Câu 3 A company manufactures two types of component, the XT1 and the XT2. Each component has first to be polished and is then assembled. The company's management accounts for April 20X4 include the following data: Budgted Production 300 units 200 units XT1 XT2 overhead Budgeted hours per unit Total budgeted
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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- Question12 -/1 View Policies Current Attempt in Progress Randel Manufacturing has five activity cost pools and two products (a budget tape vacuum and a deluxe tape vacuum). Information is below: presented Cost Drivers by Product Activity Cost Pool Cost Driver Estimated Overhead Budget Deluxe Ordering and Receiving Orders $130,000 600 400 Machine Setup Setups 297,000 500 400 Machining Machine hours 1,000,000 150,000 100,000 Assembly 1,200,000 Parts 800,000 1,600,000 Inspection 550 Inspections 300,000 450 Compute the overhead cost per unit for each product. Production is 700,000 units of Budget and 200,000 units of Deluxe. (Round overhead cost per unit to 2 decimal places, eg. 12.25 and cost assigned to 0 decimal places, eg. 2,500.) Overhead cost per unit per unit Budget $ per unit Deluxe $ eTextbook and Media 9:25 PM ) 10/13/20gagenown/ilm/takeAssignment/takeAssignmentMain.do?invoker=&ta... A Q eBook Activity Fabrication Assembly Setup Inspecting Production scheduling Purchasing Activity Rate $24 per machine hour $13 per direct labor hour $50 per setup $28 per inspection $14 per production order $11 per purchase order The activity-base usage quantities and units produced for each product were as follows: Elliptical Machines Treadmill 1,687 419 53 Activity Base Machine hours Direct labor hours Setups Elliptical Machines Treadmill 4 Product Costs using Activity Rates Hercules Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required to produce the two products. These activities and their associated activity rates are as follows: C 101 Print Item % 15 5 732 $ Inspections Production orders Purchase orders 198 Units produced 286 Use the activity rate…Production run size and activity improvement Littlejohn, Inc. manufactures machined parts for the automotive industry. The activity cost associated with Part XX-10 is as follows: Activity Activity-Base Usage Activity Rate = Activity Cost Fabrication 250 dlh 80per dlh 20,000 Setup 10 setups 80 per setup 800 Production control 10 prod, runs 30 per prod, run 300 Moving 10 moves 25 per move 250 Total activity cost per unit 21,350 Estimated units of production 500 Activity cost per unit 42.70 Each unit requires 30 minutes of fabrication direct labor. Moreover, part XX-10 is manufactured in production run sizes of 50 units. Each production run is set up, scheduled (production control), and moved as a batch of 50 units. Management is considering improvements in the setup, production control, and moving activities in order to cut the production run sizes by half. As a result, the number of setups, production runs, and mows will double from 10 to 20. Such improvements are expected to speed the companys ability to respond to customer orders. Setup is reengineered so that it takes 60% of the original cost per setup. Production control software will allow production control effort and cost per production run to decline by 60%. Moving distance was reduced by 40%, thus reducing the cost per mow by the same amount. A. Determine the revised activity cost per unit under the proposed changes. B. Did these improvements reduce the activity cost per unit? C. What cost per unit for setup would be required for the solution in (A) to equal the base solution?
- Chhom Incorporated, manufactures and cells two products Product F and Product U4 Data concerning the expected production of each product and the expected total direct labor hours (DLH required to produce that output appear below Product F9 Product 04 Total direct labor-hoursi Expected Direct Labor-Hours Total Direct Production 300 600 Activity Cost Pools Labor-related Production orders order size Per Unit 4.0 2.0 The direct labor rate is $25.90 per DLH The direct materials cost per unit is $285 for Product F9 and $244 for Product 4 The company is considering adopting an activity based costing system with the following activity cost pools, activity measures, and expected activity Activity Measures DLHS orders MHS Estimated Overhead Cost Product $ 42,600 67,630 137,820 $ 248,050 Labor-Hours 1,200 1,200 2,400 1,200 400 3,300 Expected Activity Product U 1,200 GOO 3,100 Total 2,400 1,000 4,400MC.18.50 MC.18.60 MC.18.70 MC.18.81 Hide or show questions Progress:3/5 items Kaumajet Factory produces two products: table lamps and desk lamps. It has two separate departments: Fabrication and Assembly. The factory overhead budget for the Fabrication Department is $550,000, using 500,000 direct labor hours. The factory overhead budget for the Assembly Department is $400,000, using 80,000 direct labor hours. If a table lamp requires 2 hours of fabrication and 1 hour of assembly, the amount of factory overhead that Kaumajet Factory will allocate to each unit of table lamp using the multiple production department factory overhead rate method with an allocation base of direct labor hours ispproximately Relevant ABC Silven Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity Setting up equipment $147,000 Number of setups 120 Ordering materials 18,000 Number of orders 1,200 Machining 126,000 Machine hours 10,500 Receiving 30,240 Receiving hours 1,260 Silven produces two models of cell phones with the following expected activity demands: Model X Model Y Units completed 5,400 10,800 Number of setups 80 40 Number of orders 400 800 Machine hours 6,000 4,500 Receiving hours 420 840 Required: 1. Determine the total overhead assigned to each product using the four activity drivers. Total Overhead Assigned Model Y 2. Determine the total overhead assigned to each model using the two most expensive activities. The…
- 3G IY:01 АВС.pdf > rcises 5-21 ABC, process costing. Parker Company produces mathematical and financial calculators and oper- ates at capacity. Data related to the two products are presented here: Mathematical Financial Annual production in units 50,000 S150,000 $ 50,000 2,500 25,000 50 100,000 $300,000 $100,000 5,000 50,000 Direct material costs Direct manufacturing labor costs Direct manufacturing labor-hours Machine-hours Number of production runs Inspection hours 50 1,000 500 • CHAPTER 6 ACTIMITY-BASED COSTING AND ACTIVITY-BASED MANAGEMENT Total manufacturing overhead costs are as follows: Total Machining costs Setup costs Inspection costs $375,000 120,000 105,000 Required 1. Choose a cost driver for each overhead cost pool and calculate the manufacturing overhead cost per Acti unit for each product. Go to 2. Compute the manufacturing cost per unit for each product. .EXERCISE 1 XYZ Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity $45,000 80,000 15,000 30,000 50,000 Number of moves Material-handling costs.. Machine costs... 450 Machine hours.. Number of orders. Number of parts.. Number of setups.. 20,000 Order costs.. 750 Receiving costs.. Setup costs.. 50,000 250 Assume that each activity corresponds to a process. XYZ's normal activity is 5,000 direct labor hours. The following two jobs were completed during March: Job X-1 Job Y-4 $1,500 $750 Direct materials $2,000 $750 Direct labor ($15 per hour)... Units completed... Number of moves. Machine hours.. Number of orders. Number of parts. Number of setups.. 200 200 3 6 125 75 3 12 200 800 1 4 Required: 1. Determine the unit cost for each job using direct labor hours to apply overhead.es D ♪ Mc Graw Classes N Netflix Activity Assembly Product design Electricity Setup Total Craftmore Machining reports the following budgeted overhead cost and related data for this year. Budgeted Cost $ 477,750 73,500 24,500 61,250 $ 637,000 Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required 1 25 Required 2 Dashboard Activity Cost Driver Direct labor hours (DLH) Engineering hours (EH) Machine hours (MH) Setups Required: 1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours. 2. Job 31 used 320 direct labor hours and Job 42 used 560 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1. 3. Compute an activity rate for each activity using activity-based costing. 4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. 80 Job 31 Activity Usage Required 3 320 35 60 5 Complete this question by…
- SM3 Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per UnitActual Cost per UnitDirect materials:Standard: 1.80 feet at $2.00 per foot$ 3.60Actual: 1.75 feet at $2.20 per foot$ 3.85Direct labor:Standard: 0.90 hours at $20.00 per hour18.00Actual: 0.95 hours at $19.40 per hour18.43Variable overhead:Standard: 0.90 hours at $6.40 per hour5.76Actual: 0.95 hours at $6.00 per hour5.70Total cost per unit$ 27.36$ 27.98Excess of actual cost over standard cost per unit$ 0.62 The production superintendent was pleased when he saw this report and commented: “This $0.62 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 12,500 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no…YPLUS Kimmel, Accounting, 7e Help | System Announcements CALCULATOR PRINTER VERSION 1 BACK NEXT National Corporation needs to set a target price for its newly designed product M14-M16. The following data relate to this new product. RESOURCES OMEWORK --05 -07 -09 -11 a-b Per Unit Total Direct materials $21 -16 Direct labor $41 --01A -02A -03A Variable manufacturing overhead Fixed manufacturing overhead $14 $1,264,000 Variable selling and administrative expenses $ 4 Fixed selling and administrative expenses $ 1,106,000 Its by Study These costs are based on a budgeted volume of 79,000 units produced and sold each year. National uses cost-plus pricing methods to set its target selling price. The markup percentage on total unit cost is 40%. Compute the total variable cost per unit, otal fixed cost per unit, and total cost per unit for M14-M16. Variable cost per unit 2$ Fixed cost per unit Total cost per unit 24 MacBookbloii Q2. Read the following case relating to a toy manufacturing company produces two products: Product A and B and solve the questions given at the end of the case using the data. The budgeted cost information for each product is as follows. Particulars Product-A Product- B Material 30 40 Labor 20 15 Production overhead cost incurred Machine cost 300000 700000 Set up cost Quality inspection cost Total 250000 1250000 For each of product "A" and "B" we are also given the following information: Product "A" Product "B" No of units produced No production runs No of inspection 20000 40000 180 100 300 400 No of machine hours 50000 50000 Requirements: 1. Calculate the cost of each unit of product "A" and "B" under absorption (Traditional method) costing using the number of units as basis of absorption. 2. Calculate the cost of each unit of product "A" and "B" using ABC system. In this case we are required to suggest the toy company whether to adopt ABC or not.