Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools--Processing, Supervising, and Other. The costs in those activity cost pools appear below: Processing$3,800Supervising$23,800Other$10,400Processing costs are assigned to products using machine-hours (MHs) and Supervising costs are assigned to products using the number of batches. The costs in the Other activity cost pool are not assigned to products. Activity data appear below: MHs (Processing)Batches (Supervising)Product M09,700500Product M5300500Total10,0001,000Finally, sales and direct cost data are combined with Processing and Supervising costs to determine product margins.?Product M0Product M5Sales
(total)$74,100$89,900Direct materials (total)$28,500$31,400Direct labor (total)$27,800$41,700What is the overhead cost assigned to Product M5 under activity-based costing?
A. $11,900
B. $114
C. $19,000
D. $12,014
Answer: D
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Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000 of unpaid and unrecorded salaries. The next payday is January 3, at which time $30,000 will be paid. Prepare the journal entry on January 3 to record payment assuming the adjusting and reversing entries were made on December 31 and January 1.
A. Debit Salaries payable $30,000; credit Cash $30,000. B. Debit Salaries expense $18,000; credit Cash $18,000. C. Debit Salaries expense $18,000, debit Salaries payable $12,000; credit Cash $30,000. D. Debit Salaries expense $12,000; debit Salaries payable $18,000; credit Cash $30,000. E. Debit Salaries expense $30,000; credit Cash $30,000.
Marlin Manufacturing uses a standard cost system. Data on standard costs and actual costs are as follows:
Give the journal entry to transfer the cost of units from Work-in-Process Inventory to Finished Goods Inventory. Omit explanation.
Baxter Company reported a net loss of $13,000 for the year ended December 31, 2010. During the year, accounts receivable decreased $5,000, merchandise inventory increased $8,000, accounts payable increased by $10,000, and depreciation expense of $4,000 was recorded. During 2010, operating activities
A) provided net cash of $8,000. B) provided net cash of $2,000. C) used net cash of $8,000. D) used net cash of $2,000.
Explain the "upper control limit" and "lower control limit" aspects of a control chart
What will be an ideal response?