Accounting and Financial Management - Accounting Assignment Help

Assignment Task

Question 1: 
Long Ave Inc. manufactures two products, Standard and Deluxe. Manufacturing overhead costs consist of: 
Activity Overhead Cost Setting Up Machines $245,000 Machine Fabrication $540,000 Inspecting $480,000 Shipping $775,000 Purchasing $340,000 
Information on the two products is as follows: 
Cost Driver Standard Deluxe Direct Labour Hours 350,000 148,000 Machine Setups 285 420 Machine Hours 33,900 44,500 Inspections 350 290 Parts Shipped 6,750 8,550 Purchasing Orders 450 375 
Currently, the controller uses a plant-wide overhead rate based on direct labour hours to assign overhead to the Standard and Deluxe products. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. 
Required: 
1. Assign the total manufacturing overhead costs to the two products using the current plant-wide method. 

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