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Option C Process costing is a costing methodology used when a large number of homogeneous products are to be produced. It involves multiple production processes where the output of one department becomes input of the other. Job order costing is used when the product or service that has to be delivered is unique. |
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Firms should use a process costing system when they produce products that: Multiple Choice Pass through...
How is mass production achieved in process costing system? Multiple Choice By allowing many customer modifications...
How is mass production achieved in process costing system? Multiple Choice By allowing many customer modifications to products. By heavy use of machinery in the production process. By utilizing many assembly workers. By minimizing the use of raw materials. By tracking costs by job. Which of the following products are most likely to be produced in a process costing system? Multiple Choice Airplanes. Unique jewelry. Computer chips. Ships. ㅇ O Houses. In a process costing system, production costs are accumulated...
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.
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.
Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three...
Select the incorrect statement regarding cost flows through a process cost system. Multiple Choice The three inventory accounts used are maintained on a perpetual basis. The process cost system is patterned after the physical flow of products as they move through the production process. Product costs are accumulated separately by job. A separate work in process account is maintained for each department or process.
Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain...
Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain what type of manufacturing company would choose to use a Process costing system.
When are companies likely to use a job costing system or process costing system? Describe the...
When are companies likely to use a job costing system or process costing system? Describe the specific characteristics of each system and provide at least 2 examples from companies in your community for each system (at least 4 companies should be described).
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products...
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products costing $920 and sold them on account to XYZ Corporation for $1,315. What is the journal entry that ABC Company should make to record the sale? Multiple Choice Cost of Goods Sold Sales SU315 $1315 SUS Accounts Receivable Sales Finished Goods inventory $395 $920 $0315 Accounts Receivable Sales Cost of Goods Sold Finished Goods Inventory SLOS $920 $920 Direct Materials 68,000 Conversion 68,000 Equivalent...
1.) When there is a standard batch size for production activity: Multiple Choice: (A) A modification...
1.) When there is a standard batch size for production activity: Multiple Choice: (A) A modification of the traditional approach to constructing the flexible budget for control purposes allows for a more detailed analysis of batch-related overhead costs. (B) It is not possible to construct a flexible budget for cost-control purposes. (C.) Standard cost variances for only the variable portion of batch-related manufacturing overhead costs can be calculated. (D) The variable portion of the total flexible-budget variance for batch-related costs...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice O Houses O Airplanes. O Food products. O Motorcycles Machinery Saved A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice LO Payroll Register. Job cost sheet O Invoice O Time ticket. Receiving report. Seved Some companies wait until the end of a month to allocate Factory Overhead. However, most companies allocate...
You are working on a manufacturing process that should produce products that have a diameter of...
You are working on a manufacturing process that should produce products that have a diameter of 3/4 of an inch. You take a random sample of 35 products and find the diameter to be 13/16 of an inch with a standard deviation of 5/32 of an inch. 2. Considering a 5% level of significance, what can you state statistically about the process? Use the same null and alternative hypotheses as you did in question 1 but this time use the...
How is mass production achieved in process costing system? Multiple Choice By allowing many customer modifications to products. By heavy use of machinery in the production process. By utilizing many assembly workers. By minimizing the use of raw materials. By tracking costs by job. Which of the following products are most likely to be produced in a process costing system? Multiple Choice Airplanes. Unique jewelry. Computer chips. Ships. ㅇ O Houses. In a process costing system, production costs are accumulated...
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.
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.
Help Save & Exit Submit ABC Company uses a process costing system. The company manufactured products costing $920 and sold them on account to XYZ Corporation for $1,315. What is the journal entry that ABC Company should make to record the sale? Multiple Choice Cost of Goods Sold Sales SU315 $1315 SUS Accounts Receivable Sales Finished Goods inventory $395 $920 $0315 Accounts Receivable Sales Cost of Goods Sold Finished Goods Inventory SLOS $920 $920 Direct Materials 68,000 Conversion 68,000 Equivalent...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice O Houses O Airplanes. O Food products. O Motorcycles Machinery Saved A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice LO Payroll Register. Job cost sheet O Invoice O Time ticket. Receiving report. Seved Some companies wait until the end of a month to allocate Factory Overhead. However, most companies allocate...
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