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The controller for Wolfe Machining has established the following overhead cost pools and cost drivers:
Overhead Cost Pool
Budgeted
Overhead Cost
Cost Driver
Machine setups
$240,000
Number of setups
Material handling
90,000
Units of raw material
Quality control inspection
48,000
Number of inspections
Other overhead costs
160,000
Machine hours
Total
$538,000
Budgeted Level
for Cost Driver
Overhead Rate
200 setups
$1,200 per setup
60,000 units
$1.50 per unit
Quality control
1,200 inspections
$40 per inspection
Other overhead
20,000 machine hours
$8 per machine hour
Order no. 715 has the following production requirements:
Machine setups: 7
Raw material: 11,200 units
Inspections: 16
Machine hours: 850
Required:
A. Compute the total overhead that should be assigned to order no. 715 by using activity-based costing.
B. Suppose that Wolfe were to use a single, predetermined overhead rate based on machine hours. Compute the predetermined overhead rate per hour and the total overhead assigned to order no. 715.
C. Discuss the merits of an activity-based costing system in comparison with a traditional costing system.
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