Homework Answers
OPTION B: production process of the product
EXPLANATION:
There are various product costing systems like job order costing, process costing, service costing, contract costing which are used according to the production process of a firm
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The type of product costing system used by a company is dictated by the a. cost...
When target costing is used, the target cost is determined by A. finding the difference between...
When target costing is used, the target cost is determined by A. finding the difference between the market price and the amount of profit needed to satisfy stakeholders. B. adding the cost of direct materials, direct labor, and activity costs of a product. C. subtracting all nonvalue-added costs from total manufacturing costs of a product. D. adding the manufacturing and nonmanufacturing costs of the product. 14. Which of the following sets just-in-time systems apart from traditional manufacturing systems? A. Cost...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Beginning...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Molding...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
Which product costing system would be better for custom-order products? Company costing system = A Product...
Which product costing system would be better for custom-order products? Company costing system = A Product costing system = B Overhead costing system = C Job costing system =D
1. Skipper Company used the weighted average method in its process costing system. The following data...
1. Skipper Company used the weighted average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Materials 75% СС 50% Beginning WIP (400 units) Units started during period (15,000) Ending WIP (1,000 units) 80% 40% $1,800 $3,300 Costs in the beginning Inventory: Material Costs.. Conversion Costs. Costs added to production during the month: Material Costs.... Conversion Costs. Total: $97,000 $215,000 $317,100 a) How many units were completed and...
Company used to consider a traditional costing system based on machine hours; however, they are currently...
Company used to consider a traditional costing system based on machine hours; however, they are currently considering an activity-based costing (ABC) approach. The company estimates the usage of 50,000 direct labor hours (DLH) and 30,000 machine hours (MH) for the current year. The following data show the budgeted manufacturing overhead (OH): Activity center Cost driver Activity driver Cost Material handling # of parts handled 6,000,000 $720,000 Setup costs # of setups 750 $315,000 Machining costs # of machine hours 30,000...
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
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that...
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...
When target costing is used, the target cost is determined by A. finding the difference between the market price and the amount of profit needed to satisfy stakeholders. B. adding the cost of direct materials, direct labor, and activity costs of a product. C. subtracting all nonvalue-added costs from total manufacturing costs of a product. D. adding the manufacturing and nonmanufacturing costs of the product. 14. Which of the following sets just-in-time systems apart from traditional manufacturing systems? A. Cost...
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Molding...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
1. Skipper Company used the weighted average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Materials 75% СС 50% Beginning WIP (400 units) Units started during period (15,000) Ending WIP (1,000 units) 80% 40% $1,800 $3,300 Costs in the beginning Inventory: Material Costs.. Conversion Costs. Costs added to production during the month: Material Costs.... Conversion Costs. Total: $97,000 $215,000 $317,100 a) How many units were completed and...
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
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...
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