Homework Answers
Answer 1
| JOB ORDER COSTING |
PROCESS ORDER COSTING |
| 1. Product costs are allocated to jobs. | Product costs are assigned to Departments or processes |
| 2. Unit cost information is derived from the job cost sheet. |
Unit cost information comes from the departmental production cost report. |
| 3. One work-in-process inventory account is used—job cost sheets track costs assigned to each job. | Several different work-in-process inventory accounts are used—one for each process |
Answer 2.
Process costing is used in; petroleum Industries, coal mining Industries, chemical Industries, textile Industries, paper Industries, plastic Industries, , banking sector, courier services, cement manufacturing Industries etc
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Let's make sure we understand the underlying concepts of using job-order costing. Consider the following for...
3. In a process costing system, direct materials are often used by multiple production departments. How...
3. In a process costing system, direct materials are often used by multiple production departments. How does a company record direct materials cost for every production department? (example: a company has three production departments - preparation, processing, and finishing).
Hickingbottom Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system...
Hickingbottom Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department’s predetermined overhead rate is based on machine-hours and the Finishing Department’s predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Forming Finishing Machine-hours 17,000 15,000 Direct labor-hours 1,000 7,000 Total fixed manufacturing overhead cost $ 96,900 $ 65,800...
The Corporation has two production departments, Casting and Finishing. The company uses a job-order costing system...
The Corporation has two production departments, Casting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Casting Finishing Machine-hours 17,000 7,000 Direct labor-hours 2,000 15,000 Total fixed manufacturing overhead cost $ 105,400 $ 52,800...
Kalp Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system...
Kalp Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct...
Hickingbottom Corporation has two production departments, Forming and Finishing. The company uses a job order costing...
Hickingbottom Corporation has two production departments, Forming and Finishing. The company uses a job order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead...
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.
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing is used in financial accounting while process costing is used in managerial accounting. B. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. D. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the...
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...
Vanliere Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system...
Vanliere Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machining 19, eee 3,000 $138,700 Finishing 11,000 6,000 $52,800 Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable...
3. In a process costing system, direct materials are often used by multiple production departments. How does a company record direct materials cost for every production department? (example: a company has three production departments - preparation, processing, and finishing).
Kalp Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct...
Hickingbottom Corporation has two production departments, Forming and Finishing. The company uses a job order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead...
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.
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...
Vanliere Corporation has two production departments, Machining and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machining 19, eee 3,000 $138,700 Finishing 11,000 6,000 $52,800 Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable...
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