Homework Answers
Ans:
option D is Correct Answer
Service firms' costs are immediately expensed since all work is completed during a period
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Which of the following is not a difference between job costing for service firms and job...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
The Lee Corporation uses a job-order costing system. The following data were recorded for June: June...
The Lee Corporation uses a job-order costing system. The following data were recorded for June: June 1 Added During June Job Number Work in Process Inventory Direct Materials Direct Labor 235 $3,150 $860 $595 236 $2,210 $1,260 $1,435 237 $1,585 $1,720 $2,530 238 $1,125 $2,410 $3,290 Overhead is charged to production at 90% of direct materials cost. Jobs 235, 237, and 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers....
Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the...
Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows Raw materials Work in process Finished goods $ 40,00 $18,000 $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16 25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level...
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...
Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were...
Kenworth Company uses a job-order costing system. Only three
jobs—Job 105, Job 106, and Job 107—were worked on during November
and December. Job 105 was completed on December 10; the other two
jobs were still in production on December 31, the end of the
company’s operating year. Data from the job cost sheets of the
three jobs follow:
Job Cost Sheet
Job 105
Job 106
Job 107
November costs incurred:
Direct materials
$
20,500
$
13,300
$
0...
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...
Exercise 7-42 (Static) Job Costing in a Service Organization (LO 7-4) Allocation Busters (AB) is a...
Exercise 7-42 (Static) Job Costing in a Service Organization (LO 7-4) Allocation Busters (AB) is a dispute mediation firm offering services to firms in disputes about cost allocations with government agencies. For March, AB worked 440 hours for Massive Airframes and 660 hours for Gigantic Drydocks. AB bills clients at the rate of $500 per hour; labor cost for its professional staff is $200 per hour. Overhead costs in March totaled $42,000. Overhead is applied to clients at $40 per...
chapter 4 job costing Please help with #5 Ch4 Job costing A job-costing system has a...
chapter 4 job costing
Please help with #5
Ch4 Job costing A job-costing system has a sep record is typically found in a sul Control presents the total system has a separate job-cost record for each job. A summary of the job-cost ypically found in a subsidiary leder. The general ledger account-Work-in-Process presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track job costs account track job costs...
Che Job costing A job-costing syste ing system has a separate job-cost record for each job....
Che Job costing A job-costing syste ing system has a separate job-cost record for each job. A summary of the job-cost card is typically found in a subsidiary ledger. The general ledger Rocount Work-in-Process Control control presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track ob costs from when ob start until they are complete. When jobs are completed or sold, they are recorded in the finished-goods...
Manufacturing and Service Firms In general, firms can be divided into manufacturing and service firms. Manufacturing firms make a tangible product. They need to determine product costs for both inventory valuation and the calculation of cost of goods sold. The cost of inventory appears on the , and the cost of goods sold appears on the . (Wholesale or retail firms purchase a product that is already manufactured. The cost of such products, which are tangible, are carried at that...
Check my work Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows Raw materials Work in process Finished goods $ 40,00 $18,000 $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16 25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level...
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...
Kenworth Company uses a job-order costing system. Only three
jobs—Job 105, Job 106, and Job 107—were worked on during November
and December. Job 105 was completed on December 10; the other two
jobs were still in production on December 31, the end of the
company’s operating year. Data from the job cost sheets of the
three jobs follow:
Job Cost Sheet
Job 105
Job 106
Job 107
November costs incurred:
Direct materials
$
20,500
$
13,300
$
0...
Exercise 7-42 (Static) Job Costing in a Service Organization (LO 7-4) Allocation Busters (AB) is a dispute mediation firm offering services to firms in disputes about cost allocations with government agencies. For March, AB worked 440 hours for Massive Airframes and 660 hours for Gigantic Drydocks. AB bills clients at the rate of $500 per hour; labor cost for its professional staff is $200 per hour. Overhead costs in March totaled $42,000. Overhead is applied to clients at $40 per...
chapter 4 job costing
Please help with #5
Ch4 Job costing A job-costing system has a sep record is typically found in a sul Control presents the total system has a separate job-cost record for each job. A summary of the job-cost ypically found in a subsidiary leder. The general ledger account-Work-in-Process presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track job costs account track job costs...
Che Job costing A job-costing syste ing system has a separate job-cost record for each job. A summary of the job-cost card is typically found in a subsidiary ledger. The general ledger Rocount Work-in-Process Control control presents the total of these separate job cost records pertaining to all unfinished jobs. The job-cost records and Work-in-Process Control account track ob costs from when ob start until they are complete. When jobs are completed or sold, they are recorded in the finished-goods...
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