Homework Answers
Answer to Question 2
Meaning of Job Costing
Job Costing is a method of costing which records the costs for a particular job. Job costing assigns costs to a particular product. It is used by the firm when the products produced are not identical in nature. It is used by the business to price different products. It alows the business to assess the profitability of different products/jobs.
So from the meaning of Job Costing it is clear that the answer to question is
Job Costing is
B) Used by business to price unique products for different jobs.
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2. Job costing is A) used by businesses to price identical products B) used by businesses...
4. Job-costing is likely to be used by A) oil refining companies B) advertising agencies C)...
4. Job-costing is likely to be used by A) oil refining companies B) advertising agencies C) Meat packing processors D) breakfast cereal producers
2. Job costing is A) used by businesses to price identical products B) used by businesses...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided...
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided by actual quantity of cost-allocation base B) Budgeted annual indirect costs divided by budgeted annual quantity of cost- allocation base C) Actual annual indirect costs divided by budgeted annual quantity of cost- allocation base D) Actual annual indirect costs divided by actual annual quantity of cost-allocation base
QUESTION 10 The budgeted indirect-cost rate for each cost pool is computed as budgeted annual indirect...
QUESTION 10 The budgeted indirect-cost rate for each cost pool is computed as budgeted annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual quantity of cost allocation base divided by budgeted annual indirect costs actual annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual indirect costs divided by budgeted actual quantity of cost allocation base
Moving to the next question prevents changes to this answer. Question 7 The budgeted indirect-cost rate...
Moving to the next question prevents changes to this answer. Question 7 The budgeted indirect-cost rate for each cost pool is computed as budgeted annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual quantity of cost allocation base divided by budgeted annual indirect costs actual annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual indirect costs divided by budgeted actual quantity of cost allocation base Moving to the next question...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
23) Job costing A) records the flow of costs for each product or service B) cannot...
23) Job costing A) records the flow of costs for each product or service B) cannot be used by the service industry C) allocates an equal amount of cost to each wit made during a time period D) is used when each unit of output is identical Explanation: A) 24) Which of the following are reasons for t r ods such as a year, to calculate indirect cost rates? A) shorter the period, the greater is the influence of seasonal...
True or False 6. An architect is a business which is likely to use job costing....
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
Job costing, normal and actual costing. Atkinson Construction assembles residential houses
Job costing, normal and actual costing. Atkinson Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base for assembly support costs. In December 2016, Atkinson budgets 2017 assembly-support costs to be $ 8,800,000 and 2017 direct labor-hours to be 220,000.At the end of 2017, Atkinson is comparing the costs of several jobs that were started and completed in 2017 .Laguna...
Activity-based job-costing system. Henriksen AS manufactures and sells packaging machines. It recently used an activity-based approach...
Activity-based job-costing system. Henriksen AS manufactures and sells packaging machines. It recently used an activity-based approach to refine the job-costing system at its Vejle plant. The resulting job-costing system has one direct-cost category (direct materials) and four indirect manufacturing cost pools. These four indirect- cost pools and their allocation bases were chosen by a team of product designers, manufacturing personnel and marketing personnel: Cost-allocation base Indirect manufacturing cost pool Budgeted cost- allocation rate 1. Materials handling 2. Machining 3. Assembly...
4. Job-costing is likely to be used by A) oil refining companies B) advertising agencies C) Meat packing processors D) breakfast cereal producers
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed
5. The formula for the predetermined indirect cost rate is: A) Budgeted annual indirect costs divided by actual quantity of cost-allocation base B) Budgeted annual indirect costs divided by budgeted annual quantity of cost- allocation base C) Actual annual indirect costs divided by budgeted annual quantity of cost- allocation base D) Actual annual indirect costs divided by actual annual quantity of cost-allocation base
QUESTION 10 The budgeted indirect-cost rate for each cost pool is computed as budgeted annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual quantity of cost allocation base divided by budgeted annual indirect costs actual annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual indirect costs divided by budgeted actual quantity of cost allocation base
Moving to the next question prevents changes to this answer. Question 7 The budgeted indirect-cost rate for each cost pool is computed as budgeted annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual quantity of cost allocation base divided by budgeted annual indirect costs actual annual indirect costs divided by budgeted annual quantity of cost allocation base budgeted annual indirect costs divided by budgeted actual quantity of cost allocation base Moving to the next question...
M2-3 (Static) Matching Terms in Job Order Costing (LO2-1, 2-2, 2-3, 2-4, 2-5) Match each term on the left with the best definition on the right. Note: Not all definitions will be used a. A detailed record of costs incurred to complete a specific job b. A source document that shows how a worker spent time each week. c. An accounting system used by companies to make standardized or homogeneous products or services d. An accounting system used by companies...
23) Job costing A) records the flow of costs for each product or service B) cannot be used by the service industry C) allocates an equal amount of cost to each wit made during a time period D) is used when each unit of output is identical Explanation: A) 24) Which of the following are reasons for t r ods such as a year, to calculate indirect cost rates? A) shorter the period, the greater is the influence of seasonal...
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
Activity-based job-costing system. Henriksen AS manufactures and sells packaging machines. It recently used an activity-based approach to refine the job-costing system at its Vejle plant. The resulting job-costing system has one direct-cost category (direct materials) and four indirect manufacturing cost pools. These four indirect- cost pools and their allocation bases were chosen by a team of product designers, manufacturing personnel and marketing personnel: Cost-allocation base Indirect manufacturing cost pool Budgeted cost- allocation rate 1. Materials handling 2. Machining 3. Assembly...
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