V Identifying Activity Bases in an Activity-Based Cost System Comfort Foods Inc. uses activity-based costing to determine product costs. For each activity listed in the left column, select an appropriate activity base from the right column. You may use items in the dropdown list more than once or not at all. Activity Cafeteria Customer return processing Electric power Human resources Inventory control Invoice and collecting Machine depreciation Materials handling Order shipping Payroll Performance reports Production control Production setup Purchasing Quality control Sales order processing Feedback Activity Base Engineering change orders. X Kilowatt hours used - X Number of purchase orders ✔ Number of sales orders - X

V Identifying Activity Bases in an Activity-Based Cost System Comfort Foods Inc. uses activity-based costing to determine product costs. For each activity listed in the left column, select an appropriate activity base from the right column. You may use items in the dropdown list more than once or not at all. Activity Cafeteria Customer return processing Electric power Human resources Inventory control Invoice and collecting Machine depreciation Materials handling Order shipping Payroll Performance reports Production control Production setup Purchasing Quality control Sales order processing Feedback Activity Base Engineering change orders. X Kilowatt hours used - X Number of purchase orders ✔ Number of sales orders - X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Knowledge Check Bluebean Incorporated produces two lines of coffee cups: espresso coffee cups and travel coffee mugs. The unit cost information is shown here. The company uses a traditional volume-based costing system and believes that the number of labor hours is the appropriate cost driver. Activity Cost Pool Selling price Direct materials Direct labor Units produced Direct labor hours Estimated total overhead costs Item Number 1-Predetermined overhead rate Item Number 2- Total manufacturing overhead allocated Item Number 3-Manufacturing cost per unit Item Number 4-Gross profit per unit Espresso Coffee Cups $ 20 $6 $2 10,000 units 10,000 hours $ 80,000 Travel Coffee Mugs $ 25 58 $5 4,000 units 6,000 hours Espresso Coffee Cups Travel Coffee Mugs
Please do not give solution in image format thanku
9
The information provided by an activity-based costing system can help with what type of decisions by an automobile manufacturer? O A. Cost cutting OB. Evaluating manager performance OC. Pricing OD. All of the listed choices are correct
MTI makes three types of lawn tractors: M3100, M4100, and M6100. In the past, it allocated overhead to products using machine-hours. Last year, the company produced 8,000 units of M3100, 17,500 units of M4100, and 10,000 units of M6100 and had the following revenues and costs: Sales revenue Direct costs Direct materials Direct labor Variable overhead Setting up machines Processing sales orders Warehousing Operating machines Shipping Contribution margin Plant administration Gross profit MTI Activity Setting up machines Processing sales orders Warehousing Operating machines. Income Statement M3100 $ 9,400,000 3,300,000 610,000 M4100 $ 15,700,000 Cost Driver Production runs 4, 800, 800 860, 000 M6100 $ 14,200,000 Sales orders received Units held in inventory Machine-hours 3,100,000 1,730, 000 MTI's controller has heard about activity-based costing and puts together an employee team to recommend cost allocation bases. The employee team recommends the following. M3100 9 170 90 6, 200 Total…
Please do not give solution in image format thanku
Please do not give solution in image format thanku
On Nov. 1, 20x1, NEFARIOUS Co. enters into a contract to transfer a license to EVIL Co. The license provides EVIL the right to use NEFARIOUS' intellectual property over a four year period. In exchange, EVIL pays a fixed consideration, which is due at contract inception. The intellectual property does not change over the license period. NEFARIOUS effectively transfers the license to EVIL on Jan. 31, 20x2. NEFARIOUS incurred direct contract costs in 20x1. How should NEFRARIOUS account for the fixed consideration and the contract costs, respectively? Choices are in the photo attached.
Please do not give solution in image format thanku
Please avoid solution image based thank you
Part 2: Based on the data presented in the Unit VII Spreadsheet Template in Excel (Full Variable tab), complete thecalculations listed below.• Calculate the value of ending inventory under full or absorption costing.• Calculate the value of ending inventory under variable costing.Which method you think is more helpful to managers and why. Cookie Business Productions Costs: Direct material $ 0.60 Direct labor $ 1.00 Variable manufacturing overhead $ 0.40 Total variable manufacturing costs per unit $ 2.00 Fixed manufacturing overhead per year $ 139,000.00 In addition, the company has fixed selling and administrative costs: Fixed selling costs per year $ 50,000.00 Fixed administrative costs per year $ 65,000.00 Selling price per cookie $ 3.75 Number of cookies produced 2,780,000 Number of cookies sold 2,600,000 Full (absorption) costing : Full…