just-in-time costing system do not use a separate work-in-process inventory account. true or false?
Homework Answers
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True Just in time costing does not use the work in process account like process or job costing. Instead all the materials and conversion costs are posted directly to cost of goods sold account. |
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just-in-time costing system do not use a separate work-in-process
inventory account. true or false?
true or false 14. In a process costing system. partially completed units in Work-in-Process Inventory are...
true or false
14. In a process costing system. partially completed units in Work-in-Process Inventory are typically converted to equivalent completed units. 15. Before purchasing an Enterprise Resource Planning (ERP) system, companies must confirm that the benefits of an ERP system will outweigh the costs of implementation 16. Underapplied overhead occurs when actual overhead costs are lower than overhead costs applied to jobs. 17. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation...
Standard costing can be used for both job order and process costing systems. True False Due...
Standard costing can be used for both job order and process costing systems. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Due to the nature of the procedures involved, service companies do not use standard costing. True False Under standard costing, the inventory account balance may not actually reflect the true costs incurred to acquire the inventory. True False
Nicholson Company uses job order costing. Supporting documents for the Work-In-Process Inventory account do NOT include...
Nicholson Company uses job order costing. Supporting documents for the Work-In-Process Inventory account do NOT include ________. labor time tickets time cards materials requisition forms schedule of actual factory overhead costs
True or false erlap 1. A movie production company would likely use a job costing system...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Costs are accumulated by department in a process costing system True False
Costs are accumulated by department in a process costing system True False
When raw materials are purchased on account for use in a process costing system, the corresponding...
When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include: A debit to Work in Process Inventory. A debit to Accounts Payable. A credit to Cash. A debit to Raw Materials Inventory. A credit to Raw Materials Inventory.
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1)...
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods woul...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 1) 2) Conversion costs include direct labor and direct materials. 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
True or False: Job shops have three types of inventory accounts: Direct Materials, Work-in-Process, and Finished...
True or False: Job shops have three types of inventory accounts: Direct Materials, Work-in-Process, and Finished Goods. True or False: Normal costing uses the actual allocation base activity to apply manufacturing overhead costs to jobs during the period.
true or false
14. In a process costing system. partially completed units in Work-in-Process Inventory are typically converted to equivalent completed units. 15. Before purchasing an Enterprise Resource Planning (ERP) system, companies must confirm that the benefits of an ERP system will outweigh the costs of implementation 16. Underapplied overhead occurs when actual overhead costs are lower than overhead costs applied to jobs. 17. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Costs are accumulated by department in a process costing system True False
TRUE/FALSE. Write 'T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 2) Conversion costs include direct labor and direct materials. 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units. 4) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a five step...
TRUE/FALSE. Write T' if the statement is true and 'F if the statement is false. 1) Unique or custom-made goods would be accounted for by using a process costing system 1) 2) Conversion costs include direct labor and direct materials. 2) 3) In a process costing system, the cost per equivalent unit is computed after computing equivalent units 3) 4) Assigning costs to units completed and to units in ending work in process inventory in a second department is a...
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