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- Snowden Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than does Decoder Q. Because of these product differences, the company wants to use activity-based costing to allocate overhead costs. It has identified four activity pools. Relevant information follows. *Need help for informatio going into excel*It is your first day at a new job and you talk about the themes of cost system design. One of your new colleagues asks, “If different cost information is used for different purposes, does that mean we do not know what something costs? I thought that was what a cost system reported.” How would you respond?The computer workstation furniture manufacturing that Santana Rey started for Business Solutions is progressing well. Santana uses a job order costing system to account for the production costs of this product line. Santana is wondering whether process costing might be a better method for her to keep track of and monitor her production costs. Required 1. What are the features that distinguish job order costing from process costing? 2. Should Santana continue to use job order costing or switch to process costing for her workstation furniture manufacturing? Explain.
- In a process costing system, which of the following would be TRUE? a.There is no need to use time tickets to assign costs to processes. b.There is no need to track materials to processes. c.A process costing system is more expensive to maintain because it has more work-in-process accounts. d.All of these choices are true.A owner of a bike shop specializes in custom-built bikes. The Sales Manager & CFO want to talk to the owner about switching product costing allocation methods. The Sales Manager recommends switching from a single plant-wide factory overhead rate to multiple production department overhead rate. The CFO recommends activity-based costing with 4 cost pools. What are the possible product cost distortions under each cost allocation method? And what recommendation should be implement and why?Samsung must assign overhead costs to its products. Activity-based costing is generally considered more accurate than other methods of assigning overhead. If this is so, why do all manufacturers not use it?
- In the lecture video I used Lay's Potato Chips and an imaginary company (Smith Co.) as examples to explain Process Costing. Please think about a real life manufacturing company (big or small) that would be a good fit for the Process Costing method. Explain why you feel that your company would be a good candidate for Process Costing (hint: look at the criteria). Also, describe how you believe the units of product move through the processing department(s) and how direct labor, direct material and manufacturing overhead cost are added in each department (keep in mind that direct labor and material in process costing are traced to processing departments rather than units of products). Finally, explain what allocation base you would suggest for the calculation of the predetermined overhead rate(s) in your processing departments and why. (Min. 150 words).bonita, inc. decided to implement the activity-based costing approah and was quite successful in its use. However, the controller is wondering if instead of only two activity cost pools, they should expand to three activity cost pools based on the following:Wojtek Nakowski has prepared the following list of statements about process cost accounting. Identify each statement as true or false. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion. A process cost system is used when each finished unit is indistinguishable from another. Companies that produce soft drinks, motion pictures, and computer chips would all use process cost accounting. In a process cost system, costs are tracked by individual jobs. Job-order costing and process costing track different manufacturing cost components. Both job-order costing and process costing account for direct materials, direct labour, and manufacturing overhead. Costs flow through the accounts in the same basic way for both job-order costing and process costing. In a process cost system, only one work in process inventory account is used. In a process cost system, costs are summarized in a job cost sheet. In a…
- Google generates much of its revenue by providing online advertising. It is said that: “Activity-based costing is only useful for manufacturing companies.” Is this a true statement? Explain.If Power Products uses process costing, which of the follow-ing are likely to be true: a. The production processes are high volume.b. The products use different amounts of direct labor.c. The products are created with repetitive processes.d. The products are created to customer specifications.As we have discussed in previous chapters, product costs are made up of Direct Materials, Direct Labor and Manufacturing Overhead. In making a decision as to whether we should outsource the production of a product, do we take all of the product costs into consideration or do we make adjustment based on the type of cost behaviors? Please give examples.