The spreading of underallocated or overallocated overhead among ending work- in-process, finished goods, and cost of goods sold is called Select one: A. the adjusted allocation rate approach B. the proration approach C. the write-off of cost of goods sold approach D. the weighted-average cost approach

The spreading of underallocated or overallocated overhead among ending work- in-process, finished goods, and cost of goods sold is called Select one: A. the adjusted allocation rate approach B. the proration approach C. the write-off of cost of goods sold approach D. the weighted-average cost approach

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Description: PLEASE EXPLAIN YOUR ANSWER ANDDO NOT GIVE PLAGRIZED ANSSWER The spreading of underallocated oroverallocated overhead among ending work-in-process, finished goods, and cost ofgoods sold is calledSelect one:A. the adjusted allocation rate approachB. th

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 13MC: Activity-based costing systems: A. use a single predetermined overhead rate based on machine hours...

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Under absorption costing, which of the following costs would not be included in finished goods inventory? a.direct labor cost b.direct materials cost c.variable and fixed selling and administrative expenses d.variable and fixed factory overhead cost
Sunland Products manufactures and sells a variety of camping products. Recently the company opened a new factory to manufacture a deluxe portable cooking unit. Cost and sales data for the first month of operation are shown below: Beginning inventory Units produced Units sold Manufacturing costs Fixed overhead Variable overhead Direct labour Direct material Selling and administrative costs Fixed Variable 0 units 11,200 10,100 $100,800 $3 $12 $28 $207,100 per unit. per unit per unit $3 per unit sold The portable cooking unit sells for $110. Management is interested in the opening month's results and has asked for an income statement.
Under variable costing, which of the following are costs that can be inventoried Select one: O O a. variable manufacturing overhead b. fixed selling and administrative expense c. variable selling and administrative expense d. fixed manufacturing overhead
Test II. MATCHING Match the type of income statement to the costs it includes.a. Variable costing income statementb. Absorption costing income statementc. Both types of income statements 1. Direct materials for units sold2. Direct labor for units sold3. Variable overhead for units sold4. Fixed factory overhead for the period5. Only fixed factory overhead for units sold6. Variable selling expense7. Fixed selling expense8. Administrative expense
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What factor, related to manufacturing costs, causes the difference in net earnings computedusing absorption costing and net earnings computed under variable costing?a. Absorption costing considers all costs in the determination of net earnings, whereasvariable costing considers only direct costs.b. Absorption costing allocates fixed costs between cost of goods sold and inventories, andvariable costing considers all costs to be period costs.c. Absorption costing" inventories" all fixed costs for the period in ending finished goodsinventory, but variable costing expenses all fixed costs.d. Absorption costing "inventories" all direct costs, but variable costing considers directcosts to be period costs.
Net income computed using absorption costing can be reconciled to the net income computed using variable costing by computing the difference between a. the gross profit under absorption costing and contribution margin under variable costing. b. the product costs per unit under the two costing methods. c. inventoried fixed factory overhead costs in the beginning and ending finished goods inventories. d. the selling prices under the two costing methods.
The cost of the ending inventory under absorption costing is higher than the cost of ending inventory under varibale costing by 1. an amount equal to the fixed overhead cost per unit. 2. an amount computed by multiplying the units in the ending inventory by the fixed costs per unit. 3. an amount equal to the difference in the income amounts under both costing methods. 4. the amount equal to the fixed overhead cost charged to expense during the period.
Which of the following summarizes the weighted average cost flow assumption? Weighted average assumes that costs flow in the reverse order incurred. O Weighted average assumes that cost flow is allocated by the physical weight of items purchased. O Weighted average assumes that costs flow at an average of the costs available. O Weighted average assumes that costs flow in the order incurred.