Homework Answers
Answer- b. Cost of Service account.
Explanation-
When a job is completed in a service organisation, the job cost are transferred to the cost of service account. As in the Manufacturing industry job completed are transfer to the finished goods inventory account and further in cost of goods sold account. But in case of service organisation there is no finished goods inventory account. On completion of a job in service organisation the job cost are transferred to the cost of service account.
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u. Juu 40. When a job is completed in a service organization, the job costs are...
39. Which of the following would not be found in the accounting system of a service...
39. Which of the following would not be found in the accounting system of a service provider? a cost ledger b. finished goods ledger c. deferred revenue account d job cost sheets 40. When a job is completed in a service organization, the job costs are transferred to the a work in process account b. cost of services account 6. finished goods account d. cost of goods sold account
When a job is completed in a job order cost accounting system, the cost of the...
When a job is completed in a job order cost accounting system, the cost of the job is transferred to cost of goods sold. finished goods inventory. manufacturing overhead. work in process inventory.
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
Which of the following is not a difference between job costing for service firms and job...
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
TRUE OR FALSE A. True or False / When units are completed, costs are transferred out...
TRUE OR FALSE A. True or False / When units are completed, costs are transferred out of WIP and into finished goods inventory. B True or False / When units are sold, costs are transferred out of finished goods inventory and into cost of goods sold (COGS). C True or False / MOH is increased by the purchase of indirect materials, indirect labor and costs to run the factory, and reduced by MOH applied to WIP. D. True or False...
The total cost for job 78 is 6832.8 for job 79 is 6527.4 for job 80...
The total cost for job 78 is 6832.8
for job 79 is 6527.4
for job 80 is 9295.
This is what I got for the three jobs.
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 240 260 220 220 Units sold Materials requisitioned Direct labor hours $1,632 264 $1,034 242 $2,782 390 Direct labor cost $3,168 $3,630...
In a process cost system, ending inventory is valued Finding the sum of all open job...
In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
Journal Entries, Job Costs The following transactions occurred during the month of April for Olakala Company:...
Journal Entries, Job Costs The following transactions occurred during the month of April for Olakala Company: Purchased materials costing $3,000 on account. Requisitioned materials totalling $1,700 for use in production: $500 for Job 443 and the remainder for Job 444. Recorded 50 hours of direct labour on Job 443 and 100 hours on Job 444 for the month. Direct labourers are paid at the rate of $8 per hour. Applied overhead using a plantwide rate of $7.50 per direct labour...
Costs are transferred from the balance sheet to the income statement as cost of goods sold...
Costs are transferred from the balance sheet to the income statement as cost of goods sold when A. direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-in-Process Inventory account. B. the total of Cost of Goods Manufactured is determined. C. goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account. D. finished goods are sold. Which of the following companies is most likely to use process costing? A. a music studio B....
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating...
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 200 180 220 Units sold — 180 — Materials requisitioned $1,560 $990 $2,400 Direct labor hours 220 200 400 Direct labor cost $3,000 $3,000 $3,300 Overhead is assigned on the basis of direct labor hours at a rate of $8.40 per...
39. Which of the following would not be found in the accounting system of a service provider? a cost ledger b. finished goods ledger c. deferred revenue account d job cost sheets 40. When a job is completed in a service organization, the job costs are transferred to the a work in process account b. cost of services account 6. finished goods account d. cost of goods sold account
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
The total cost for job 78 is 6832.8
for job 79 is 6527.4
for job 80 is 9295.
This is what I got for the three jobs.
Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 240 260 220 220 Units sold Materials requisitioned Direct labor hours $1,632 264 $1,034 242 $2,782 390 Direct labor cost $3,168 $3,630...
In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
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