Which of the following choices represents the highest and lowest respective coordinates of activity level and corresponding total overhead costs? O ($370, 158 labour hours), ($564, 320 labour hours) O (320 labour hours, $564), (158 labour hours, $370) O ($564, 320 labour hours), ($370, 158 labour hours)

Which of the following choices represents the highest and lowest respective coordinates of activity level and corresponding total overhead costs? O ($370, 158 labour hours), ($564, 320 labour hours) O (320 labour hours, $564), (158 labour hours, $370) O ($564, 320 labour hours), ($370, 158 labour hours)

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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QUESTION: 1. IN THE COST RECONCILIATION REPORT UNDER THE FIFO METHOD, THE COSTS TO BE ACCOUNTED FOR EQUALS THE COST OF BEGINNING WORK IN PROCESS INVENTORY PLUS THE COST OF UNITS TRANSFERRED OUT. TRUE OR FALSE. PLEASE EXPLAIN. 2. WHEN THE PREDETERMINED OVERHEAD RATE IS BASED ON DIRECT LABOR-HOURS, THE AMOUNT OF OVERHEAD APPLIED TO A JOB IS PROPORTIONAL TO THE ESTIMATED AMOUNT OF DIRECT LABOR-HOURS FOR THE JOB. TRUE OF FALSE.
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In a factory, a team of six maintenance staff are paid a guaranteed weekly wage. Which of the following is the most appropriate cost classification for their wages? Direct labour cost Indirect labour cost Semi-variable cost Variable overhead cost
Predetermined overhead rates are calculated: a. first and then multiplied by total actual units of the allocation base to compute the applied manufacturing overhead costs. b. based on actual total manufacturing overhead costs C. by dividing total estimated manufacturing overhead cost by total actual units of the allocation base. d. none of the given answers is correct. e. at the end of the accounting period once the actual amount of manufacturing overhead is known.
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how to i get total direct labor for a company with hours and cost number available?
Please show your work.
23. Using the activity-based costing method of applying manufacturing overhead, the amount of overhead applied to Job #414 would be: A) $29,600 B) $17,412 C) $34,824 $59,200 E) $36,000 24. Using the POHR based on direct labor hours, the amount of overhead costs applied to Job#414 would be: A) $36,000 B) $34,824 $17,412 D) $29,600 E) $59,200
24: Seat Belt Inc., produces three sizes of seat belts: small, medium, and large. A seat belt pattern is first stenciled onto fabric in the Pattern Department. The stenciled patterns are then sent to the Cut and Sew Department, where the seat belt is cut and sewed together. Seat Belt Inc. uses the multiple production department factory overhead rate method of allocating factory overhead costs. Its factory overhead costs were budgeted as follows: Overhead Dollars Direct Labor Hours Pattern Department: Cut and Sew Department Overhead: 40,000 dh 60,000 dlb $300,000 $600,000 $900,000 Totals: 100,000 The Company decides to use the Multiple Department Overhead method, and Direct Labor Hours are used to allocate the overhead. We know the following for each type of seatbelt: Small Medium 1.0 dlh 1.5 dlb 2.5 dlh Large 2.0 dlh 3.0 dlb 5.0 dla Pattern Department: Cut and Sew Department: 1.5 dla 2.5 dlh 4.0 dlk Total Per Unit Part I: Calculate the Departmental Factory Overhead Rate for each…
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Required information [The following information applies to the questions displayed below.] Hickory Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all $684,000 of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Estimated Overhead. Cost $ 235,200 $73,600 $ 80,000 $ 295,200 Activity Cost Pool Machining Machine setups Product design General factory Activity Measure Machine-hours Number of setups Number of products Direct labor-hours: Activity Measure Machine-hours Number of setups Number of products Direct labor-hours Product Y Product Z 6,600 5,400 40 120 1 7,600 6,800 Expected Activity 12,000 MHS 160 setups 2 products 14,400 DLHS