Homework Answers
| E | Process costing |
| F | Process costing |
| G | Process costing |
| H | Job order costing |
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e. f. Manufactures homogenous products through a series of uniform steps Multiple Work-in-Process Inventory accounts Costs...
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.
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...
Direct Materials Conversion Costs Total Costs Cost per Unit COSTS Costs to account for: Beginning work-in-process...
Direct Materials Conversion Costs Total Costs Cost per Unit COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Costs added during the period Divided by: EUP this period Cost per equivalent unit Costs accounted for: Beginning work-in-process Costs to complete beginning WIP Total costs for beginning WIP Started and completed Transferred to Mixing Department Ending work-in-process Total costs accounted for Requirement 2. Joumalize all transactions affecting the Mixing Department during March, including...
Production and service work costs flow through an organizations' accounting system and work underway is tracked...
Production and service work costs flow through an organizations' accounting system and work underway is tracked in Work In Process accounts until it is completed. The various costs related to products and services are either inventoriable or period costs and are charged to the appropriate type of account. For each statement, enter the letter for the chosen response in the answer. Applied Overhead • Finished Good Inventory • Period Costs • Work In Process Inventory Each response can be used...
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...
Materials are added at the beginning of a production process, and ending work in process inventory...
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted average method. Costs to Account For Beginning inventory materials $9.000 Beg i nventory conversion 20.000 Direct material 58.600 Direct labor 74.000 Applied overhead 34520 Total costs to account for $196,120 Units to Account For Beginning work in process 5.000 Units started into production...
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department....
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Beginning Inventory Ending Inventory Raw materials inventory 192000 225000 Work in process inventory—Weaving 480000 425000 Work in process inventory—Sewing 715000 960000 Finished goods inventory 1346000 1306000 Raw materials purchases (on credit) 595,000 Factory payroll cost (paid in cash) 3,280,000 Other factory overhead cost (Other Accounts credited) 212,000 Materials used Direct—Weaving 256,000 Direct-Sewing 500,000 Indirect 174,000...
P4-21 Weightecd-Average Method; Analysis of Work in Procass F-Account Weston Products manufactures an industrial cleaning compound...
P4-21 Weightecd-Average Method; Analysis of Work in Procass F-Account Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department, with conversion costs being incurred evenly throughout the grinding process. The Work in Process T-account for the Grinding Department for a recent month is given below: Work in Process-Grinding Department Inventory, May 1 (18,000 Completed and transferred lbs., 1/3 processed) 21,800...
Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three...
Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three inventory accounts used are maintained on a perpetual basis. The process cost system is patterned after the physical flow of products as they move through the production process. Product costs are accumulated separately by job. A separate work in process account is maintained for each department or process.
sells the products at cost. The direct materials costs are zero, but the tracks the processing...
sells the products at cost. The direct materials costs are zero, but the tracks the processing volume and costs incurred in each period. At the start ot In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. operation requires the use OT alrect labor and oveliead..e company ses a proces ng During the month, costs of $22,000 were incurred, 4,400 towels were started, and 125 towels were still in process at the...
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.
Direct Materials Conversion Costs Total Costs Cost per Unit COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Costs added during the period Divided by: EUP this period Cost per equivalent unit Costs accounted for: Beginning work-in-process Costs to complete beginning WIP Total costs for beginning WIP Started and completed Transferred to Mixing Department Ending work-in-process Total costs accounted for Requirement 2. Joumalize all transactions affecting the Mixing Department during March, including...
Production and service work costs flow through an organizations' accounting system and work underway is tracked in Work In Process accounts until it is completed. The various costs related to products and services are either inventoriable or period costs and are charged to the appropriate type of account. For each statement, enter the letter for the chosen response in the answer. Applied Overhead • Finished Good Inventory • Period Costs • Work In Process Inventory Each response can be used...
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...
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted average method. Costs to Account For Beginning inventory materials $9.000 Beg i nventory conversion 20.000 Direct material 58.600 Direct labor 74.000 Applied overhead 34520 Total costs to account for $196,120 Units to Account For Beginning work in process 5.000 Units started into production...
P4-21 Weightecd-Average Method; Analysis of Work in Procass F-Account Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department, with conversion costs being incurred evenly throughout the grinding process. The Work in Process T-account for the Grinding Department for a recent month is given below: Work in Process-Grinding Department Inventory, May 1 (18,000 Completed and transferred lbs., 1/3 processed) 21,800...
sells the products at cost. The direct materials costs are zero, but the tracks the processing volume and costs incurred in each period. At the start ot In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local thrift shops. operation requires the use OT alrect labor and oveliead..e company ses a proces ng During the month, costs of $22,000 were incurred, 4,400 towels were started, and 125 towels were still in process at the...
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