Varlous activitles at Ming Corporation, a manufacturing company, are listed below. Each activity has been classified as a unit-level,batch-level, product-level, or customer-level activity.Required:Complete the table by providing an example of an activity measure for each activity.ActivityActivity ClassificationExamples of Activity Measuresa. Direct labor workers assemble a product.b. Products are designed by engineers.c. Equipment is set up.d. Machines are used to shape and cut materials.e. Monthly bills are sent out to regular customers.f. Materials are moved from the receiving dock to production lines.g. All completed units are inspected for defects.UnitProductBatchUnitCustomerBatchUnit

While we calculate expenses for the specific activity we use certain units to calculate the related…

Answered: Varlous activitles at Ming Corporation,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheet
Classic manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain to Classic Corporation. Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. For Specific Date Work-in-process inventory, January 1, 2020 $12 Direct materials inventory, December 31, 2020 8 Finished-goods inventory, December 31, 2020 11 Accounts payable, December 31, 2020 20 Accounts receivable, January 1, 2020 59 Work-in-process inventory, December 31, 2020 1 Finished-goods inventory, January 1, 2020 46 Accounts receivable, December 31,…
An example of a business/industry that uses batch flowprocess structure is:A. Automobile assemblyB. Heavy equipmentC. Commercial printerD. Sugar refinery
Which of the following activity bases would be appropriate to use for materials handling? A. Number of machine hours B. Number of material moves C. Number of production orders D. Kilowatt-hours used
which of the following is the best example of a unit-level activity? 1.Painting a final product 2.Human resources 3.Product testing 4. none
Prepare a statement of comprehensive income using a multi-step approach
The ____ costing system is the most useful system for management in planning ang controlling business activities such as in the use of CVP analysis and inventories management. A. Absorption B. variable C. job order D. standard
Which one of the following is not an example of a support department? Select one: a. Human resources b. Fabricating c. Information technology d. General factory
what is the labor-related activity cost pool per DLH what is the machine-related activity cost pool per MH what is the machine setups activity cost pool per seteup what is the production orders activity cost per order what is the product testing activity cost per test what is the packaging activity cost per package what is the general factory activity cost per DLH
Classify the following costs as typically direct (D) or indirect (I): Project staff Audit and legal Utilities Rent Raw materials Training on equipment Project supplies Labor Administrative staff Miscellaneous office supplies Quality assurance IT department Scheduled maintenance Shared software packages
Q1. An activity that provides financial and economic information to managers and other internal decision- makers of an organization is called Answer: A. Financial Accounting B. Managerial Accounting C. Auditing D. Cost Accounting Q2. The three basic elements of a cost of a manufactured product are Answer: A. Direct material, Work-in –Process inventory, Finished goods inventory B. Indirect material, indirect labor, Manufacturing overhead C. Direct Material, Direct Labor, Manufacturing overhead D. Raw material inventory, Work-in-Process inventory, Finished goods inventory Q3. The source document for recording the transfer of raw materials to work in process account. Answer: A. Predetermined MOH rate B. Time ticket C. Material requisition slip D. Job cost sheet
Match the costs for Oracle in producing computer servers to the appropriate cost types below.A. Raw MaterialsB. Direct LaborC. Overhead CostD. N/A1. Employee Wages for Soldering electronic pieces ________________Why? ________________________________________________________________________________________________________________________________________2. Sales Commissions for Salespersons ________Why? ________________________________________________________________________________________________________________________________________3. Soldering Materials purchased in bulk at the beginning of the year ________Why? ________________________________________________________________________________________________________________________________________4. Motherboards and Processors ________________Why? ________________________________________________________________________________________________________________________________________5. Salaries for the supervisor overseeing the…

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