Close Icon
Info
Warning
Danger

Accounting Expert Answers & Study Resources : Page 311

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
Subjects icon
150245 Materials
0 Students Benefited

111) Hummingbird Manufacturing manufactures small parts and uses an activity-based costing system. ActivityEst. Indirect Activity CostsAllocation baseCost allocation rate Materials$75,000Material moves$3.00/move Assembling$255,000Direct labor hours$10.00/dir. labor hour Packaging$90,000# of finished units$1.00/finished unit The following parts were produced in October with the following information: Part# ProducedMaterials Costs# MovesDir. Labor Hrs. A2,250 $3,000900250 B4,000 $6,5001,700325 C4,750 $9,0002,5001,500 Total manufacturing costs for part C.

Homework Answers
17 Views

229) The cost of warranty work is an example of what type of cost? A) Prevention cost B) Appraisal cost C) External failure cost D) Internal failure cost 230) The cost of evaluating potential raw material suppliers is an example of what type of cost? A) Prevention cost B) Internal failure cost C) External failure cost D) Appraisal.

Homework Answers
23 Views

274) To record depreciation on the factory equipment, the journal entry would include a A) debit to Work-in-Process Inventory account. B) debit to Manufacturing Overhead account. C) debit to Depreciation Expense account. D) debit to Accumulated Depreciation account. 275) To allocate manufacturing overhead to specific jobs, the needed journal entry would include a A) credit to.

Homework Answers
11 Views

41) In a process costing environment, direct labor and Manufacturing Overhead are usually combined into one cost category called "conversion cost." 42) In a mass-production environment, direct labor is usually a relatively small component of the total manufacturing costs. 43) Companies that use automated production processes often condense the three manufacturing costs.

Homework Answers
8 Views

150) The new manager at Sailboat Manufacturing oversees the manufacturing operations to ensure theeffective manufacturing process of sails to accommodate the special-orders of sails they receive for sailboats. The manager compiled a report that contained the following data: Compute the activity cost allocation rate for each of Sailboat Manufacturing's production activities.

Homework Answers
15 Views

81) Kramer Company manufactures coffee tables and uses an activity-based costing system to allocate all manufacturing conversion costs. Each coffee tables consists of 20 separate parts totaling $240 in direct materials, and requires 5.0 hours of machine time to produce. Additional information follows: ActivityAllocation BaseCost Allocation Rate Materials handlingNumber of parts$2.00 per.

Homework Answers
16 Views

179) Lean thinking is a management strategy that includes maintaining large inventories. 180) Lean thinking is a management philosophy that strives to create value by eliminating waste. 181) Lean thinking involves carrying large amounts of inventory "just in case" something goes wrong. 182) Lean companies typically arrange production activities into self-contained cells..

Homework Answers
13 Views

101) Potter & Weasley Company had the following activities, estimated indirect activity costs, and allocation bases: ActivitiesIndirect Activity CostsAllocation Base Account inquiry (hours)$86,4002,700 Account billing (lines)$56,00032,000 Account verification (accounts)$38,25025,500 Correspondence (letters)$80,00010,000 Potter & Weasley uses activity based costing. The above activities are used by Departments P and Q as follows: Department PDepartment Q Account inquiry (hours)400800 Account billing (lines)10,0004,000 Account verification.

Homework Answers
15 Views

238) The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work in process inventory$0 Raw materials inventory$28,000 Finished goods inventory$40,000 Additional data: 1.  Actual manufacturing overhead for January amounted to $62,000. 2.  Total direct labor cost for January was $63,000. 3.  The predetermined manufacturing overhead rate.

Homework Answers
9 Views

199) Appraisal costs are incurred to detect poor-quality goods or services. 200) External failure costs occur when the company detects and corrects poor-quality goods or services after delivery to customers. 201) Inspection of incoming raw materials and production loss caused by downtime are examples of prevention costs. 202) External failure costs occur.

Homework Answers
14 Views

91) Telecom uses activity-based costing to allocate all manufacturing conversion costs. Telecom produces cellular telephones; each phone has $40.00 of direct materials, includes 30 parts and requires 3 hours of machine time. Additional information follows: ActivityAllocation BaseCost Allocation Rate Materials handlingNumber of parts$0.50 per part MachiningMachine hours$14.00 per machine hour AssemblingNumber of parts$1.00 per.

Homework Answers
15 Views

169) The goal of value-engineering is to A) improve value-added activities. B) eliminate or reduce non-value added activities. C) both A and B. D) none of the above. 170) Non-value added activities are A) also called waste activities. B) activities that neither enhance the customer's image of the product or service nor provide a competitive advantage. C) activities.

Homework Answers
13 Views

147) Duquesne Incorporated recently implemented an activity-based costing system. Total results from all products manufactured in the current year are: Activity cost poolTotal costTotal activity Assembly$7,5001,500machine-hours Packaging$3,150450number of orders Quality control inspections$900200number of inspections Duquesne manufactures sprinkler heads for commercial applications. Annual production and sales of one of its heads, is 2,300. The following relates.

Homework Answers
13 Views

121) Beartowne Enterprises uses an activity-based costing system to assign costs in its auto-parts division. ActivityEst. Indirect Activity CostsAllocation baseCost allocation rate Materials$60,000Material moves$5.00/move Assembling$175,000Direct labor hours$5.00/dir. labor hour Packaging$70,000# of finished units$2.50/finished unit The following units were produced in December with the following information: Part ## ProducedMaterials Costs# MovesDir. Labor Hours. Part 0011,250 $2,500100200 Part 0023,500 $6,000500300 Part.

Homework Answers
12 Views

303) Here is selected data for Lori Corporation: Cost of raw material purchased$77,000 Cost of requisitioned direct materials 43,000 Cost of requisitioned indirect materials3,000 Direct labor80,000 Manufacturing overhead incurred 100,000 Cost of goods completed 233,500 Cost of goods sold142,000 Beginning raw materials inventory 17,000 Beginning work in process inventory32,000 Beginning finished goods inventory35,000 Manufacturing overhead allocation rate (based on direct labor).

Homework Answers
14 Views

283) Here is some basic data for Shannon Company: Cost of materials purchases on account$72,000 Cost of materials requisitioned (includes $2,000 of indirect)53,000 Direct labor costs incurred79,000 Manufacturing overhead costs incurred, including indirect materials87,000 Cost of goods completed256,750 Cost of goods sold167,000 Beginning raw materials inventory 17,000 Beginning work in process inventory33,000 Beginning finished goods inventory35,000 Predetermined manufacturing overhead rate.

Homework Answers
19 Views

248) The following information was gathered for the Falsetto Corporation for the most recent year. Manufacturing overhead is allocated using direct labor hours. Estimated direct labor hours 75,000 Actual direct labor hours 82,000 Estimated manufacturing overhead costs $1,275,000 Actual manufacturing overhead costs $1,335,000 Compute: a) Predetermined manufacturing overhead rate b) Manufacturing overhead allocated for the year c) Amount.

Homework Answers
63 Views

81) The following information is provided by Adametz Company: WIP Inventory, January 1 0 units Units started 7,500 Units completed and transferred out 3,300 WIP Inventory, December 31 4,200 Direct materials $15,500 Direct labor $18,400 Manufacturing Overhead $9,000 The units in ending WIP Inventory were 90% complete for materials and 50% complete for conversion costs. At the end of the.

Homework Answers
15 Views

254) Actual manufacturing overhead costs are accumulated as debits to a single general ledger account called Manufacturing Overhead. 255) The entry to allocate manufacturing overhead costs to work-in-process requires a debit to Work-in Process account. 256) The Manufacturing Overhead account is credited for actual manufacturing overhead costs incurred during the period. 257) The.

Homework Answers
13 Views

247) The following account balances at the beginning of January were selected from the general ledger ofBluestone Industries: Work in process inventory$0 Raw materials inventory$30,900 Finished goods inventory$54,800 Additional data: 1.  Actual manufacturing overhead for January amounted to $80,500. 2.  Total direct labor cost for January was $70,000; actual direct labor hours for January were 4,200. 3. .

Homework Answers
14 Views

21) Process costing is most likely used in which of the following industries? A) Chemicals B) Aircraft C) Construction D) Printing 22) Process costing is most likely used in which of the following industries? A) Pharmaceuticals B) Health Care C) Shipbuilding D) Construction 23) Process costing would likely be used by which of the following? A) Clear Channel Advertising B) PIP.

Homework Answers
12 Views

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*