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Lori Hartin ACC121 Chapter 4 Discussion EGCC/Tajuddin Asif 23 Apr 2021 Company XYZ has 6 standard products from stainless steel and brass. The company's most popular product is Product XX. The information below shows Product XX's data for next year's budget. Using this information, a) calculate the budgeted overhead costs using activity-based costing principles, b) calculate the budgeted overhead costs using absorption costing (absorb overhead using machine hours), and c) how can the company reduce the ABC for Product XX: Customer AAA BBB Component Type A999 B999 Contract Value ($) $27,000 $100,000 Contract Quantity 1,000 unit 2,000 unit Material cost/unit $15 $20 Moulding time/batch 5 hours 7.5 hours Batch size 100 units 50 units Activity Cost Driver Cost Driver Volume/Yr Cost Pool Purchasing Purchase orders 1,500 $75,000 Setting Batches produced 2,800 $1 12,000 Materials handling Materials movements 8,000 $96,000 Inspection Batches produced 2,800 $70,000 Machining costs Machine hours 50,000 $150,000 Purchase orders 25 Output 15,000 units Production batch size 100 units Materials movements per batch 6 Machine hours per unit 0.1 Lori Hartin ACC121 Chapter 4 Discussion EGCC/Tajuddin Asif 23 Apr 2021 a) Calculate the budgeted overhead costs using activity-based costing principles Calculate Cost per Unit of Cost Driver by the Cost Pool by the Cost Driver Volume Cost Driver Activity Cost Pool (a) Cost/Unit of Cost Driver (a)/(b) Volume (b) Purchasing $75,000 1,500 $501Purchase Order Setting $1 12,000 2,800 $40/Batch Materials Handling $96,000 8,000 $12lMovement Inspection $70,000 2,800 $25/Batch Machining $150,000 50,000 $3/Machine Hour Calculate the Volume of Cost Drivers Consumed by Product XX Cost Driver Volume Purchase Orders 25 Batches 150 Materials Movement 900 Machine Hours 1,500 Calculate the Activity-Based Overhead Costs for Product XX Activity Costs Purchasing $1,250 Setting $6,000 Materials Handling $10,800 Inspection $3,750 Machining $4,500 Total $26,300 Lori Hartin ACC121 Chapter 4 Discussion EGCC/Tajuddin Asif 23 Apr 2021 b) Calculate the budgeted overhead costs for Product XX using absorption costing (absorb overhead using machine hours) Budgeted Overheads: $503,000 Budgeted Absorption Cost/Machine Hr.: $10.06 Budgeted Machining Hours for Product XX: 1,500 Budgeted absorbed overhead: $15,090 c): Suggestions for reducing the activity-based costs for Product XX 1)Reduce the number of batches by increasing the batch size which will then reduce the setting overhead, materials handling and inspection costs. 2)Reduce the number of purchase orders. 3)Innovate ways of speeding up production so that the machining hours are reduced