Which of the following is not a difference between job order costing system and process costing...
Which of the following is not a difference between job order costing system and process costing system?
The documents used to record costs
The number of work in process accounts used
none of the above
The number of raw material accounts used
Work in process inventory equation
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Which of the following is not a difference between job order
costing system and process costing...
Which of the following is not a difference between job order costing system and process costing system? The number of r...
Which of the following is not a difference between job order costing system and process costing system? The number of raw material accounts used The number of work in process accounts used O none of the above O The documents used to record costs O Work in process inventory equation
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...
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems....
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems. b. Explain the difference between Traditional Costing systems and Activity-Based Costing systems. 6. Brody Company makes industrial cleaning solvents. Brody had the following inventory balances at 1/1/20: Raw Materials Inventory $ 124,000.00 Work in Process Inventory $ 124,000.00 Finished Goods Inventory $ 84,000.00 Brody's activities during 2020 included the following: Sales revenue $ 1,200,000.00 Raw materials inventory purchases $ 250,000.00 Direct labor incurred $...
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.
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job...
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
1. Which of the following products would have its costs accumulated using a process costing system?...
1. Which of the following products would have its costs accumulated using a process costing system? A. Airplanes B. Luxury yachts C. Dinner at a restaurant D. Fishing supplies 2. Which of the following companies would use a job costing system? A Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3 Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
ACC378 Cost Accounting Assignment CH5 Perry Company employs a job-order costing system. Only three jobs-Job #205,...
ACC378 Cost Accounting Assignment CH5 Perry Company employs a job-order costing system. Only three jobs-Job #205, Job # 206, and Job #207- were worked on during January and February. Job #205 was completed February 10; the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow: Job Cost Sheet Job #206 Job #205 Job #207 Totals January costs incurred: Direct material $16,500 13,000 20,800 $...
Which of the following is not a difference between job order costing system and process costing system? The number of raw material accounts used The number of work in process accounts used O none of the above O The documents used to record costs O Work in process inventory equation
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems. b. Explain the difference between Traditional Costing systems and Activity-Based Costing systems. 6. Brody Company makes industrial cleaning solvents. Brody had the following inventory balances at 1/1/20: Raw Materials Inventory $ 124,000.00 Work in Process Inventory $ 124,000.00 Finished Goods Inventory $ 84,000.00 Brody's activities during 2020 included the following: Sales revenue $ 1,200,000.00 Raw materials inventory purchases $ 250,000.00 Direct labor incurred $...
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.
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
1. Which of the following products would have its costs accumulated using a process costing system? A. Airplanes B. Luxury yachts C. Dinner at a restaurant D. Fishing supplies 2. Which of the following companies would use a job costing system? A Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3 Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
ACC378 Cost Accounting Assignment CH5 Perry Company employs a job-order costing system. Only three jobs-Job #205, Job # 206, and Job #207- were worked on during January and February. Job #205 was completed February 10; the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow: Job Cost Sheet Job #206 Job #205 Job #207 Totals January costs incurred: Direct material $16,500 13,000 20,800 $...
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