Brew Corporation's most recent comparative balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets Current assets: Cash and cash equivalents$47 $39 Accounts receivable 38 35 Inventory 68 61 Total current assets 153 135 Property, plant, and equipment 600 500 Less accumulated depreciation 397 332 Net property, plant, and equipment 203 168 Total assets$356 $303 Liabilities and stockholders' equity: Current liabilities: Accounts payable$59 $63 Total current liabilities 59 63 Bonds payable 219 260 Total liabilities 278 323 Stockholders' equity: Common stock 71 70 Retained earnings 7 (90)Total stockholders'
equity 78 (20)Total liabilities and stockholders' equity$356 $303?Income Statement?Sales$975Cost of goods sold 619Gross margin 356Selling and administrative expense 165Net operating income191Income taxes 57Net income $134Cash dividends were $37. The company did not retire or sell any property, plant, and equipment during the year. The net cash provided by (used in) operating activities for the year was:
A. $191
B. $51
C. $185
D. $83
Answer: C
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Horgen Corporation manufactures two products: Product M68B and Product H27T. The company is considering implementing an activity-based costing (ABC) system that allocates its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products M68B and H27T.Activity Cost PoolActivity MeasureTotal CostTotal ActivityMachiningMachine-hours$299,00013,000MHsMachine setupsNumber of setups$240,000400setupsProduct designNumber of products$80,0002productsOrder sizeDirect labor-hours 290,00010,000DLHsActivity MeasureProduct M68BProduct H27TMachine-hours6,0007,000Number of setups250150Number of products11Direct labor-hours4,0006,000Using the ABC system, how much total manufacturing overhead cost would be assigned to Product M68B?
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Indicate whether the statement is true or false