Process costing is used when dissimilar products are involved. costs are to be assigned to specific...
Process costing is used when
| dissimilar products are involved. |
| costs are to be assigned to specific jobs. |
| the production process is continuous. |
| production is aimed at filling a specific customer order. |
Homework Answers
| Option C is the answer | ||
|
Process costing is used when a large number of homogeneous products are to be produced and the production process is continuous. Comment if you face any issues |
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Process costing is used when
dissimilar products are involved.
costs are to be assigned to specific...
Schwering Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been...
Schwering Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocated to the company's three activity cost pools as follows: Machining, $45,900; Order Filling, $90,000; and Other, $55,200. Machining costs are assigned to products using machine-hours (MHs) and Order Filling costs are assigned to products using the number of orders. The costs in the Other activity cost pool are not assigned to products. Activity data appear below: MHs (Machining) Orders (Order Filling) Product D7...
The purpose of this project is to help illustrate the manufacturing process and the costs involved....
The purpose of this project is to help illustrate the manufacturing process and the costs involved. You will need to locate an example of a manufacturing process –hint try sites such as Google or YouTube. The product you select is completely your choice! Required Answer the below questions regarding the manufacturing process for the product you selected. Format your paper according to the question you are answering. Your responses should be in complete sentences and be free of spelling...
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...
Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the...
Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead costs equipment depreciation and supervisory expense are allocated to three activity cast pools Machining Order Filling, and Other based on resource consumption Data to perform these allocations appear below: Overhead costs: Equipment depreciation Supervisory expense $47,000 $ 6,000 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Machining Order Filling 0.60 0.10 0.60 0.20 Equipment depreciation Supervisory expense...
When activity-based costing is used to apply overhead to products, support department costs are referred to...
When activity-based costing is used to apply overhead to products, support department costs are referred to as a.department activity costs b.support activity costs c.activity-based department costs d.multiple activity costs In the process of applying overhead using multiple production department rates, overhead costs are directly traced to support and production departments and are then allocated to production departments based on the amount of support activity used by each department. True False The physical units method and the weighted average method are...
Betterton Corporation uses an activity based costing system to assign overhead costs to products. In the...
Betterton Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead costs—equipment depreciation and supervisory expense-are allocated to three activity cost pools—Machining, Order Filling, and Other—based on resource consumption. Data to perform these allocations appear below: Overhead costs: Equipment depreciation $ 60,250 Supervisory expense $ 5,400 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Machining Order Filling Other Equipment depreciation 0.50 0.30 0.20 Supervisory expense 0.10 0.40 0.50...
Lysiak Corporation Lysiak Corporation uses an activity based costing system to assign overhead costs to products....
Lysiak Corporation
Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead costs- equipment depreciation and supervisory expense-are allocated to three activity cost pools-Machining. Order Filling, and Other-based on resource consumption. Data to perform these allocations appear below: Overhead costs: Equipment depreciation $47,000 Supervisory expense $ 6,000 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Machining Order Filling 0.60 0.10 0.60 0.20 Equipment depreciation Supervisory expense Other...
Ripa Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have been allocated...
Ripa Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have been allocated to the company's three activity pools as follows: Machining. $111,755; Order Filling, $175,800; and Fabrication, $135,405. Machining costs are assigned to products based on machine hours, Order Filling are assigned based on the number of orders, and Fabrication costs are assigned based on the number of machine setups required. Activity data are as follows: Machine Orders Setups Hours Product 750 255 1,560 X Product...
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 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...
Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead costs equipment depreciation and supervisory expense are allocated to three activity cast pools Machining Order Filling, and Other based on resource consumption Data to perform these allocations appear below: Overhead costs: Equipment depreciation Supervisory expense $47,000 $ 6,000 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Machining Order Filling 0.60 0.10 0.60 0.20 Equipment depreciation Supervisory expense...
Lysiak Corporation
Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead costs- equipment depreciation and supervisory expense-are allocated to three activity cost pools-Machining. Order Filling, and Other-based on resource consumption. Data to perform these allocations appear below: Overhead costs: Equipment depreciation $47,000 Supervisory expense $ 6,000 Distribution of Resource Consumption Across Activity Cost Pools: Activity Cost Pools Machining Order Filling 0.60 0.10 0.60 0.20 Equipment depreciation Supervisory expense Other...
Ripa Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have been allocated to the company's three activity pools as follows: Machining. $111,755; Order Filling, $175,800; and Fabrication, $135,405. Machining costs are assigned to products based on machine hours, Order Filling are assigned based on the number of orders, and Fabrication costs are assigned based on the number of machine setups required. Activity data are as follows: Machine Orders Setups Hours Product 750 255 1,560 X Product...
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.
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