Question

Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteristics of process costing.

 1. Cost totalled by job or batch.

 2. Unit cost calculated by dividing total job costs by units produced.

 3. Homogeneous products with high volumes. 

 4. Unit cost calculated by dividing total process costs during the period by units produced during that period. 

 5. Distinct products with low volumes. 

 6. Costs added by process or department. 

 7. Used for manufacturing of chemicals, gasoline, microchips, soft drinks, processed food, electricity. 

Answer 1

Required answer is as following

		Answers
1	Cost totaled by job or batch	Job-order Costing
2	Unit cost calculated by dividing total job costs by units produced	Job-order Costing
3	Homogeneous products with high volumes	Process Costing
4	Unit cost calculated by dividing total process costs during the period by units produced during that period	Process Costing
5	Distinct products with low volumes	Job-order Costing
6	Costs added by process of department	Process Costing
7	Used for manufacturing of chemicals, gasoline, microchips, soft drinks, processed food, electricity etc.	Process Costing

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