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Solution:
"It accumulates cost for each department within the factory" is not a characteristic of a job order costing system because cost is accumulated for each department under process costing.
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Which of the following is not a characteristic of a job order costing system? a. It...
Darwin Company reports the following information: Sales $76,500 Direct materials used Depreciation on factory equipment Indirect...
Darwin Company reports the following information: Sales $76,500 Direct materials used Depreciation on factory equipment Indirect labor 7,300 4,700 5,900 Direct labor 10,500 4,200 Factory rent Factory utilities Sales salaries expense Office salaries expense 1,200 15,600 8,900 1,200 Indirect materials Product costs are Oa. $29,200 Ob. $24,500 Oc. $35,000 Od. $30,300 AssignmentMain.do?invoker=&takeAssignmentSessionLocator=8inprogress=false Calculator Which of the following is not a characteristic of a job order costing system? Oa. It is best suited for industries that manufacture custom goods. Ob. It...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
S18-1 (book/static) Identify each costing system characteristic as job order costing or process costing. a b....
S18-1 (book/static) Identify each costing system characteristic as job order costing or process costing. a b. C. d. One Work-in-Process Inventory account Production cost reports Cost accumulated by process Job cost sheets
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw...
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account. $210,000. b. Raw materials used in production, $190,000 ($178,000 direct materials and $12.000 indirect materials). C. Accrued direct labor cost of $90,000 and indirect labor cost of $110.000. d. Depreciation recorded on factory equipment. $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per...
Compare and contrast the primary differences between the job costing and process costing using the following...
Compare and contrast the primary differences between the job costing and process costing using the following table Select the letfer from the list below that corresponds with the characteristic that best explains each item in the table (Click the icon to view the list of characteristics.) Job costing Process costing Characteristics Most suitable manufacturing environment Cost object used for accumulating costs Primary document for tracking costs Manufacturing cost categories Flow of costs through accounts Direct materials and conversion costs Direct...
Compare and contrast the primary differences between the job costing and process costing using the following...
Compare and contrast the primary differences between the job costing and process costing using the following table: Select the letter from the list below that corresponds with the characteristic that best explains each item in the table. LOADING... (Click the icon to view the list of characteristics.) a. Direct materials and conversion costs b. Direct materials and conversion costs are assigned to each manufacturing process. Then these costs are accumulated in separate WIP accountslong dash—one for each manufacturing process. As...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,800,000 in manufacturing overhead cost at an activity level of 240,000 machine-hours. The company spent the entire month of January working on a large order of 16,000 custom-made machined parts. The company had no work...
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
Which type of cost system, process or job order, would be best suited for each of...
Which type of cost system, process or job order, would be best suited for each of the following (Give reasons for your answers): TV assembler building contractor automobile repair shop paper manufacturer custom jewelry manufacturer?
Darwin Company reports the following information: Sales $76,500 Direct materials used Depreciation on factory equipment Indirect labor 7,300 4,700 5,900 Direct labor 10,500 4,200 Factory rent Factory utilities Sales salaries expense Office salaries expense 1,200 15,600 8,900 1,200 Indirect materials Product costs are Oa. $29,200 Ob. $24,500 Oc. $35,000 Od. $30,300 AssignmentMain.do?invoker=&takeAssignmentSessionLocator=8inprogress=false Calculator Which of the following is not a characteristic of a job order costing system? Oa. It is best suited for industries that manufacture custom goods. Ob. It...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
S18-1 (book/static) Identify each costing system characteristic as job order costing or process costing. a b. C. d. One Work-in-Process Inventory account Production cost reports Cost accumulated by process Job cost sheets
The Polaris Company uses a job-order costing system. The following transactions occurred in October a. Raw materials purchased on account. $210,000. b. Raw materials used in production, $190,000 ($178,000 direct materials and $12.000 indirect materials). C. Accrued direct labor cost of $90,000 and indirect labor cost of $110.000. d. Depreciation recorded on factory equipment. $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per...
Compare and contrast the primary differences between the job costing and process costing using the following table Select the letfer from the list below that corresponds with the characteristic that best explains each item in the table (Click the icon to view the list of characteristics.) Job costing Process costing Characteristics Most suitable manufacturing environment Cost object used for accumulating costs Primary document for tracking costs Manufacturing cost categories Flow of costs through accounts Direct materials and conversion costs Direct...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
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