Liberty ACCT 212 Chapter 4 Reading Assignment Answers Complete Solutions
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A report which focuses on individual customers and shows total profit margin generated by specific customers is known as a profitability report.
During the (first, second, third, fourth) step in activity-based costing, overhead costs in each activity cost pool are assigned to products.
In activity-based costing, an activity cost (driver, pool) is the factor which causes costs in the pool to be incurred.
A report which focuses on providing gross profit margin per customer, is referred to as a
The end result of using activity-based costing is
During step 3 of activity-based costing, activity overhead cost pool rates are used to assign overhead costs to final cost objects. Proper determination of activity rates depends on all of the following:
Tracing overhead costs to activity cost pools is the (first, second, third, fourth) step in activity-based costing.
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Computing activity rates which are used to assign overhead costs to products in activity-based costing is determined in step (1,2,3,4).
Johnson Company has the following overhead costs: machine setup $25,000; factory maintenance $10,000; heating and lighting $15,000; and selling expenses of $5,000. What is the total overhead costs using activity-based costing?
Which of the following are a type of overhead allocation method?
The basic principle of activity-based costing is a(n) .
A company using activity-based costing has the following overhead activities and costs: factory maintenance $50,000; machine setup $100,000; heating and lighting $25,000; and machine repair $10,000. Total costs in the plant services activity are .
Under the plantwide overhead rate method, total budgeted overhead costs are divided into .
A level activity are those that are performed on each group of units.
A company uses the departmental overhead rate method. Total overhead costs are $5,000,000. Of this total, the machining department is assigned overhead costs of $4,000,000 and the assembly department allocated the remainder. The machining department uses machine hours as their allocation base and has 50,000 direct labor hours. Calculate the overhead rate for the machining department.
Each of the following are types of allocation methods: plantwide rate method, departmental overhead rate method and activity-based costing method.
A company has the following activities and costs: machine setup of $500,000; machine repair of $100,000; and heating and lighting of $250,000. Using this information, factory utilities are $ .
The overhead rate method uses a different overhead rate per production department.
True or false: The plantwide overhead rate method uses multiple rates to allocate overhead costs to products.
A company has the following activities and costs: machine setup of $500,000; machine repair of $100,000; and heating and lighting of $250,000. Using this info, factory utilities are
A company produces a product with a contribution margin per unit of $36. If the company incurs $62,000 in total fixed costs, expects to sell 2,500 units, and has a tax rate of 35%, the pre-tax income is