Homework Answers
Ans1 _ C) because a process costing system is used by companies that produce similar or identical units of product in batches employing a consistent process.
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Which of the following companies is most likely to use process costing? A) Crimpson Color, 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 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...
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...
True or false erlap 1. A movie production company would likely use a job costing system...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
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...
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...
Chapter 3 discusses job costing. Which type of company listed below would most likely use job...
Chapter 3 discusses job costing. Which type of company listed below would most likely use job costing. A. manufacture of fiber optic cable B .cereal manufacturer C .oil refinery D. home builder When is the predetermined manufacturing overhead rate calculated and what is it used for? A.beginning of the year; to allocate manufacturing overhead to a job during the year B.end of the year; to allocate direct materials, direct labor, and manufacturing overhead to a job during the year C.end...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
1. Which of the following statements is true? A. A process costing system will have a...
1. Which of the following statements is true? A. A process costing system will have a single work in process account B. A process costing system will have a separate raw materials account for each of the major processes. C. A process costing system will have a separate work in process account for each of the major processes 2. The journal entry to record the actual Manufacturing Overhead incurred includes A. a debit to Manufacturing Overhead B. a debit to...
Wyle Company uses the weighted-average method in its process costing system. The following information was available...
Wyle Company uses the weighted-average method in its process costing system. The following information was available for one of its processing departments: • The beginning work in process inventory consisted of 16,000 units, which were 75% complete with respect to conversion costs. • The department converted the equivalent of 59,000 units of production during the current month. • A total of 50,000 units were completed and transferred out of that department during the current month. • The ending work in...
Under process costing, which manufacturing costs are assigned to the product as it moves from one...
Under process costing, which manufacturing costs are assigned to the product as it moves from one manufacturing process to the next? a. Direct materials, direct labor, and conversion costs b. Direct materials, indirect materials, and manufacturing overhead c. Direct materials, direct labor, and manufacturing overhead d. Direct materials, direct labor, and indirect labor
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...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
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...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
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