Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

(Calers 3 and 4) 7ne This Question: 1 pt Which of the following is true? O A. If manufacturing overhead is underallocated, then jobs will

image text in transcribed
image text in transcribed
(Calers 3 and 4) 7ne This Question: 1 pt Which of the following is true? O A. If manufacturing overhead is underallocated, then jobs will be overcosted. If manufacturing overhead is overallocated, then jobs will be undercosted. O B. C. Both of the statements are true. O D. None of the statements are true. (CHapters 3 and 4) This Question: 4 pts Wedge Industries, a small, family-run manufacturer, has adopted an ABC system. The following manufacturing activities, indirect manufacturing costs, a (Click the icon to view activities, total costs, and cost drivers.) During May, Evan and Arabella Wedge machined and assembled Job 456. Evan worked a total of 12 hours on the job, while Arabella worked 7 hours on $1,350. The following additional information was collected on Job 456: The job required 1 machine setup, 6 machine hours, and 2 quality control tests 1. Compute the activity cost allocation rates for the year Complete the job cost record for Job 456. 2. 1. Compute the activity cost allocation rates for the year. (Round your answers to the nearest whole dollar.) First determine the formula to compute the allocation rate for the activity-based cost rate, then calculate the rate for each activity Total manufacturing overhead Activity cost allocation rate Machine setups per setup Machining per machine hour Quality control per QC test 2. Complete the following job cost record for Job 456. Job Cost Record Manufacturing JOB 456 Costs Direct material Direct labor Manufacturing overhead Total job cost (Calers 3 and 4) 7ne This Question: 1 pt Which of the following is true? O A. If manufacturing overhead is underallocated, then jobs will be overcosted. If manufacturing overhead is overallocated, then jobs will be undercosted. O B. C. Both of the statements are true. O D. None of the statements are true. (CHapters 3 and 4) This Question: 4 pts Wedge Industries, a small, family-run manufacturer, has adopted an ABC system. The following manufacturing activities, indirect manufacturing costs, a (Click the icon to view activities, total costs, and cost drivers.) During May, Evan and Arabella Wedge machined and assembled Job 456. Evan worked a total of 12 hours on the job, while Arabella worked 7 hours on $1,350. The following additional information was collected on Job 456: The job required 1 machine setup, 6 machine hours, and 2 quality control tests 1. Compute the activity cost allocation rates for the year Complete the job cost record for Job 456. 2. 1. Compute the activity cost allocation rates for the year. (Round your answers to the nearest whole dollar.) First determine the formula to compute the allocation rate for the activity-based cost rate, then calculate the rate for each activity Total manufacturing overhead Activity cost allocation rate Machine setups per setup Machining per machine hour Quality control per QC test 2. Complete the following job cost record for Job 456. Job Cost Record Manufacturing JOB 456 Costs Direct material Direct labor Manufacturing overhead Total job cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions