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2. Job costing is A) used by businesses to price identical products B) used by businesses...
2. Job costing is A) used by businesses to price identical products B) used by businesses...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed 3. Which of the following companies will use a process costing system? A) an oil refining company B) a manufacturer of ships C) a custom kitchen cabinet company D) an advertising firm 4. Job-costing is likely to be used by A) oil...
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...
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...
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.
QUESTION 2 [25] Erundu Limited uses a job order costing system. Only three jobs were worked...
QUESTION 2 [25] Erundu Limited uses a job order costing system. Only three jobs were worked on during the past month. The data for these jobs were as follows: Details Job A10 Job B15 Job C20 Opening WIP R26 800 R42 790 RO Direct material added during the month R17 275 RO R18 500 Direct labour for the month R14 500 R3 500 R24 000 The manufacturing overheads applied to the three jobs for the month were R126 000 and...
Thank you in advance! Job Costing (2 points each) Digby uses a job order cost system....
Thank you in advance!
Job Costing (2 points each) Digby uses a job order cost system. The company is working on three different jobs: Jobs 1, 2, and 3. Digby uses one work in process account to accumulate costs of all jobs. Make the appropriate journal entry for each situation Purchases materials on account, $20,000. aterials requisitioned for use: Job 1 $4,000; Job 2 $3,000; Job 3 $2,500; Indirect Materials $1,300. Used labor of $4,800 for Job 1; $2,600 for...
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...
Applying Overhead to Jobs, Costing Jobs Instructions Amount Descriptions Job-Order Cost Sheet Calculations and Joo Price...
Applying Overhead to Jobs, Costing Jobs Instructions Amount Descriptions Job-Order Cost Sheet Calculations and Joo Price Instructions Applying Overhead to Jobs, Costing Jobs Gorman Company builds internal conveyor equipment to client specifications. On October 1, Job 877 was in process with a cost of $18.640 to date. During October, Jobs 878 879 and 880 were started Data on costs added during October for all jobs are as follows: Job 877 Job 878 Job 879 Job 880 Direct materials $14,460 $6.000...
Problem for Job Order Costing Tiny Homes uses a job costing system to account for the...
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed 3. Which of the following companies will use a process costing system? A) an oil refining company B) a manufacturer of ships C) a custom kitchen cabinet company D) an advertising firm 4. Job-costing is likely to be used by A) oil...
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...
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.
QUESTION 2 [25] Erundu Limited uses a job order costing system. Only three jobs were worked on during the past month. The data for these jobs were as follows: Details Job A10 Job B15 Job C20 Opening WIP R26 800 R42 790 RO Direct material added during the month R17 275 RO R18 500 Direct labour for the month R14 500 R3 500 R24 000 The manufacturing overheads applied to the three jobs for the month were R126 000 and...
Thank you in advance!
Job Costing (2 points each) Digby uses a job order cost system. The company is working on three different jobs: Jobs 1, 2, and 3. Digby uses one work in process account to accumulate costs of all jobs. Make the appropriate journal entry for each situation Purchases materials on account, $20,000. aterials requisitioned for use: Job 1 $4,000; Job 2 $3,000; Job 3 $2,500; Indirect Materials $1,300. Used labor of $4,800 for Job 1; $2,600 for...
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...
Applying Overhead to Jobs, Costing Jobs Instructions Amount Descriptions Job-Order Cost Sheet Calculations and Joo Price Instructions Applying Overhead to Jobs, Costing Jobs Gorman Company builds internal conveyor equipment to client specifications. On October 1, Job 877 was in process with a cost of $18.640 to date. During October, Jobs 878 879 and 880 were started Data on costs added during October for all jobs are as follows: Job 877 Job 878 Job 879 Job 880 Direct materials $14,460 $6.000...
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
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