Homework Answers
Solution:
Process and Job order cost systems are similar in all of the following ways except "both use job order cost cards" as process cost system do not use job order cost card.
Hence option b is correct.
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Process and job order cost systems are similar in all of the following ways except a....
Job order cost sheets accumulate all of the following costs except for: factory overhead applied indirect...
Job order cost sheets accumulate all of the following costs except for: factory overhead applied indirect materials direct labor direct materials
the first step in preparing a cost of production report is The first step in preparing...
the first step in preparing a cost of production report
is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the...
Process cost systems use job order cost cards to accumulate cost data. True False
Process cost systems use job order cost cards to accumulate cost data. True False
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
3. 6. Job order system is similar to process costing system Except: a. Use of job...
3. 6. Job order system is similar to process costing system Except: a. Use of job sheet b. computation of unit cost c. presentation of cost of goods manufactured d. all of the above e. none of the above. 7. The IMA's standard of professional ethics Includes: a. honesty b. competence c. confidentiality d. all of the above e. Only b and above. 8. Direct Materials are essential as: a. Primary element of production b. A part of product cost...
Chapter 3 Cost Accounting Systems: Job Order Costing PROBLEMS-SET A Note: In both problem sets, assume...
Chapter 3 Cost Accounting Systems: Job Order Costing PROBLEMS-SET A Note: In both problem sets, assume perpetual inventory procedures, a single Manufacturing Overhead first in, first-out (FIFO) costing of inventories, and that the Materials Inventory account is the controla for both direct material and indirect material. P3-IA. Determine and Use Overhead Rate Cortez Consulting, Inc., expects the following costs and penses during the coming year: LO3,5 SERVICE AND Direct labor ($9/hr.) .... Sales commissions Overhead S162.000 37,000 144,000 Required Compute...
11. Which one of the following is an important feature of a job order cost system?...
11. Which one of the following is an important feature of a job order cost system? A) Each job must be completed before a new product order is accepted. order cost system B) Each job consists of features which distinguish it from the next. C) Each job uses similar processes to produce. D) Each job has characteristics similar to the next. 12. Into which one of the following accounts would the work of factory employees that can be physically and...
Understand process cost accounting.
Understand process cost accounting. .1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting 4. In a proces cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing cost elements. 6. Both job order conting and process costing...
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...
What kind of firm would use a job order cost system? Which account is used in...
What kind of firm would use a job order cost system? Which account is used in the job order cost sysÂtem to accumulate direct materials, direct labor, and factory overhead applied to production costs for individual jobs? Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. What is (1) overapplied factory overhead and (2) underapplied factory overhead? Cite and give credit to the author that you are citing
Job order cost sheets accumulate all of the following costs except for: factory overhead applied indirect materials direct labor direct materials
the first step in preparing a cost of production report
is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
3. 6. Job order system is similar to process costing system Except: a. Use of job sheet b. computation of unit cost c. presentation of cost of goods manufactured d. all of the above e. none of the above. 7. The IMA's standard of professional ethics Includes: a. honesty b. competence c. confidentiality d. all of the above e. Only b and above. 8. Direct Materials are essential as: a. Primary element of production b. A part of product cost...
Chapter 3 Cost Accounting Systems: Job Order Costing PROBLEMS-SET A Note: In both problem sets, assume perpetual inventory procedures, a single Manufacturing Overhead first in, first-out (FIFO) costing of inventories, and that the Materials Inventory account is the controla for both direct material and indirect material. P3-IA. Determine and Use Overhead Rate Cortez Consulting, Inc., expects the following costs and penses during the coming year: LO3,5 SERVICE AND Direct labor ($9/hr.) .... Sales commissions Overhead S162.000 37,000 144,000 Required Compute...
11. Which one of the following is an important feature of a job order cost system? A) Each job must be completed before a new product order is accepted. order cost system B) Each job consists of features which distinguish it from the next. C) Each job uses similar processes to produce. D) Each job has characteristics similar to the next. 12. Into which one of the following accounts would the work of factory employees that can be physically and...
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...
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