Bachrodt 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$21,600Supervising$3,700Other$10,700Processing 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 Y73,700400Product V06,300600Total10,0001,000Finally, sales and direct cost data are combined with Processing and Supervising costs to determine product margins. Product Y7Product V0?Sales
(total)$102,200$78,900?Direct materials (total)$40,800$39,100?Direct labor (total)$47,200$22,300?The activity rate for the Processing activity cost pool under activity-based costing is closest to:
A. $3.60 per MH
B. $2.10 per MH
C. $1.50 per MH
D. $2.16 per MH
Answer: D
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Under the Older Workers Benefit Protection Act of 1990, which guideline must employers follow when asking employees to sign early-retirement waivers?
A. make Age Discrimination in Employment Act (ADEA) waivers compulsory B. inform employees that they may consult with a lawyer before signing C. provide lesser benefits than would otherwise be available upon retirement D. provide employees with an annual bonus and health insurance after the retirement E. allow employees no more than 48 hours before signing the retirement agreement
Common terminology, but not definitions in U.S. GAAP and IFRS, often refers to the difference between sales and cost of sales as gross margin, gross profit, or gross income
Indicate whether the statement is true or false
______________ occurs when a relatively small number of people with a large stake in the action of the firm are impacted by the decision.
a. Social consensus b. Magnitude of consequences c. Concentration of effect d. Temporal immediacy
SCENARIO-BASED QUESTIONS Developing a Professional Profile An increasing number of job applicants are developing an electronic portfolio that is posted on the applicants' personal website. Austin McClain is a recent graduate with an MBA degree in
accounting. He needs to write a professional profile for his electronic portfolio that highlights his accomplishments that include the following: Austin wants to work with the first-year audit staff in a large international accounting firm. He has an auditing experience resulting from a summer internship with a Dallas accounting firm. He has the required knowledge and skill to use the ERP systems, ACL, database, and spreadsheet software. Austin is fluent in Spanish, which will be advantageous while working with international clients. As a student, he has been active in Beta Alpha Psi, the honorary accounting society, and several other organizations, where he held leadership positions. He has strong written and verbal communication skills. Required: Write a professional profile for Austin McClain suitable for posting on his electronic portfolio.