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Mastery Problemi Activity Based Costing WoolCorp WoolCorp buys sheep wool from farmers. The company began operations in January of this year and is making decisions on product offerings, pricing, and very is also examining its method of assigning overhead to products. You've just been red as a production manager at WoolCorp, Currently Woolcorp makes two products (1) raw, clean wool to be used as stuffing or insulation and (2) wool yarn for use in the textile Industry The company would like you to evaluate its costing methods for its raw wool and wool yarn Single Plantwide Rate WoolCorp is currently using the single plantwide factory overhead riste method, which uses a predetermined overhead rate based on an estimated allocation base labor hours of machine hours. The rate is computed as follows: Single Plantwide Factory Overhead Rate (Total Budgeted Factory Overhead) - (Total Budgeted Plantwide Allocation Base) WoolCorp has been using coming machine hours as its allocation base The company would like to consider activity based costing in order to understand their current system better, you evaluate WoolCorp's current method of costing woolyam The production staff has compiled the following information for you on the production of 450 pounds of either raw wool or woolyam: Budgeted Factory Factory Overhead Type Overhead Sorting $25,600 Cleaning 38.400 Combing 1,200 Combing 1,200 Raw Wool Wool Yarn Hours of combing machine is required 70 30 In the following table, use combing machine hours as the allocation base for ging overhead costs to each product. When required, round your answers to the nearest dollar. Single Plantwide Factory Overhead Rate: 654 X per conting hour Raw Wool Wool Yarn 19,620 x Montest factory overhood cont 45,780 X Activity Based Costing In order to compare Woolcop's current method with activity based costing you interview the production staff and compile the following information, which relates to the cost for www wool and wool yn Type of Cost Activity Base Total Cost Sorting Hours of sorting $25,600 Cleaning Urts of deaning machine power 38,400 Combing Hours of combing machines 1,200 Hours of sorting required Units of deaning machine power required Raw Wood Wool Yarn 300 3,200 1,500 4,200 UN OCH PUN Combing Hours of combing machine use 1,200 Hours of sorting required Units of clearing machine power required Hours of combing machine use required Raw Wool Wool Yarn 800 3,200 1,800 4,200 70 30 In the following table, compute and enter the activity rate for each of the three activities. If required, round your answers to the nearest cent. Activity Activity Rate Sorting 5,12 X per sorting hour Cleaning 6.10 per unit of cleaning machine power Combing 13.00 X per hour of combing machine use In the following table, allocate the costs of sorting, dieaning, and combing based on the rates of activity consumed by each product's process. When required, round your answers to the nearest dollar. Raw Wool Wool Yarn Sating cost 5,120 20,480 Cleaning cost 11,520 26, BD Combing cost 910 X 390 X Total cost 17,550 x 47,750 x 1,800 4,200 Units of cleaning machine power required Hours of combing machine use required 70 30 In the following table, compute and enter the activity rate for each of the three activities. If required, round your answers to the near Activity Activity Rate Sorting 5.12 X per sorting hour Cleaning 6.40 per unit of cleaning machine power Combing 13.00 x per hour of combing machine use In the following table, allocate the costs of sorting, cleaning, and combing based on the rates of activity consumed by each product's process answers to the nearest dollar. Raw Wool Wool Yarn Sorting cost $ 5,120 20,480 Cleaning cost 11,520 26,880 Combing cost 910 X 390 X Total cost 17,550 X 47,750 X Final Question After reviewing your work on the Single Plantwide Rate and Activity-Based Costing panels, which of the costing method would you recommend to The company should use whichever method is the cheapest to implement. X Check My Work 1 mor Check My Work uses remaining All work saved