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Question 1: Which of the following statements about using a plantwide overhead rate based on direct labor is correct?
Option 1: Using a plantwide overhead rate based on direct labor-hours will ensure that direct labor costs are correctly traced to jobs.
Option 2: The labor theory of value ensures that using a plantwide overhead rate based on direct labor will do a reasonably good job of assigning overhead costs to jobs.
Option 3: It is often overly simplistic and incorrect to assume that direct labor-hours is a company's only manufacturing overhead cost driver.
Option 4: Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs.
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A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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