show only answers.

1.The following information pertains to Lusaka Inc. for 2023:

Estimated total overhead costs for 2023$75,000Estimated direct labour hours for 202350,000Actual direct labour hours45,000Actual overheads costs$72,000

What is Lusaka's predetermined overhead rate for 2023?

2. What is the primary advantage of the high-low method of cost estimation over the least-squares regression method?

3. The Phone Store is an island-wide retailer of electronic equipment. Management is particularly interested in the Mid-Town Store, located in Crossroads, Jamaica. You are an accountant examining the costs in the store.

Which of the following statements is true?

The Phone Store is an island-wide retailer of electronic equipment. Management is particularly interested in the Mid-Town Store, located in Crossroads, Jamaica. You are an accountant examining the costs in the store.

Which of the following statements is true?

a.If the Mid-Town Store is the cost object, then the cost of the store manager is an indirect cost.

b.If the Mid-Town Store is the cost object, then the cost of air-conditioning the store is a direct cost.

c.If the Mid-Town Store is the cost object, then the cost of the merchandise in the store is an indirect cost.

d. If the Mid-Town Store is the cost object, then the cost of air-conditioning the store is an indirect cost.

4. Which of the following best describes a period cost?

Which of the following best describes a period cost?

a. A cost that can be easily allocated to a particular period, without the need for arbitrary apportionment between periods.

b. A cost that is identified with a unit produced during the period, and is included in the value of inventory. The cost is treated as an expense for the period when the inventory is actually sold.

c. A cost that relates to a time period which is deducted as expenses for the period and is not included in the inventory valuation

d. A cost that is incurred regularly every period e.g. every month or quarter.

5. Why are accurate cost assignments important?

a. Accurate cost assignments can reduce erroneous decisions and bad evaluations.

b. Accurate cost assignments minimize income taxes paid by the firm.

c. Accurate cost assignments produce relevant financial statements.

d. Accurate cost assignments ensure the firm produces adequate net income in given accounting period