Homework Answers
Answer : the Flow of Costs through the Accounts
Job order costing and the Process costing systems are diffient on the basis of Production systems that adopted but they are similar on the accounting procedure they have. both the methods start with the recording the direct material, labor and the manufacturing overeheads and trafer the cost to the work in process accounts.
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Practice Question 03 Which one of the following is considered a basic similarity between job order...
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...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
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 letter from the list below that corresponds with the characteristic that best explains each item in the table. LOADING... (Click the icon to view the list of characteristics.) a. Direct materials and conversion costs b. Direct materials and conversion costs are assigned to each manufacturing process. Then these costs are accumulated in separate WIP accountslong dash—one for each manufacturing process. As...
Which of the following represents the two basic types of cost accounting systems? Job order and...
Which of the following represents the two basic types of cost accounting systems? Job order and process cost systems Process cost and batch systems Job order and batch systems Job order and job accumulation systems
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...
answer them ASAP please StthacS Practice Question 24 In order to achieve the most accurate costing,...
answer them ASAP please
StthacS Practice Question 24 In order to achieve the most accurate costing, the cost driver chosen for a given activity must show a 15-17 between the cost driver and the actual consumption of overhead costs. on 03 an05 6-5 n 02 reasonable relationship high degree of comelation n 13 n 16 moderate connection O low degree of correlation rot 23 Ca4- What is the primary benefit of activity-based costing? The cost of implementation O Arbitrary allocations...
Exercise 15-03 A job order cost sheet for Ryan Company is shown below. Job No. 92...
Exercise 15-03 A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beqbal 7,000 4,900 7,000 7,000 10,000 7,500 2,500 5,000 3,750 16,150 16,500 22,000 $16,500 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost (554,650 + 2,000) 22,000 16,150 $54,650 $27.33 (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work...
MENT RESOURCES Exercise 15-03 A job order cost sheet for Ryan Company is shown below. se...
MENT RESOURCES Exercise 15-03 A job order cost sheet for Ryan Company is shown below. se 15-03 m 15-01A m 15-04A For 2,000 Units Job No. 92 Manufacturing Overhead Direct Labor Direct Materials Date Score Beg. bal. Jan. 1 Results by Study we 4,200 5.300 6,000 6,000 5,600 7,000 12 2,500 25 3,200 13,000 4,000 27 17,000 13,800 Cost of completed job: $13,800 Direct materials 17,000 Direct labor 13,000 Manufacturing overhead $43,800 Total cost $21.90 Unit cost (S43,800 - 2,000)...
Exercise 20-04 Manufacturing cost data for Pharoah Company, which uses a job order cost system, are...
Exercise 20-04 Manufacturing cost data for Pharoah Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Direct materials used (a) $92,500 54,000 143,200 Direct labor Manufacturing overhead...
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...
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...
Which of the following statements regarding job-order costing and process costing is FALSE? Multiple Choice Job-order costing uses manufacturing overhead; process costing does not apply manufacturing overhead. Both systems have the same basic purposes-assigning costs to products. The flow of costs through the manufacturing accounts is basically the same. Both systems use the same basic manufacturing accounts.
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...
answer them ASAP please
StthacS Practice Question 24 In order to achieve the most accurate costing, the cost driver chosen for a given activity must show a 15-17 between the cost driver and the actual consumption of overhead costs. on 03 an05 6-5 n 02 reasonable relationship high degree of comelation n 13 n 16 moderate connection O low degree of correlation rot 23 Ca4- What is the primary benefit of activity-based costing? The cost of implementation O Arbitrary allocations...
Exercise 15-03 A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beqbal 7,000 4,900 7,000 7,000 10,000 7,500 2,500 5,000 3,750 16,150 16,500 22,000 $16,500 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost (554,650 + 2,000) 22,000 16,150 $54,650 $27.33 (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work...
MENT RESOURCES Exercise 15-03 A job order cost sheet for Ryan Company is shown below. se 15-03 m 15-01A m 15-04A For 2,000 Units Job No. 92 Manufacturing Overhead Direct Labor Direct Materials Date Score Beg. bal. Jan. 1 Results by Study we 4,200 5.300 6,000 6,000 5,600 7,000 12 2,500 25 3,200 13,000 4,000 27 17,000 13,800 Cost of completed job: $13,800 Direct materials 17,000 Direct labor 13,000 Manufacturing overhead $43,800 Total cost $21.90 Unit cost (S43,800 - 2,000)...
Exercise 20-04 Manufacturing cost data for Pharoah Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Direct materials used (a) $92,500 54,000 143,200 Direct labor Manufacturing overhead...
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