Homework Answers
The answers are as follows-
1. Process costing
2. Both
3. Job order costing
4. Process costing
5. Both
Add Answer to:
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
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...
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...
S18-1 (book/static) Identify each costing system characteristic as job order costing or process costing. a b....
S18-1 (book/static) Identify each costing system characteristic as job order costing or process costing. a b. C. d. One Work-in-Process Inventory account Production cost reports Cost accumulated by process Job cost sheets
Which of the following is not a characteristic of a job order costing system? a. It...
Which of the following is not a characteristic of a job order costing system? a. It provides a separate record for the cost of each quantity of product that passes through the factory. b. It accumulates cost for each department within the factory. c. It uses only one work in process account d. It is best suited for industries that manufacture custom goods.
Problem for Job Order Costing Tiny Homes uses a job costing system to account for the...
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System....
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...
Match the following terms to the statements shown below. Use capital letters for your answers. Each...
Match the following terms to the statements shown below. Use capital letters for your answers. Each term can only be used once. Activity-based costing F. Manufacturing costs Cost driver G. Overapplied overhead Direct labor H. Period costs Full cost I. Process costing system Job cost sheet J. Selling costs ______ 1. The costs associated with securing and filling customers orders. ______ 2. Required under GAAP for valuing inventory on the balance sheet. ______ 3. Assigns overhead costs to products using...
Knowledge Check 01 When the production process is complete in process costing, the completed goods and...
Knowledge Check 01 When the production process is complete in process costing, the completed goods and the accumulated costs are transferred across departments using a journal entry that includes the following: O A debit to the Finished Goods Inventory account and a credit to the Work in Process account for the first department in the series of processes. O A debit to the Finished Goods Inventory account and a credit to the Work in Process account for the final department...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 77,500 $ 32,800 $ 34,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.75 per direct labor-hour was based on a cost formula that estimated $510,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process...
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours, multiplied by the budgeted direct-labor rate.) Budgeted totals for 20x2 for...
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...
S18-1 (book/static) Identify each costing system characteristic as job order costing or process costing. a b. C. d. One Work-in-Process Inventory account Production cost reports Cost accumulated by process Job cost sheets
Which of the following is not a characteristic of a job order costing system? a. It provides a separate record for the cost of each quantity of product that passes through the factory. b. It accumulates cost for each department within the factory. c. It uses only one work in process account d. It is best suited for industries that manufacture custom goods.
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...
Knowledge Check 01 When the production process is complete in process costing, the completed goods and the accumulated costs are transferred across departments using a journal entry that includes the following: O A debit to the Finished Goods Inventory account and a credit to the Work in Process account for the first department in the series of processes. O A debit to the Finished Goods Inventory account and a credit to the Work in Process account for the final department...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 77,500 $ 32,800 $ 34,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.75 per direct labor-hour was based on a cost formula that estimated $510,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Most questions answered within 3 hours.
-
2) You are given the task of finding a representation for a
circle in a drawing...
asked 49 minutes ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 40 minutes ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 1 hour ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 3 hours ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 3 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 4 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 6 hours ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 8 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 8 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 8 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 8 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 8 hours ago