TCM Company uses activity-based costing to determine products costs for external financial reports. Thecompany has provided the following data concerning its activity-based costing system:Activity cost pools (andactivity measures)Depreciation (allocatedbased on machine-hours)Batch setup (allocated basedon # of set ups)General Factory (allocatedbased on direct labor hours)Estimated Overhead costs$67,500273,700204,000Expected Activity (Allocation base)Product yProduct xActivity Cost poolDepreciationBatch setupGeneral factoryThe activity rate for the general factory activity cost pool is?Total5000 m hours400010007000 set ups300040008000 dl hours10007000

TCM Company uses activity-based costing to determine products costs for external financial reports. The company has provided the following data concerning its activity-based costing system: Activity cost pools (and activity measures) Depreciation (allocated based on machine-hours) Batch setup (allocated based on # of set ups) Estimated Overhead costs $67,500 273,700 General Factory (allocated based on direct labor hours) 204,000 Expected Activity (Allocation base) Product y Activity Cost pool Depreciation Batch setup General factory The activity rate for the general factory activity cost pool is? Total Product x 5000 m hours 4000 1000 7000 set ups 3000 4000 8000 dl hours 1000 7000

TCM Company uses activity-based costing to determine products costs for external financial reports. The company has provided the following data concerning its activity-based costing system: Activity cost pools (and activity measures) Depreciation (allocated based on machine-hours) Batch setup (allocated based on # of set ups) Estimated Overhead costs $67,500 273,700 General Factory (allocated based on direct labor hours) 204,000 Expected Activity (Allocation base) Product y Activity Cost pool Depreciation Batch setup General factory The activity rate for the general factory activity cost pool is? Total Product x 5000 m hours 4000 1000 7000 set ups 3000 4000 8000 dl hours 1000 7000

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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Lion Corporation uses an activity-based costing system to assign overhead costs to products. In the first stage, two overhead costs--equipment depreciation and supervisory expense-are allocated to three activity cost pools--Machining, Order Filling, and Other--based on resource consumption. Data to perform these allocations appear below: Overhead costs: Equipment depreciation Supervisory expense Equipment depreciation Distribution of Resource Consumption Across Activity Cost Pools: Product C9 $ 47,000 Product UO $ 6,000 Total Supervisory expense 0.60 Activity Cost Pools O $18.00 per MH O $5.30 per MH O $2.82 per MH O $3.18 per MH Mac 0.60 In the second stage, Machining costs are assigned to products using machine- hours (MHS) and Order Filling costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity data for the company's two products follow: 6,900 Order Filling 3,100 0.10 MHS (Machining) 10,000 b.20 200…
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Walsh Corporation uses an activity-based costing system to assign overhead costs to products. In the first stage, two overhead costs- equipment depreciation and supervisory expense-are allocated to three activity cost pools--Mach g. Order Filling, and Other-based on resource consumption. Data to perform these allocations appear below: Overhead costs: Equipment depreciation $47,000 Supervisory expense Distribution of Resource Equipment depreciation Supervisory expense $6,000 Consumption Across Activity Cost Pools: Activity: Activity Cost Pools Machining Order Filling Other 0.60 0.30 0.60 0.20 0.10 0.20 In the second stage, Machining costs are assigned to products using machine-hours (MHS) and Order Filling costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity data for the company's two products follow: MHS (Machining) Orders (Order Filling) n
Chrzan, Incorporated, manufactures and sells two products: Product EO and Product NO. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required to produce that output appear below: Product E0 Product Ne Total direct labor-hours Activity Cost Pools Labor-related Production orders Order size The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Overhead Cost Multiple Choice $33.94 per MH $54.20 per MH Direct Expected Labor-Hours Production Per Unit 10.1 410 1,550 9.1 $51.98 per MH $21.40 per MH Activity Measures DLHS orders MHs Total Direct Labor- Hours $ 301,890 61,087 585,366 $948,343 The activity rate for the Order Size activity cost pool under activity-based costing is closest to: 4,141 14, 105 18,246 Product E 4,141 850 5,550 Expected Activity Product NO 14, 105 950 5,250 Total 18,246 1,800 10,800
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Carlise has identified the following information about its overhead activity pools and the two product lines: Activity Pools Materials handling Quality control Machine maintenance Cost Driver Number of moves Number of inspections Number of machine hours Cost Assigned to Pool Indoor Model $ 20,910 $ 85,120 $ 34,790 Materials Handling Quality Control Machine Maintenance Total Overhead Assigned Quantity or Amount Consumed by Quantity or Amount Consumed by Indoor Line Outdoor Line Required: 1. Suppose Carlise used a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line. Complete this question by entering your answers in the tabs below. 2. Calculate the activity proportions for each activity pool in Carlise's ABC system. 3. Calculate the amount of overhead that Carlise will assign to the Indoor line if it uses an ABC system. 4. Determine the amount of overhead Carlise will assign to the Outdoor line if it uses an ABC…
Classic manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain to Classic Corporation. Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. For Specific Date Work-in-process inventory, January 1, 2020 $12 Direct materials inventory, December 31, 2020 8 Finished-goods inventory, December 31, 2020 11 Accounts payable, December 31, 2020 20 Accounts receivable, January 1, 2020 59 Work-in-process inventory, December 31, 2020 1 Finished-goods inventory, January 1, 2020 46 Accounts receivable, December 31,…
Meester Corporation has an activity-based costing system with three activity cost pools--Machining, Order Filling, and Other. In the first stage allocations, costs in the two overhead accounts, equipment depreciation and supervisory expense, are alloceted to three activity cost pools based on resource consumption, Data used in the first stage allocations follow Overhead costs: Equipment depreciation Supervisory expense $ 81,300 $ 2,200 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Machining Order Filling Other Equipment depreciation Supervisory expense 0.50 0.30 0. 20 e. 30 e.50 0.20 Mechining costs are assigned to products using machine-hours (MHs) and Order Filing costs are essigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity date for the companve o nroducts follaw You ae sren sharg Skop Share Activity MHs (Machining) Orders (Order Filling) Product Me 1,630 9,780 1,370…
Helm Corporation uses an activity-based costing system with three activity cost pools. The company has provided the following data concerning its costs and its activity-based costing system: Costs: Manufacturing overhead Selling and administrative expenses Total Distribution of resource consumption: Manufacturing overhe Selling and administrative expenses Activity Cost Pools Customer Support 85% 20% Order Size 5% 60% S O $348,000 O $188,500 $29,000 O $84,000 S Other 10% 20% The "Other" activity cost pool consists of the costs of idle capacity and organization-sustaining costs. 480,000 100,000 580,000 You have been asked to complete the first-stage allocation of costs to the activity cost pools. Total 100% 100% How much cost, in total, would be allocated in the first-stage allocation to the Order Size activity cost pool? Next ▸
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An activity based costing system is used at Haldeman, SA to assign products overhead costs. First, the two overhead costs of Equipment depreciation and Water expense are allocated to three activity cost pools - Handling, Machining, and Other - based on resource consumption. The information used to perform these allocations is below: Overhead Costs: Equipment depreciation: $50,000 Water expense: $60,000 Distribution of Resource Consumption across Activity Cost Pools: Overhead Cost Activity Cost Pools Handling Machining Other Equipment depreciation 0.28 0.34 0.38 Water expense 0.32 0.22 0.46 The second stage of allocation is done by assigning the Handling costs to products on the basis of orders filled while products are assigned Machining costs based on machine hours. Costs assigned to the Other activity pool are not further assigned to products. Activity information for Haldeman's only two products is below: orders filled machine hours Product LS-157: 3,400 3,400…