Required information[The following information applies to the questions displayed below.]Hickory Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z. The company usesa plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC)system that allocates all $829,500 of its manufacturing overhead to four cost pools. The following additional information isavailable for the company as a whole and for Products Y and Z:Activity Cost PoolMachiningMachine setupsProduct designActivity MeasureMachine-hoursNumber of setupsNumber of productsDirect labor-hoursEstimated OverheadCost$ 246,000Expected Activity12,000 MHS$ 89,000$ 357,00014,400250 setups2 productsDLHS$ 137,500General factoryActivity MeasureMachine-hoursNumber of setupsNumber of productsDirect labor-hoursProduct Y Product Z7,5004018,5004,50021015,9002. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z?Note: Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole dollar amount.

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Description: Required information[The following information applies to the questions displayed below.]Hickory Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z. The company usesa plantwide overhead rate based on direct labo

Overhead :Manufacturing overhead consists of the expenses incurred for the manufacturing. For…

Business

Accounting

Required information [The following information applies to the questions displayed below.] Hickory Company manufactures two products-13,000 units of Product Y and 5,000 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 $829,500 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 Machining Machine setups Product design General factory Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Estimated Overhead Product Y Product Z 7,500 40 1 8,500 4,500 210 1 5,900 Cost $ 246,000 $ 137,500 Expected Activity 12,000 MHS $ 89,000 $ 357,000 250 setups 2 products 14,400 DLHS 2. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z? Note: Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole dollar amount.

Required information [The following information applies to the questions displayed below.] Hickory Company manufactures two products-13,000 units of Product Y and 5,000 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 $829,500 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 Machining Machine setups Product design General factory Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Estimated Overhead Product Y Product Z 7,500 40 1 8,500 4,500 210 1 5,900 Cost $ 246,000 $ 137,500 Expected Activity 12,000 MHS $ 89,000 $ 357,000 250 setups 2 products 14,400 DLHS 2. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z? Note: Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole dollar amount.

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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Required information 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 Machining Machine setups Production design General factory Activity Measure Machining Number of setups Number of products Direct labor-hours Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Estimated Overhead Cost $ 227,700 $ 153,908 Product Y Product Z 8,700 60 1 8,700 2,300 210 1 1,300 Expected Activity 11,000 MHS 270 setups $ 91,000. $ 257,000 2 products 10,000 DLHS 14. Using the ABC system, what percentage of the Product Design cost is assigned to Product Y and Product Z? (Round your answers to 2…
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Hickory Company manufactures two products—13,000 units of Product Y and 5,000 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 $829,500 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 $ 246,000 12,000 MHs Machine setups Number of setups $ 137,500 250 setups Product design Number of products $ 89,000 2 products General factory Direct labor-hours $ 357,000 14,400 DLHs Activity Measure Product Y Product Z Machine-hours 7,500 4,500 Number of setups 40 210 Number of products 1 1 Direct labor-hours 8,500 5,900 Foundational 7-12 (Algo) 12. Using the ABC system, what percentage of the Machining costs is assigned to Product…
Qriole Inc. manufactures two products: car wheels and truck wheels. To determine the amount of overhead to assign to each product line, the controller, William Brown, has developed the following information: Estimated wheels produced Direct labour hours per wheel Car Car wheels $ Truck 45,000 11,000 4 Total estimated overhead costs for the two product lines are $1,340,000. Calculate the overhead cost assigned to the car wheels and truck wheels, assuming that direct labour hours are used to allocate overhead costs. 8 180,000
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Assume a company manufactures only two products—14,000 units of Product C and 6,000 units of Product D. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to three cost pools. The following additional information is available for the company as a whole and for Products C and D: Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity Machining Machine-hours $ 300,000 15,000 MH Machine setups Number of setups $ 150,000 200 Setups Product design Number of products $ 78,000 2 Products Activity Measure Product C Product D Machine-hours 9,000 6,000 Number of setups 50 150 Number of products 1 1 Using the ABC system, how much overhead cost would be assigned from the Machine Setups cost pool to Product D? Multiple Choice $115,200 $112,500 $122,500 $102,500