal amount of products to manufacture d. To provide information for product pricing
21.Which of the following is correct? a. Total manufacturing costs plus increased in work in process is equals to cost of goods completed b. Total manufacturing costs plus decreased in work in process is equals to cost of goods sold c. Decreased in raw materials inventory plus raw materials purchased is equals to raw materials available for use d. Increased in finished goods inventory is added to cost of goods sold to get the cost of goods manufactured
58. Contractors who sell to government agencies would be most likely to use which of the following cost methods in pricing their products? a. variable cost method b. product cost method c. total cost methodd. fixed cost method
! Required information [The following information applies to the questions displayed below.] For many years, Thomson Company manufactured a single product called LEC 40. Then three years ago, the company automated a portion of its plant and at the same time introduced a second product called LEC 90 that has become increasingly popular. The LEC 90 is a more complex product, requiring 0.60 hours of direct labor time per unit to manufacture and extensive machining in the automated portion of the plant. The LEC 40 requires only 0.20 hours of direct labor time per unit and only a small amount of machining. Manufacturing overhead costs are currently assigned to products on the basis of direct labor-hours. Despite the growing popularity of the company's new LEC 90, profits have been declining steadily. Management is beginning to believe that there may be a problem with the company's costing system. Direct material and direct labor costs per unit are as follows: Direct materials Direct labor…
25 Identify the false statement from the following: a. All of these b. Overheads are assigned to activities or grouped into cost pools after they are charged to cost objects c. The target cost is the minimum cost that is allowable in the production, distribution, and disposal of the product d. Target costing tracks and accumulates costs and revenues attributable to each product over the entire product
Which one is the correct answer?
• The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the total product costs divided by the number of units produced. c. product plus period cost d. is the total prime costs divided by the number of units produced. e. includes period costs.
Q3
Use the following data to answer the question. Inputs of Labor Total Product 0 1 2 3 4 5 6 7 The average product (AP) when seven units of labor are hired is Multiple Choice O O -3. 0 10 22 36 48 58 66 63 18.
I need the answer as soon as possible
1. With ABC, overhead costs are assigned to each product based on ________. Group of answer choices machine hours per product price of the product a predetermined overhead rate for a single cost driver the proportion of that product’s use of the cost driver

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