Does Job Order Costing involves the calculation of Pre Determined Rate? Does Process Costing involve the...
Does Job Order Costing involves the calculation of Pre Determined Rate?
Does Process Costing involve the calculation of Equivalent Units of Production?
Which of the following is classified as sales commission: Overhead Cost or Selling or Administrative Cost?
Homework Answers
Does Job Order Costing involves the calculation of Pre Determined Rate?
Yes, Job Order Costing involves the calculation of Pre Determined Rate. During a particular period, when many heterogeneous products are produced on the basis of different job orders received , Job order costing is best suitable to allocate the costs, whether direct or indirect to jobs. Overhead costs need to be allocated by calculating an overhead rate. Using past data, predetermined overhead rate is determined. This rate is used to apply OH with the help an allocation base.
Does Process Costing involve the calculation of Equivalent Units of Production?
Yes, Process Costing involve the calculation of Equivalent Units of Production. It is a cost accounting concept being used in process costing for cost computation.
Which of the following is classified as sales commission: Overhead Cost or Selling or Administrative Cost?
Sales commission comes under Selling& Administrative Cost. It is a sales related expense and is not included in the unit cost of a product.
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Does Job Order Costing involves the calculation of Pre
Determined Rate?
Does Process Costing involve the...
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...
Job Costing #3 Burlington Corporation uses a job-order costing system and a predetermined overhead rate based...
Job Costing #3 Burlington Corporation uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $3,200,000 and 4,000 machine hours would be used. Labor was estimated at $200/hour. The following information pertains to December of the current year: Job No. Job No. Job No. Job No. 206 207 208 209 Work in process, December 1 $28,000 $30,000 $22,000 $10,000 December...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and incur $271,755...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,450 $ 22,450 Work in process $ 27,450 $ 9450 Finished Goods $ 62,450 $ 77,450 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,450 machine-hours and incur $264,255...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Endine Balance Raw materials $ 14,950 $ 22,950 Work in process $ 27,950 $ 9950 Finished Goods $ 62,950 $ 77,950 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,950 machine hours and incur...
PLEASE HELP Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances...
PLEASE HELP Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $ 14,550 $ 22,550 Work in process $ 27,550 $ 9550 Finished Goods $ 62,550 $ 77,550 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,550 machine-hours and...
Week 5 Job Costing The Fine Manufacturing Company uses job order costing system. The company uses...
Week 5 Job Costing The Fine Manufacturing Company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2019, the company estimated that 150,000 machine hours would be worked and $900,000 overhead cost would be incurred during 2012. The balances of raw materials, work in process (WIP), and finished goods at the beginning of 2012 were as follows: Raw materials: $40,000 Work in process: $30,000 Finished goods: $60,000 The Fine...
Wyle Company uses the weighted-average method in its process costing system. The following information was available...
Wyle Company uses the weighted-average method in its process costing system. The following information was available for one of its processing departments: • The beginning work in process inventory consisted of 16,000 units, which were 75% complete with respect to conversion costs. • The department converted the equivalent of 59,000 units of production during the current month. • A total of 50,000 units were completed and transferred out of that department during the current month. • The ending work in...
Equivalent units of production are calculated because O A. sometimes departments switch from job order costing...
Equivalent units of production are calculated because O A. sometimes departments switch from job order costing to process costing, and must recalculate units. O B. some units in ending work-in-process are incomplete at the end of the period O C. the equivalent cost per unit is used to determine the manufacturing overhead rate. D. the number of equivalent units must always equal the total number of physical units
Job Costing #3 Burlington Corporation uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $3,200,000 and 4,000 machine hours would be used. Labor was estimated at $200/hour. The following information pertains to December of the current year: Job No. Job No. Job No. Job No. 206 207 208 209 Work in process, December 1 $28,000 $30,000 $22,000 $10,000 December...
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Endine Balance Raw materials $ 14,950 $ 22,950 Work in process $ 27,950 $ 9950 Finished Goods $ 62,950 $ 77,950 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,950 machine hours and incur...
Equivalent units of production are calculated because O A. sometimes departments switch from job order costing to process costing, and must recalculate units. O B. some units in ending work-in-process are incomplete at the end of the period O C. the equivalent cost per unit is used to determine the manufacturing overhead rate. D. the number of equivalent units must always equal the total number of physical units
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