Comparing abc and plantwide overhead cost assignments wellington chocolate company uses activity-based costing (abc). the controller identified two activities and their budgeted costs: setting up equipment $638,000 other overheard $2,904,000 setting up equipment is based on setup hours, and other overhead is based on oven hours. wellington produces two products, fudge and cookies. information on each product is as follows: fudge cookies units produced 8,000 445,000 setup hours 8,800 2,200 oven hours 2,200 15,400 required: round your answers to the nearest whole dollar, unless otherwise directed. 1. calculate the activity rate for (a) setting up equipment and (b) other overhead. a. setting up equipment $ per setup hour b. other overhead $ per oven hour 2. how much total overhead is assigned to fudge using abc? $ 3. what is the unit overhead assigned to fudge using abc? round to the nearest cent. $ per unit 4. now, ignoring the abc results, calculate the plantwide overhead rate, based on oven hours. $ per oven hour 5. how much total overhead is assigned to fudge using the plantwide overhead rate? $ 6a. the difference in the total overhead assigned to fudge is different under the abc system and non–abc system because . 6b. what is the difference in total overhead assigned to fudge under the two methods? $ check my work3 more check my work uses remainin

Which of the following statements accurately describes how costs and benefits are calculated?

Elephant, inc.'s cost of goods sold for the year is $2,000,000, and the average merchandise inventory for the year is $129,000. calculate the inventory turnover ratio of the company. (round your answer to two decimal places.)

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal. supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal. prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal. insurance expensejan. 31 bal. 164 164 jan. 31 bal. wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal. wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal. truckjan. 31 bal. 17,376 17,376 jan. 31 bal. accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal. a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year. c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths