1. Cost drivers have a direct relationship with resources used. t or f 2. The Hi-Lo...

1. Cost drivers have a direct relationship with resources used. t or f

2. The Hi-Lo Method divides mixed costs into variable and fixed costs. t or f

3. Plant management is a batch-level activity. t or f

4. What is an important feature of the CVP income statement? a. is distributed internally and externally. b. classifies costs by department functions. c. reports contribution margin in the body of the statement. d. will reflect a different net income than the traditional income statement

5. Classify below activities as (V)alue-added or (N)on-value-added. ____ 1. Engineering design ____ 2. Machine repair ____ 3. Inventory storage ____ 4. Painting ____ 5. Assembly

6. Match the activity cost pools below (A to E) with the appropriate cost drivers for the law firm of West, Green, and Ink uses ABC to allocate its overhead costs. Use only one letter. A. Printing and photocopying. B. Secretarial support. C. Client support. D. Recruiting and training. E. Computer support. ______1. Computer processing minutes. ______2. Number of pages. ______3. Number of clients. ______4. Number of recruits. ______5. Direct professional hours

7. Apply the high-low for the data below Month Miles Total Cost January 80,000 $192,000 February 50,000 160,000 March 70,000 188,000 April 90,000 260,000. What is the total cost for May when 100,000 miles are expected to be driven? a. $235,000 b. $272,000 c. $228,000 d. $285,000

Expert Solution

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1. Cost drivers have a direct relationship with resources used.	True.
2. The Hi-Lo Method divides mixed costs into variable and fixed costs.	True.
3. Plant management is a batch-level activity.	True.
4. What is an important feature of the CVP income statement?	c. reports contribution margin in the body of the statement

Answer 5
1. Engineering design	It is a value added activity because it increases the cost of production.
2. Machine repair	It is a non value added activity.
3. Inventory storage	It is a non value added activity.
4. Painting	It is a value added activity.
5. Assembly	It is a value added activity.

Answer 6
A. Printing and photocopying.	2. Number of pages.
B. Secretarial support.	5. Direct professional hours
C. Client support.	3. Number of clients.
D. Recruiting and training.	4. Number of recruits.
E. Computer support.	1. Computer processing minutes.

Answer 7
High Low method
Variable cost=	(Highest activity cost- Lowest activity cost)/ (Highest activity units- Lowest activity units)
	Month	Costs
Highest activity	April	260,000.00
Lowest activity	February	160,000.00
Difference		100,000.00
Variable cost per unit		2.50

Fixed cost	Highest activity cost- (Highest units * Variable cost per unit)
Fixed cost	260000-(90000*2.50)
Fixed cost	35,000.00

	May
Miles	100,000.00
Variable cost per unit	2.50
Total Variable cost	250,000.00
Fixed cost	35,000.00
Estimated total cost	285,000.00
Answer is option d.

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