Under what conditions would it be appropriate to use a process costing system? Please help me...
Under what conditions would it be appropriate to use a process costing system? Please help me understand with a detailed reasoning to support.
Homework Answers
ANSWER
Process Costing System used in those organisation where Raw material is passed through number of processes.
Here In First Process Output is the Second process input and Second process output is the input of Third process this process of output input continues until the finished goods is not produced.
Here is List of some industry which uses Process Costing System
1-Paper
2-Steel
3-Cloth
4-Crude Oil
5-Refinery
6-Wine
Lets take a example of Wine industry where process inculdes harvesting,crushing and pressing grapes, fermentation,aging,bottling,labeling and shipping here in this industry we can take grapes as a Raw Material and these process are linked with the working on grapes.
We can conclude that the industries which works on Similar Raw material throught the processes will be appopriate for those industry to adopt a Processing Costing System.
Add Answer to:
Under what conditions would it be appropriate to use a
process costing system? Please help me...
Under what conditions would it be appropriate to use a process costing system? Provide detailed in-depth...
Under what conditions would it be appropriate to use a process costing system? Provide detailed in-depth support.
In what ways are job-order and process costing similar? How do they differ? Under what conditions...
In what ways are job-order and process costing similar? How do they differ? Under what conditions would it be more appropriate to use a job-order costing system? Under what conditions would it be more appropriate to use a process costing system?
Questions: 1. Under what conditions would it be appropriate to use a process costing system? 2....
Questions: 1. Under what conditions would it be appropriate to use a process costing system? 2. Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? 3. What is meant by the term "equivalent units for production" when the weighted average method is used? Problem: Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department....
please answer each question induvidually thanks 4-1 Under what conditions would it be appropriate to use...
please answer each question induvidually thanks
4-1 Under what conditions would it be appropriate to use a process costing system? 4- In what ways are job-order and process costing similar? 4-3 Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? 4-4 How many Work in Process accounts are maintained in a company that uses process costing? 4-5 Assume that a company has two processing departments-Mixing followed by Firing. Prepare a journal...
Identify a manufacturing company for which process costing would be an appropriate product-costin...
Identify a manufacturing company for which process costing would be an appropriate product-costing system. What characteristics do the products of this company have that would make process costing a good choice? Try to locate the financial statements of a manufacturer you admire for this information. You can usually find these under the “investor” section of a company’s website. The notes to the MD&A analysis might help as well as the notes to the financial statements.
What manufacturing method does Tootsie roll use and Why? ( job-order-costing, process costing, and hybrid costing)Under...
What manufacturing method does Tootsie roll use and Why? ( job-order-costing, process costing, and hybrid costing)Under what circumstances would they use another costing method?
Think of a business or organization that would use process costing. What type of waste are...
Think of a business or organization that would use process costing. What type of waste are likely to be generated during the manufacturing process? Are there ways to avoid this waste or minimize it? How might managerial accounting support the efforts to reduce waste in the production process?
please help me answer this question........ thanks Use the appropriate standard reduction potentials in the appendix...
please help me answer this question........
thanks
Use the appropriate standard reduction potentials in the appendix of your book to determine the equilibrium constant at 205.00 K for the following reaction under acidic conditions. 4H^+(aq)+MnO_2(s)+2Fe^2+(aq) rightarrow Mn^2+(aq)+2Fe^3+(aq)+2H_2O(I) k = 6.19 times 10^53 The equation that relates equilibrium constants with cell potentials is: log k = nFE^0_cell/2.303RT Use this formula, along with the information in the appendix of your book to solve for K.
Under the FIFO perpetual inventory system, given the information below, what would be January's Cost of...
Under the FIFO perpetual
inventory system, given the information below, what would be
January's Cost of Goods Sold
be?
Under the LIFO perpetual inventory system, given the information
below, what would be January's Ending Inventory value?
please help walk me through this. im very confused but i want to
understand. what is the
FIFO perpetual inventory system
or LIFO perpetual inventory system?
Date 1/1 1/5 Description Beginning Inventory Bought Inventory Sold Inventory Bought Inventory Sold Inventory Units Cost per Unit...
Please identify two products, that would use process order costing. Explain why job order would not...
Please identify two products, that would use process order costing. Explain why job order would not be appropriate for them. Identify some of the direct materials, direct labor and overhead costs associated with each of the products. Identify an appropriate activity that could be used for the predetermined overhead rate allocation.
In what ways are job-order and process costing similar? How do they differ? Under what conditions would it be more appropriate to use a job-order costing system? Under what conditions would it be more appropriate to use a process costing system?
Questions: 1. Under what conditions would it be appropriate to use a process costing system? 2. Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? 3. What is meant by the term "equivalent units for production" when the weighted average method is used? Problem: Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department....
please answer each question induvidually thanks
4-1 Under what conditions would it be appropriate to use a process costing system? 4- In what ways are job-order and process costing similar? 4-3 Why is cost accumulation simpler in a process costing system than it is in a job-order costing system? 4-4 How many Work in Process accounts are maintained in a company that uses process costing? 4-5 Assume that a company has two processing departments-Mixing followed by Firing. Prepare a journal...
please help me answer this question........
thanks
Use the appropriate standard reduction potentials in the appendix of your book to determine the equilibrium constant at 205.00 K for the following reaction under acidic conditions. 4H^+(aq)+MnO_2(s)+2Fe^2+(aq) rightarrow Mn^2+(aq)+2Fe^3+(aq)+2H_2O(I) k = 6.19 times 10^53 The equation that relates equilibrium constants with cell potentials is: log k = nFE^0_cell/2.303RT Use this formula, along with the information in the appendix of your book to solve for K.
Under the FIFO perpetual
inventory system, given the information below, what would be
January's Cost of Goods Sold
be?
Under the LIFO perpetual inventory system, given the information
below, what would be January's Ending Inventory value?
please help walk me through this. im very confused but i want to
understand. what is the
FIFO perpetual inventory system
or LIFO perpetual inventory system?
Date 1/1 1/5 Description Beginning Inventory Bought Inventory Sold Inventory Bought Inventory Sold Inventory Units Cost per Unit...
Most questions answered within 3 hours.
-
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 1 hour ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 1 hour ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 1 hour ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 1 hour ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 1 hour ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 1 hour ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 1 hour ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 2 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 2 hours ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 2 hours ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 2 hours ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 2 hours ago