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Activity-based costing is more refined approach to costing products Abc system services than the traditional costing method. It involves the following steps: Identification of activities involved in the production process; Classification of each activity according to the cost hierarchy i.
Cost Hierarchy The first step in activity-based costing involves identifying activities and classifying them according to the cost hierarchy.
Cost hierarchy is a framework that classifies activities based the ease at which they are traceable to a product. The levels are a unit level, b batch level, c product level, and d facility level. Unit level activities are activities that are performed on each unit of product. Batch level activities are activities that are performed whenever a batch of the product is produced.
Product level activities are activities that are carried out separately for each product. Facility level activities are activities that are carried out at the plant level. The unit-level activities are most easily traceable to products while facility-level activities are least traceable. Example Alex Erwin started Interwood, a niche furniture brand, 10 years ago.
He ran the business as a sole proprietorship. While he has 50 skilled carpenters and 5 salesmen on his payroll, he has been taking care of the accounting by himself. Alex applied traditional costing method during all of the 10 years period, and based the pre-determined overhead rate on total labor hours.
Platinum Interiors recently placed an order for units of the 6-set type. The order is expected to be delivered in 1 month time. You are not a fan of traditional product costing system. You believe that the benefits of activity-based costing system exceeds its costs, so you sat down with Aaron Mason, the chief engineer, to identify the activities which the firm undertakes in its sofa division.
Next, you calculated the total cost that goes into each activity, identified the cost driver that is most relevant to each activity and calculated the activity rate. The results are summarized below:North Carolina is one of 17 control states and a member of the National Alcohol Beverage Control Association.
As an agency under the Department of Public Safety, it is our overall objective to provide uniform control over the sale, purchase, transportation, manufacture, consumption and possession of alcoholic beverages in the state.
You are not a fan of traditional product costing system. You believe that the benefits of activity-based costing system exceeds its costs, so you sat down with Aaron Mason, the chief engineer, to identify the activities which the firm undertakes in its sofa division.
A) ABC systems are time-driven cost systems. B) ABC systems classify some direct costs as indirect costs and some indirect costs as direct costs. C) ABC systems provide valuable information to managers beyond accurate product costs.
Aug 24, · The ABC control module has sensed something wrong and is warning you. Blue or white is a minor warning, and red is a severe warning and usually indicates the system has shutdown.
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