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Which of the following methods provides a more accurate allocation of factory overhead? 2 Multiple Choice Use of a plant-wide rate Use of department rates Use of activity based costing Use of direct labor hours. Use of machine hours What is the traditional method that companies have used to allocate factory overhead costs? 3 Multiple Choice Absorption costing Activity based costing O Historical costing O Average costing O Marginal costing 4 Which of the following is a method of assigning overhead costs to a product using a single overhead rate? Multiple Choice Cost pool overhead rate method. Departmental overhead rate method. O Activity-based costing method, Overhead cost allocation method. o Plantwide overhead rate method. The use of departmental overhead rates will result in: 5 Multiple Choice The use of the same overhead rate for each production department. The use of a single overhead rate for the factory The use of a different overhead rate for each production department. The use of a different overhead rate for each production activity. The use of one overhead rate for each production activity. 6 All the following are advantages of both the plant-wide rate method and the department overhead rate method, except for. Multiple Choice Easy to implement Accurately allocate overhead Based on readily available information. Consistent with GAAP. Very commonly used 7 Put the following ABC implementation steps in order. A. Use the activity overhead rates to assign overhead costs to cost objects. B. Identify the activities and the overhead costs they cause. C. Compute the allocation rates. D.Trace overhead costs to cost pools. Multiple Choice DACB DBCA BADC CDAB BDCA Which of the following overhead allocation methods is more accurate and allows managers to make better pricing decisions? 00 Multiple Choice Average costing method. Departmental overhead rate method. O Plant-wide overhead rate method O Activity based costing method. Traditional costing method