Which of the following is the formula to calculate the predetermined factory overhead rate? Group of answer choices actual total factory overhead costs divided by actual activity base estimated total factory overhead costs divided by actual activity base actual total factory overhead costs divided by estimated activity base estimated total factory overhead costs divided by estimated activity base

Q: The cost of a manufactured product generally comprises: a) direct materials cost b) direct labour…

A: In this question, we need to identify which of the given costs will be considered for calculating…

Q: Which of the following is not a factory overhead allocation method? Oa. factory costing b. multiple…

A: The manufacturing overhead includes the indirect costs of production such as indirect materials,…

Q: What formula do we use in accounting to determine estimated total manufacturing overhead (MOH)?…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: dentify the best description of job order costing.   A practice of substituting an expected cost…

A: Job order costing is a method of costing where the manufacturing cost of each job is identified by…

Q: Sunland Company expects to produce 58,000 units of product XLA during the current year. Budgeted…

A: A flexible budget is a financial plan that offers projections of income, costs, and profitability at…

Q: Multiple choice question. total fixed manufacturing overhead cost total manufacturing overhead…

A: The total manufacturing costs of the product or job include variable and fixed cost. The variable…

Q: Which of the following costs is considered as an example of manufacturing overheads?. Question 2…

A: Cost accounting is one of useful branch being used in business. Under this, different type of costs…

Q: All the following can be used as an allocation base , EXCEPT : a All of the given answers can be…

A: Allocation base means base used to allocate costs between various jobs and products.

Q: Which one of the following costs can be accurately identified as forming part of a cost centre?…

A: cost center - it is a department that indirectly contributes to the organization's profits.  They…

Q: How can the predetermined factory overhead rate be used in job order cost accounting to assist…

A: Factory overheads refer to the total cost of manufacturing and operating a manufacturing process, is…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). direct labor…

A: A cost that changes, in total dollar amount, with the change in the level of activity is called…

Q: Which of the following does NOT form a part of Total cost? A. Production overheads B. Factory…

A: Total cost involves all the cost incurred in order to reach a particular level of output.

Q: In cost accounting, what is the purpose of job costing? a. To allocate overhead costs to products b.…

A: Cost accounting is a managerial accounting process that deals with capturing, categorising, and…

Q: Which of the following statements is true? a. Indirect materials and indirect labor are included in…

A: The true statement is "Indirect materials and indirect labor are included in the manufacturing…

Q: A job cost sheet of Bramble Company is given below. JOB NO. ITEM FOR Date 7/10 12 15 22 24 27 31 469…

A: Job costing Job costing is adhesive costs of each and every job involved in the production…

Q: Which of the following costs could contain both variable and fixed cost elements with respect to the…

A: Variable cost means cost which changes with the change in activity whereas the Variable cost per…

Q: Indirect material cost is usually recorded as a debit to which of the following accounts when using…

A: Indirect materials are used throughout the production process, but are not directly included in the…

Q: Classify each of the following as a variable, fixed cost or mixed cost. a. Direct labour b.…

A: Variable cost is such type of cost which changes with the changes in units produced. Fixed cost…

Q: If the actual amount of manufacturing overhead cost incurred exceeds the amount applied, it…

A: The objective of the question is to determine the status of the factory overhead account when the…

Q: Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars Ob.…

A: The distribution process of different cost to different overhead is called the cost allocation.it is…

Q: Activity-based costing (ABC) involves steps, such as: Group of answer choices   estimating annual…

A: The Activity-Based Costing (ABC) method is a management technique of assigning factory overheads…

Q: What is the purpose of a production report? (AVERAGE FIFO METHOD COSTING)

A: A dashboard that includes a production report makes it easier to monitor the most crucial KPIs from…

Q: Which of the following is a cost pool used with the activity-based costing method? a. total factory…

A: The ABC cost system or activity based system is used to allocate the overhead costs on the basis of…

Q: (a) Under traditional product costing, compute the total unit cost of each product. Prepare a simple…

A: ABC is the activity based costing method. Under ABC system, the cost assigned is based on the…

Q: Which method of determined operating income is used internally for decision making and considers…

A: Variable costing method / Contribution margin income statement method of determined operating income…

Q: Which of the following are the two main types of cost accounting systems for manufacturing…

A: The two main types of cost accounting systems for manufacturing operations are:Job order costing…

Q: The cost of a manufactured product (product cost) generally consists of which of the following?…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: Explain how predetermined factory overhead rates are computed and why they are used to apply factory…

A: Factory overhead: Factory overhead is the indirect cost consisting of indirect material, indirect…

Q: An actual cost system may be used in the:                 a. neither process costing nor job order…

A: As per the Honor code of Bartleby we are bound to given the answer of first question part only,…

Q: Manufacturing overhead costs would include:a. Marketing costs related to selling the product.b. The…

A:

Q: Which of the following items would be classified as part of factory overhead? a. amortization of…

A: a. Amortization of manufacturing patents: The cost spread over time for using patented manufacturing…

Q: An activity-based overhead rate is computed as follows: actual overhead divided by estimated use of…

A: Activity-based costing (ABC) is a complex but accurate cost allocation method for a product or…

Q: predetermined overhead rate is calculated by dividing actual overhead cost by the actual amount of a…

A: The overhead is applied to the product on the basis of predetermined overhead rate. The…

Q: What is an overhead application rate? Question 11 options: Average cost of actual direct labor…

A: Factory overheads are defined as indirect costs that are not directly related to the production…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.