Swifty Accounting performs two types of services, Audit and Tax. Swifty's estimated overhead costs consist of computer support, $306000; and legal support, $153000. Information on the two services and their estimated use of cost drivers is as follows: Direct labor cost CPU minutes Legal hours used Audit O $306000. O $153000. O $275400. O $183600. $50000 $100000 40000 Tax 200 10000 800 Overhead assigned to tax services using activity-based costing is

Swifty Accounting performs two types of services, Audit and Tax. Swifty's estimated overhead costs consist of computer support, $306000; and legal support, $153000. Information on the two services and their estimated use of cost drivers is as follows: Direct labor cost CPU minutes Legal hours used Audit O $306000. O $153000. O $275400. O $183600. $50000 $100000 40000 Tax 200 10000 800 Overhead assigned to tax services using activity-based costing is

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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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 HR IT tickets 0 Employees 18 1,555 0 Publishing 2,488 27 Binding 2,177 45 Department direct costs $ 154,400 $ 248,490 $ 432,200 $ 395,500 Required: Allocate the service department costs using the reciprocal method. (Matrix algebra is not required because there are only two service departments.) Note: Amounts to be deducted should be indicated by a minus sign. Do not round intermediate calculations. From: Service department costs IT HR Total Cost Allocation To: IT HR Publishing Binding
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Lily Accounting performs two types of services, Audit and Tax. Lily's estimated overhead costs consist of computer support, $312000; and legal support, $153000. Information on the two services and their estimated use of cost drivers is as follows: Direct labor cost CPU minutes Legal hours used Audit Tax $50000 $100000 O $3744 O $5097 O $5544 O $3897 40000 200 10000 800 Lily Accounting performs tax services for Cathy Lane. Direct labor cost is $1200, 600 CPU minutes were used; and 1 legal hour was used. What is the total cost of the Lane job using ABC?
Gant Accounting performs two types of services, Audit and Tax. Gant's overhead costs consist of computer support, $303000; and legal support, $151500. Information on the two services is: Tax Audit $50000 $100000 Direct labor cost 10000 40000 CPU minutes 800 200 Legal hours used Overhead applied to tax services using activity-based costing is O $272700. O $151500. O $181800. O $303000. ip
The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c. Click the icon to view the monthly data. a. Develop a sim Overhead Costs (Round the const Monthly Overhead Costs and Billable Hours Data Overhead Costs Billable Hours $385,000 2,000 $425,000 3,000 $445,000 4,000 $496,000 5,000 $560,000 6,000 $580,000 7,000 - clude the $ symbol in your answers.)
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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: \table[[,IT,HR,Publishing,Binding],[,0,1,550,2,480,2,170],[IT tickets,16,0,24,40],[\table[[Employees],[Department direct costs]],$154,000,$248,400,$432,000,$395,000
Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two operating departments using different allocation bases. The following information is available for the current period: Office Expenses Total Salaries $ 39,000 Allocation Basis Number of employees Depreciation 29,000 Cost of goods sold Advertising 68,000 Percentage of total sales Department Number of employees Drilling Grinding Total 1,800 2,700 4,500 Sales $368,000 552,000 $ 920,000 Cost of goods sold $ 121,600 198,400 $ 320,000 The amount of salaries that should be allocated to Grinding for the current period is:
The following information was gathered for the Greensprings Corporation for the most recent year. Manufacturing overhead is allocated using machine hours, Actual machine hours Allocated manufacturing overhead. Estimated manufacturing overhead costs Actual manufacturing overhead costs By how much is manufacturing overhead over or underallocated? A. $82,000 overallocated B. $82,000 underallocated OC. $8,000 underallocated OD. $8,000 overallocated 139,000 $1,130,000 $1,056,000 $1,138,000
E5-28) Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $10.80 per unit, while product B has been assigned $3.60 per unit. Management feels that an ABC system will provide a more accurate allocation of the overhead costs and has collected the following cost pool and cost driver information: Cost Pools Machine setup Materials handling Electric power 20 Activity Costs Cost Drivers $360,000 100,000 40,000 Number of units produced Direct materials cost Direct labor cost Number of setup hours Pounds of materials used Kilowatt-hours Setup hours Pounds of materials Kilowatt-hours products: The following cost information pertains to the production of A and B, just two of Hakara's many A 4,000 $ 42,000 $ 24,000 400 1,000 2,000 B 20,000 $ 54,000 $ 40,000 200 3,000 4,000 Activity Driver Consumption Required: 1. Use activity-based costing to determine a unit cost for each…