Homework Answers
| Job Costing | Batch Josting | |
| 1 | In this method the work or production is carried out as per the requirement of customer. | This method of costing is being used when like units are produced. It is a form of job costing. |
| 2 | Product are of distinct identity as each job is different. | Product are of same identity as they are manufactured in large volume. |
| 3 | The cost is determined after completion of each job. | The cost is determined for the whole batch then the cost per
unit is obtained by using the formula Cost per unit = Total Batch Cost/ Total Units in a batch |
| 4 | It is best suitable for the industries where the work is done for specific customer like furniture, shipbuilding. | It is best suitable for the industries where the work is done for the lot like cloth manufacturing, and fast moving consumable goods. |
| I had given four differences for better understanding you can ignore one of them. | ||
| Please do upvote if you found the answer useful. | ||
| Feel free to reach in the comment section in case of any clarification or queries. |
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Assessment 2 2.4 Use the template below to distinguish and evaluate job and batch costing methods...
TASK 2 2.1 Distinguish between any three (3) differences Absorption and Marginal Costing using the template...
TASK 2 2.1 Distinguish between any three (3) differences Absorption and Marginal Costing using the template below: (E3:3.1) (1.5 MARKS X 6 = 9 MARKS) ABSORPTION COSTING MARGINAL COSTING 1. 2. 2. 3.
Assessment 2 2.2 Compare and contrast on inventory valuation and profit determination between Absorption and Marginal...
Assessment 2 2.2 Compare and contrast on inventory valuation and profit determination between Absorption and Marginal Costing using the template below: (E3:3.2) (8 MARKS) MARGINAL COSTING ABSORPTION COSTING Inventory Valuation Profit Determination 2.3 Evaluate any two benefits / advantages each of absorption and marginal costing (E3:3.3) (8 MARKS) Benefit/ MARGINAL COSTING ABSORPTION Advantage COSTING
(1) "Distinguish between the two (2) Product Costing Methods of Absorption Costing and Variable Costing". (2)...
(1) "Distinguish between the two (2) Product Costing Methods of Absorption Costing and Variable Costing". (2) "Describe the format of the Segment Reporting Income Statement and identify the uses and benefits of this type of Income Statement". (3) "Discuss the three (3) types of Inventory Related Costs". (4) "Discuss the benefits and uses of the Economic Order Quantity (EOQ) computation". (5) "Discuss the benefits and uses of the Reorder Point computation".
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
In this paper, please discuss the three costing methods of job order costing, process costing, and...
In this paper, please discuss the three costing methods of job order costing, process costing, and activity-based costing. Define each method and explain when it is best suited to be used. Compare and contrast the methods and consider their benefits and shortfalls. Use the information provided to propose which cost method should be used to allocate costs. Wet Suit World is a company that manufactures wet suits for use with water sports such as snorkeling and scuba diving. The suits...
In this paper, please discuss the three costing methods of job order costing, process costing, and...
In this paper, please discuss the three costing methods of job order costing, process costing, and activity-based costing. Define each method and explain when it is best suited to be used. Compare and contrast the methods and consider their benefits and shortfalls. Use the information provided to propose which cost method should be used to allocate costs. Wet Suit World is a company that manufactures wet suits for use with water sports such as snorkeling and scuba diving. The suits...
1) Distinguish between field experiments and a laboratory experiments outlining the advantages and disadvantages of each...
1) Distinguish between field experiments and a laboratory experiments outlining the advantages and disadvantages of each type of experiment. (8 marks) 2)Explain how interviews are used differently in qualitative and quantitative studies (8 marks) 3) Explain the approach to mixed methods that a researcher might use if they want to design a questionnaire. Outline how the approach will assist in designing a questionnaire. (8 marks) PLEASE DONT COPY OTHERS ANSWER.. AND PLEASE ANSWER ACCORDING TO THE MARKS. THANKS IN ADVANCE
7. (a) Define job-costing and explain when it is appropriate to use this form of costing....
7. (a) Define job-costing and explain when it is appropriate to use this form of costing. [4 marks] (b) Laut Hospital uses a job-costing system to track the cost of servicing patients. In March, the pre-operating room (PRE-OP) and operating room (OR) had budgeted allocation bases of 4,000 nursing hours and 2,000 nursing hours, respectively. The budgeted nursing overhead charges for each department for the month were RM168,000 and RM132,000, respectively. The hospital floor for surgery patients had budgeted overhead...
Princeton Computer Company uses a job order costing system in which each batch manufactured is a different job. Princet...
Princeton Computer Company uses a job order costing system in which each batch manufactured is a different job. Princeton Computer Company assigns direct materials and direct labor to each joo. The company assigns labor costs at $15 per hour, It allocates manufacturing overhead to jobs based on a predetermined overmead allocation rate, computed as a peroentage of dlirect labor costs. At the beginning of 2020, the controller prepared the following budget: ll Click the icon to view the budget.) In...
1. Explain what is job order costing. 2. List 3 companies that could use job order...
1. Explain what is job order costing. 2. List 3 companies that could use job order costing and identify a type of product that they produce that will follow job orders. Ex: CPA firm, a job order would be the auditing service of 1 client.
TASK 2 2.1 Distinguish between any three (3) differences Absorption and Marginal Costing using the template below: (E3:3.1) (1.5 MARKS X 6 = 9 MARKS) ABSORPTION COSTING MARGINAL COSTING 1. 2. 2. 3.
Assessment 2 2.2 Compare and contrast on inventory valuation and profit determination between Absorption and Marginal Costing using the template below: (E3:3.2) (8 MARKS) MARGINAL COSTING ABSORPTION COSTING Inventory Valuation Profit Determination 2.3 Evaluate any two benefits / advantages each of absorption and marginal costing (E3:3.3) (8 MARKS) Benefit/ MARGINAL COSTING ABSORPTION Advantage COSTING
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
7. (a) Define job-costing and explain when it is appropriate to use this form of costing. [4 marks] (b) Laut Hospital uses a job-costing system to track the cost of servicing patients. In March, the pre-operating room (PRE-OP) and operating room (OR) had budgeted allocation bases of 4,000 nursing hours and 2,000 nursing hours, respectively. The budgeted nursing overhead charges for each department for the month were RM168,000 and RM132,000, respectively. The hospital floor for surgery patients had budgeted overhead...
Princeton Computer Company uses a job order costing system in which each batch manufactured is a different job. Princeton Computer Company assigns direct materials and direct labor to each joo. The company assigns labor costs at $15 per hour, It allocates manufacturing overhead to jobs based on a predetermined overmead allocation rate, computed as a peroentage of dlirect labor costs. At the beginning of 2020, the controller prepared the following budget: ll Click the icon to view the budget.) In...
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