Look Manufacturing Corporation has a traditional costing sys…

Look Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs). The company has two products, DDW and KTL, about which it has provided the following data:   DDW KTL Direct materials per unit $ 17.70 $ 62.50 Direct labor per unit $ 5.00 $ 16.00 Direct labor-hours per unit 0.50 1.60 Annual production (units) 40,000 15,000 The company’s estimated total manufacturing overhead for the year is $2,532,200 and the company’s estimated total direct labor hours for the year is 44,000.The company is considering using a variation of activity-based costing to determine its unit product costs for external reports. Data for this proposed activity-based costing system appears below: Activities and Activity Measures Estimated Overhead Cost   Supporting direct labor (direct labor-hours) $ 880,000   Setting up machines (setups) 376,200   Parts administration (part types) 1,276,000   Total $ 2,532,200     Expected Activity DDW KTL Total Direct labor-hours 20,000 24,000 44,000 Setups 1,408 1,100 2,508 Part types 1,540 1,012 2,552 The manufacturing overhead that would be applied to a unit of product KTL under the activity-based costing system is closest to:

 The following data has been recorded on the job cost sheet…

 The following data has been recorded on the job cost sheet for Job 910 which was recently completed.:   Direct materials $ 3,193 Direct labor-hours 21  labor-hours Direct labor wage rate $ 12  per labor-hour Machine-hours 166  machine-hours   The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $15 per machine-hour. The TOTAL cost that would be recorded on the job cost sheet for Job 910 would be:

Mel and Alice have two sons, Zack, age 17, and Cody, age 14….

Mel and Alice have two sons, Zack, age 17, and Cody, age 14. Cody was born with a genetic condition that will require continual medical and custodial care throughout his lifetime.  Alice’s parents would like to make a gift of $32,000 to each of the boys, to assist with Zack’s college expenses and with Cody’s care and other expenses.  Which of the following statements are true regarding the gifts? If the gift to Zack is made to a Sec. 529 Qualified Tuition plan, and Zack gets a scholarship and does not need all of the money in the plan, it can be rolled to an ABLE account for Cody (up to the dollar limit for ABLE account contributions). If the gift to Cody is made to an ABLE account (over a 2-year period), the money can be distributed to pay for Cody’s disability-related expenses and will be taxable income to Cody. If the gift to Cody is made to an ABLE account (over a 2-year period), Cody’s government benefits for SSI and Medicaid will not be impacted.