Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Westfield branch of Security Home Bank submitted the following cost data for last year: Teller wages Assistant branch manager salary Branch manager salary Total $ 151,000 72,000 93,000 $ 316,000 Virtually all other costs of the branch-rent, depreciation, utilities, and so on-are organization-sustaining costs that cannot be meaningfully assigned to individual customer transactions such as depositing checks. In addition to the cost data above, the employees of the Westfield branch were interviewed concerning how their time was distributed last year across the activities included in the activity-based costing study. The results of those interviews appear below: Distribution of Resource Consumption Across Activities Teller wages Assistant branch manager salary Branch manager salary Opening Accounts 4% Processing Deposits and Withdrawals 73% 11% 4% 14% 0% Processing Other Customer Transactions 16% 22% 17% Other Activities 7% Totals 100% 53% 100% 79% 100% The manager of the Westfield branch of Security Home Bank provided the following data concerning the branch's transactions during the past year: Activity Opening accounts Processing deposits and withdrawals Processing other customer transactions Total Activity at the Westfield Branch 230 new accounts opened 53,500 deposits and withdrawals processed 1,250 other customer transactions processed Required: 1. Compute the activity rates for the activity-based costing system. Note: Round your answers to 2 decimal places. Activity Cost Pool Opening accounts Activity Rate per account opened

The Westfield branch of Security Home Bank submitted the following cost data for last year: Teller wages Assistant branch manager salary Branch manager salary Total $ 151,000 72,000 93,000 $ 316,000 Virtually all other costs of the branch-rent, depreciation, utilities, and so on-are organization-sustaining costs that cannot be meaningfully assigned to individual customer transactions such as depositing checks. In addition to the cost data above, the employees of the Westfield branch were interviewed concerning how their time was distributed last year across the activities included in the activity-based costing study. The results of those interviews appear below: Distribution of Resource Consumption Across Activities Teller wages Assistant branch manager salary Branch manager salary Opening Accounts 4% Processing Deposits and Withdrawals 73% 11% 4% 14% 0% Processing Other Customer Transactions 16% 22% 17% Other Activities 7% Totals 100% 53% 100% 79% 100% The manager of the Westfield branch of Security Home Bank provided the following data concerning the branch's transactions during the past year: Activity Opening accounts Processing deposits and withdrawals Processing other customer transactions Total Activity at the Westfield Branch 230 new accounts opened 53,500 deposits and withdrawals processed 1,250 other customer transactions processed Required: 1. Compute the activity rates for the activity-based costing system. Note: Round your answers to 2 decimal places. Activity Cost Pool Opening accounts Activity Rate per account opened

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Do not provide solution in imge format. and also do not provide plagarised content otherwise i dislike

The operations vice president of Security Home Bank is investigating the efficiency of the bank's operations. She is concerned about the costs of handling routine transactions at the bank and would like to compare these costs at the bank's various branches. If the branches with the most efficient operations can be identified, their methods can be studied and replicated elsewhere. While the bank maintains meticulous records of wages and other costs, there has been no attempt to show how those costs are related to the various services provided by the bank. The operations vice president has asked for your help in conducting an activity-based costing study of bank operations. In particular, she would like to know the cost of opening an account, the cost of processing deposits and withdrawals, and the cost of processing other customer transactions. The Westfield branch of Security Home Bank submitted the following cost data for last year: Teller wages Assistant branch manager salary Branch manager salary Total $ 151,000 72,000 93,000 $ 316,000 Virtually all other costs of the branch-rent, depreciation, utilities, and so on-are organization-sustaining costs that cannot be meaningfully assigned to individual customer transactions such as depositing checks. In addition to the cost data above, the employees of the Westfield branch were interviewed concerning how their time was distributed last year across the activities included in the activity-based costing study. The results of those interviews appear below: Distribution of Resource Consumption Across Activities Opening Accounts Processing Deposits and Withdrawals Teller wages 4% Assistant branch manager salary 11% Branch manager salary 4% 73% 14% 0% Processing Other Customer Transactions 16% 22% 17% Other Activities Totals 7% 100% 53% 100% 79% 100% The manager of the Westfield branch of Security Home Bank provided the following data concerning the branch's transactions during the past year: Activity Opening accounts Processing deposits and withdrawals Processing other customer transactions Total Activity at the Westfield Branch 230 new accounts opened 53,500 deposits and withdrawals processed 1,250 other customer transactions processed Required: 1. Compute the activity rates for the activity-based costing system. Note: Round your answers to 2 decimal places. Activity Cost Pool Activity Rate Opening accounts per account opened Processing deposits and withdrawals Processing other customer transactions per deposit or withdrawal per other customer transaction
Transcribed Image Text:The operations vice president of Security Home Bank is investigating the efficiency of the bank's operations. She is concerned about the costs of handling routine transactions at the bank and would like to compare these costs at the bank's various branches. If the branches with the most efficient operations can be identified, their methods can be studied and replicated elsewhere. While the bank maintains meticulous records of wages and other costs, there has been no attempt to show how those costs are related to the various services provided by the bank. The operations vice president has asked for your help in conducting an activity-based costing study of bank operations. In particular, she would like to know the cost of opening an account, the cost of processing deposits and withdrawals, and the cost of processing other customer transactions. The Westfield branch of Security Home Bank submitted the following cost data for last year: Teller wages Assistant branch manager salary Branch manager salary Total $ 151,000 72,000 93,000 $ 316,000 Virtually all other costs of the branch-rent, depreciation, utilities, and so on-are organization-sustaining costs that cannot be meaningfully assigned to individual customer transactions such as depositing checks. In addition to the cost data above, the employees of the Westfield branch were interviewed concerning how their time was distributed last year across the activities included in the activity-based costing study. The results of those interviews appear below: Distribution of Resource Consumption Across Activities Opening Accounts Processing Deposits and Withdrawals Teller wages 4% Assistant branch manager salary 11% Branch manager salary 4% 73% 14% 0% Processing Other Customer Transactions 16% 22% 17% Other Activities Totals 7% 100% 53% 100% 79% 100% The manager of the Westfield branch of Security Home Bank provided the following data concerning the branch's transactions during the past year: Activity Opening accounts Processing deposits and withdrawals Processing other customer transactions Total Activity at the Westfield Branch 230 new accounts opened 53,500 deposits and withdrawals processed 1,250 other customer transactions processed Required: 1. Compute the activity rates for the activity-based costing system. Note: Round your answers to 2 decimal places. Activity Cost Pool Activity Rate Opening accounts per account opened Processing deposits and withdrawals Processing other customer transactions per deposit or withdrawal per other customer transaction
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS