Theory question about Job-order Costing: Is the cost of a job related to the price charged?...
Theory question about Job-order Costing: Is the cost of a job related to the price charged? Explain.
Homework Answers
No, the cost of a job is not related to the price charged. As, many organisation are established to earn profit. The price charges should always be more because the cost for a job is an expense as, we should pay it so if cost or expense is less than price charges, company can make a profit.
We all know
Profit=Sales-cost
According to job costing the costs are colllected and accumulated according ot jobs or work order.each job or unit is treated separartely.job ocosting is carried out fot the purpose of ascertaining COST of each job and takes into account the cost of materials, labour and overhead ,etc.
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Theory question about Job-order Costing: Is the cost of a job
related to the price charged?...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
Source Documents and Cost Flows in Job-Order Costing In job-order costing, the individual costs of each...
Source Documents and Cost Flows in Job-Order Costing In job-order costing, the individual costs of each job must be kept track of separately. The costs of each job are kept track of on a job-order cost sheet. The job-order cost sheets are subsidiary records to the account. Each job order cost sheet includes the unique name assigned to the job (e.g., Smith House for a construction firm, or 2014-001 for the first job of 2014 for a custom framing shop)....
Question 41 Job order costing and process costing are a. cost flow systems b. inventory tracking...
Question 41 Job order costing and process costing are a. cost flow systems b. inventory tracking systems O c. pricing systems O d. cost accounting systems Moving to the next question prevents changes to this
King Tool is a machine shop that uses job order costing. Overhead is applied to individual...
King Tool is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The following is a job cost sheet for job no. 321. JOB COST SHEET JOB NUMBER: 321 DATE STARTED: May 10 PRODUCT: 2" Brass Check Valves DATE COMPLETED: May 21 UNITS COMPLETEDI 5.000 Direct materials used $ 7.100 Direct labor 1,500 Manufacturing overhead applied 2,800 Total cost of Job no. 321 $11,400 Unit cost...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
Job order costing accumulates and records costs by job and assists managers in evaluating actual and...
Job order costing accumulates and records costs by job and assists managers in evaluating actual and expected costs related to direct materials, direct labor, and factory overhead costs. Select a company that would employ a job order costing system. Research the company and discuss why a job order costing system is the 'correct' fit for that organization. Discuss a product the company sells and discuss what direct and indirect costs would be included on the job cost sheet.
Job order costing accumulates and records costs by job and assists managers in evaluating actual and...
Job order costing accumulates and records costs by job and assists managers in evaluating actual and expected costs related to direct materials, direct labor, and factory overhead costs. Select a company that would employ a job order costing system. Research the company and discuss why a job order costing system is the 'correct' fit for that organization. Discuss a product the company sells and discuss what direct and indirect costs would be included on the job cost sheet.
QUESTION 2 Juara Bhd operates a job-order costing system and app of direct labor cost. Its...
QUESTION 2 Juara Bhd operates a job-order costing system and app of direct labor cost. Its predetermined o estimated RM189,000 manufacturing overh RM126,000 direct labor cost. The company has provide ates a job-order costing system and applies overhead cost to jobs on the basis of cost. Its predetermined overhead rate was based on a cost formula that ,000 manufacturing overhead cost for an estimated allocation base of et labor cost. The company has provided the following data for the year:...
Job Order Costing To keep records of the actual cost of a special order job, a...
Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,200...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
Source Documents and Cost Flows in Job-Order Costing In job-order costing, the individual costs of each job must be kept track of separately. The costs of each job are kept track of on a job-order cost sheet. The job-order cost sheets are subsidiary records to the account. Each job order cost sheet includes the unique name assigned to the job (e.g., Smith House for a construction firm, or 2014-001 for the first job of 2014 for a custom framing shop)....
Question 41 Job order costing and process costing are a. cost flow systems b. inventory tracking systems O c. pricing systems O d. cost accounting systems Moving to the next question prevents changes to this
King Tool is a machine shop that uses job order costing. Overhead is applied to individual jobs at a predetermined rate based on direct labor costs. The following is a job cost sheet for job no. 321. JOB COST SHEET JOB NUMBER: 321 DATE STARTED: May 10 PRODUCT: 2" Brass Check Valves DATE COMPLETED: May 21 UNITS COMPLETEDI 5.000 Direct materials used $ 7.100 Direct labor 1,500 Manufacturing overhead applied 2,800 Total cost of Job no. 321 $11,400 Unit cost...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
QUESTION 2 Juara Bhd operates a job-order costing system and app of direct labor cost. Its predetermined o estimated RM189,000 manufacturing overh RM126,000 direct labor cost. The company has provide ates a job-order costing system and applies overhead cost to jobs on the basis of cost. Its predetermined overhead rate was based on a cost formula that ,000 manufacturing overhead cost for an estimated allocation base of et labor cost. The company has provided the following data for the year:...
Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,200...
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