Homework Answers
Correct answer is Option (C)
Work-in Process - Department A XXX
Work-in Process - Department B XXX
This entry is only under the process costing system. All other entries are Common entries both in the books of Process costing and Job costing system. The transfer is done through the entry where there is not such thing under the Job cost system.
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Which of the following entries would you likely see in the records of a firm using...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
why is it option B? TIF Which of the following journal entries would be used to...
why
is it option B?
TIF Which of the following journal entries would be used to record application of manufacturing overhead to work in process in a process costing system with two processing departments, department A and department B? XXX XXX XXX A) Manufacturing Overhead Work in Process --Department A Work in Process --Department B B) Work in Process-Department Work in Process-Department B Manufacturing Overhead C) Work in Process--Department B Work in Process-Department A Manufacturing Overhead D) Work in Process--Department...
Which of the following journal entries would be used to record application of manufacturing overhead to...
Which of the following journal entries would be used to record application of manufacturing overhead to work in process in a process costing system with two processing departments, Department A and Department B? A) Manufacturing Overhead Work in Process-Department A Work in Process-Department B xXX B) Work in Process Department A Work In Process-Department B Manufacturing Overhead C) Work in Process-Department B Work in Process-Department A Manufacturing Overhead D) Work In Process-Dcpartment A Work in Process-Department B Manufacturing Overhead XxX...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
1. Which of the following products would have its costs accumulated using a process costing system?...
1. Which of the following products would have its costs accumulated using a process costing system? A. Airplanes B. Luxury yachts C. Dinner at a restaurant D. Fishing supplies 2. Which of the following companies would use a job costing system? A Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3 Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A...
28 Which of the following are the two main types of cost accounting systems for manufacturing...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
Complete the following journal entries to show the flow of goods and costs through relative accounts...
Complete the following journal entries to show the flow of goods and costs through relative accounts in the process costing system. You will use each of the following accounts at least once: Work in Process, Raw Materials, Wages Payable, Manufacturing Overhead, Finished Goods XX/XX/2019 a. $XX.XX b. $XX.XX Record raw materials into WIP XX/XX/2019 c. $XX.XX d. $XX.XX Record/apply labor costs XX/XX/2019 e. $XX.XX f. $XX.XX Record/apply manufacturing overhead XX/XX/2019 g. $XX.XX h. $XX.XX Transfer of WIP into finished goods
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor urs. At the beginning of the year, the company estimated that total manufacturing ove d costs would be $300,000 and that 20,000 direct labor hours would be w vear-end, Anthony, the company's founder and CEO give hy s founder and CEO, gives you...
Which of the following journal entries would be used to record direct labor costs in a...
Which of the following journal entries would be used to record direct labor costs in a company having two processing departments (Department A and Department B)? Multiple Choice Work in Process-Department XXX A Work in Process-Department XXX B Salaries and Wages Payable XXX Salaries and Wages Expense XXX Salaries and Wages Payable XXX xxx Work in Process Salaries and Wages Payable XXX Salaries and Wages Payable xxx Work in Process XXX We were unable to transcribe this image
Explanation not necessary In a process cost system, factory depreciation expense incurred is debited to A...
Explanation not necessary In a process cost system, factory depreciation expense incurred is debited to A work in process inventory B. manufacturing overhead C. finished goods inventory D. cost of goods sold A process costing system is most likely used by which of the following? A a hospital B. a paper manufacturing company C. airplane manufacturing D. an accounting firm specializing in tax returns Which of the following is the step in which materials, labor, and overhead are detailed? A....
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
why
is it option B?
TIF Which of the following journal entries would be used to record application of manufacturing overhead to work in process in a process costing system with two processing departments, department A and department B? XXX XXX XXX A) Manufacturing Overhead Work in Process --Department A Work in Process --Department B B) Work in Process-Department Work in Process-Department B Manufacturing Overhead C) Work in Process--Department B Work in Process-Department A Manufacturing Overhead D) Work in Process--Department...
Which of the following journal entries would be used to record application of manufacturing overhead to work in process in a process costing system with two processing departments, Department A and Department B? A) Manufacturing Overhead Work in Process-Department A Work in Process-Department B xXX B) Work in Process Department A Work In Process-Department B Manufacturing Overhead C) Work in Process-Department B Work in Process-Department A Manufacturing Overhead D) Work In Process-Dcpartment A Work in Process-Department B Manufacturing Overhead XxX...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
1. Which of the following products would have its costs accumulated using a process costing system? A. Airplanes B. Luxury yachts C. Dinner at a restaurant D. Fishing supplies 2. Which of the following companies would use a job costing system? A Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3 Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A...
28 Which of the following are the two main types of cost accounting systems for manufacturing operations? a process cost and general accounting systems b. job order cost and process cost systems c. job order and general accounting systems d. process cost and replacement cost systems 29. For which of the following businesses would the job order cost system be appropriate a. canned soup processor b. oil refinery c. lumber mill d. hospital 30. For which of the following businesses...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor urs. At the beginning of the year, the company estimated that total manufacturing ove d costs would be $300,000 and that 20,000 direct labor hours would be w vear-end, Anthony, the company's founder and CEO give hy s founder and CEO, gives you...
Which of the following journal entries would be used to record direct labor costs in a company having two processing departments (Department A and Department B)? Multiple Choice Work in Process-Department XXX A Work in Process-Department XXX B Salaries and Wages Payable XXX Salaries and Wages Expense XXX Salaries and Wages Payable XXX xxx Work in Process Salaries and Wages Payable XXX Salaries and Wages Payable xxx Work in Process XXX We were unable to transcribe this image
Explanation not necessary In a process cost system, factory depreciation expense incurred is debited to A work in process inventory B. manufacturing overhead C. finished goods inventory D. cost of goods sold A process costing system is most likely used by which of the following? A a hospital B. a paper manufacturing company C. airplane manufacturing D. an accounting firm specializing in tax returns Which of the following is the step in which materials, labor, and overhead are detailed? A....
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