Choose from the following list the ones that are characteristics of job-order costing and the ones...
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. |
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| 2. | Unit cost calculated by dividing total job costs by units produced. |
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| 3. | Homogeneous products with high volumes. |
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| 4. | Unit cost calculated by dividing total process costs during the period by units produced during that period. |
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| 5. | Distinct products with low volumes. |
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| 6. | Costs added by process or department. |
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| 7. | Used for manufacturing of chemicals, gasoline, microchips, soft drinks, processed food, electricity. |
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Process CostingJob-order CostingHomework Answers
| 1 | Cost totalled 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 or department. | Process Costing |
| 7 | Used for manufacturing of chemicals, gasoline, microchips, soft drinks, processed food, electricity. | Process Costing |
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Choose from the following list the ones that are characteristics
of job-order costing and the ones...
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteristics of process costing.
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...
Choose from the following list the ones that are characteristics of job-order costing and the ones that are characteris...
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...
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...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement...
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false 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 process cost system, costs are tracked by...
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...
Which one of the following correctly describes job-order costing? They have distinguishing characteristics. A series of...
Which one of the following correctly describes job-order
costing?
They have distinguishing characteristics.
A series of connected manufacturing processes is necessary.
Homogeneous goods are being produced.
Large batches are produced.
Equivalent units of production are calculated because O A. sometimes departments switch from job order costing...
Equivalent units of production are calculated because O A. sometimes departments switch from job order costing to process costing, and must recalculate units. O B. some units in ending work-in-process are incomplete at the end of the period O C. the equivalent cost per unit is used to determine the manufacturing overhead rate. D. the number of equivalent units must always equal the total number of physical units
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...
Which of the following statements is false regarding job-order costing?
Which of the following statements is false regarding job-order costing? Multiple Choice It is used for manufacturing companies, but not service companies. It can be used to calculate a job's unit product cost. It accumulates each job's costs on a job cost sheet. It is used in situations where many different products, each with unique features, are produced each period.In the Excel, or spreadsheet, approach to recording financial transactions, cash paid to creditors is recorded as a decrease in the Cash column and as a...
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...
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...
Which one of the following correctly describes job-order
costing?
They have distinguishing characteristics.
A series of connected manufacturing processes is necessary.
Homogeneous goods are being produced.
Large batches are produced.
Equivalent units of production are calculated because O A. sometimes departments switch from job order costing to process costing, and must recalculate units. O B. some units in ending work-in-process are incomplete at the end of the period O C. the equivalent cost per unit is used to determine the manufacturing overhead rate. D. the number of equivalent units must always equal the total number of physical units
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...
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...
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