What characteristics of the product or manufacturing process would lead a company to use a process...
What characteristics of the product or manufacturing process would lead a company to use a process costing system? Give an example of a company that is likely to used process costing and explain your example.
Homework Answers
Process costing system is the method of costing used for assigning costs to each manufacturing unit produced.This system is used to assign costs of direct material,direct labour and manufacturing overhead to each manufacturing process.
characteristics:
Process costing system is used by any company that uses a series of processes to create large quantities of the same unit.
Example of company using process costing system:
- Del monte foods
- Rubbermaid
Add Answer to:
What characteristics of the product or manufacturing process
would lead a company to use a process...
Identify a manufacturing company for which process costing would be an appropriate product-costin...
Identify a manufacturing company for which process costing would be an appropriate product-costing system. What characteristics do the products of this company have that would make process costing a good choice? Try to locate the financial statements of a manufacturer you admire for this information. You can usually find these under the “investor” section of a company’s website. The notes to the MD&A analysis might help as well as the notes to the financial statements.
Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain...
Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain what type of manufacturing company would choose to use a Process costing system.
The purpose of this project is to help illustrate the manufacturing process and the costs involved....
The purpose of this project is to help illustrate the manufacturing process and the costs involved. You will need to locate an example of a manufacturing process –hint try sites such as Google or YouTube. The product you select is completely your choice! Required Answer the below questions regarding the manufacturing process for the product you selected. Format your paper according to the question you are answering. Your responses should be in complete sentences and be free of spelling...
You have just taken a job at a manufacturing company and have discovered that they use...
You have just taken a job at a manufacturing company and have discovered that they use absorption costing to analyze product costs and subsequent cost-volume-profit decisions. You would like to introduce them to variable costing and explain to them why this costing method can be used and why it is helpful. Compose a short email - 2 to 3 short paragraphs because the president it too busy to read anything longer than that - proposing a variable costing system and...
A. Compare the characteristics of job costing and process costing. Consider how each method impacts the...
A. Compare the characteristics of job costing and process costing. Consider how each method impacts the accounting work involved. B. Select a company of your choice and explain when they might use job costing and when they might use process costing. Cite your work and include sufficient detail. C. Explain why costing methods used in the service industry are different from those used in the manufacturing or merchandising industries. D. Select a service industry company of your choice that uses...
Practice Question 03 Which one of the following statements is correct? Process costing systems use periodic...
Practice Question 03 Which one of the following statements is correct? Process costing systems use periodic inventory systems. Process costing systems assign costs to departments or processes for a time period. Companies that produce many different products or services are more likely to use process costing systems. O Production is continuous when a job-order costing is used to ensure that adequate quantities are on hand. Click if you would like to Show Work for this question: Open Show Work Practice...
What is a specific, real life manufacturing company (big or small) that would be a good...
What is a specific, real life manufacturing company (big or small) that would be a good fit for the Process Costing method. Explain why you feel that your company would be a good candidate for Process Costing. Also, describe how you believe the units of product move through the processing department(s) and how direct labor, direct material and manufacturing overhead cost are added in each department (keep in mind that direct labor and material in process costing are traced to...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Practice Question 03 Which one of the following statements is correct? Process costing systems use periodic inventory systems. Process costing systems assign costs to departments or processes for a time period. Companies that produce many different products or services are more likely to use process costing systems. O Production is continuous when a job-order costing is used to ensure that adequate quantities are on hand. Click if you would like to Show Work for this question: Open Show Work Practice...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
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