Homework Answers
5.a
5.
b
On above answer "Job means Job costing, Product means product costing and process means process costing"
Add Answer to:
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems....
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
E Ch 2 Note Sheet FAIpQLSdoJrPjQkIkZYq4VTGArZftYP6mcj3WJSQUPh8c6pxnispCbQ/viewform When would job order costing be an appropriate systems to...
E Ch 2 Note Sheet FAIpQLSdoJrPjQkIkZYq4VTGArZftYP6mcj3WJSQUPh8c6pxnispCbQ/viewform When would job order costing be an appropriate systems to use? What types of products might these companies make? * points Your answer What items are tracked on a job cost sheet. (Note: The job cost sheets are the subsidiary ledger or detail for the job in process or finished.) * 1 point O Raw Materials Inventory Direct Materials Work in Process Inventory O Direct Labor Overhead When materials are requisitioned from the Raw...
Which of the following is not a difference between job order costing system and process costing...
Which of the following is not a difference between job order costing system and process costing system? The documents used to record costs The number of work in process accounts used none of the above The number of raw material accounts used Work in process inventory equation
Week 5 Job Costing The Fine Manufacturing Company uses job order costing system. The company uses...
Week 5 Job Costing The Fine Manufacturing Company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2019, the company estimated that 150,000 machine hours would be worked and $900,000 overhead cost would be incurred during 2012. The balances of raw materials, work in process (WIP), and finished goods at the beginning of 2012 were as follows: Raw materials: $40,000 Work in process: $30,000 Finished goods: $60,000 The Fine...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the issuance of materials to production is: Multiple Choice Debit Raw Materials Inventory $195,000; credit Accounts Payable $195,000. Debit Work...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the išsuance of materials to production is: Multiple Choice Debit Work in Process Inventory $195,000; credit Row Materials Inventory $195,000....
Alam Company is a manufacturing firm that uses job-order costing. At the beginning of the year,...
Alam Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials $ 24,300 Work in process $ 73,300 Finished goods $ 27,300 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 45,300 machine-hours and incur $181,200 in manufacturing overhead cost. The following transactions were recorded for the...
Alam Company is a manufacturing firm that uses job-order costing. At the beginning of the year,...
Alam Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials $ 24,300 Work in process $ 73,300 Finished goods $ 27,300 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 45,300 machine-hours and incur $181,200 in manufacturing overhead cost. The following transactions were recorded for the...
Eagle Inc. uses a job-order costing system. The company’s inventory balances on April 1, the start of its fiscal year, were as follows: Raw Materials Inventory $469,325 Work in Process Inventory...
Eagle Inc. uses a job-order costing system. The company’s inventory balances on April 1, the start of its fiscal year, were as follows: Raw Materials Inventory $469,325 Work in Process Inventory $255,100 Finished Goods Inventory $181,256 During the year, the following transactions were completed: Raw materials were purchased on account, $267,345. Raw materials were issued from the storeroom for use in production, $238,000 (40% indirect and 60% direct). Employee salaries and wages were accrued as follows: direct labor, $229,600; indirect...
JOB-ORDER COSTING AND PROCESS COSTING SYSTEMS 14.B2 Basic Process Costing Hassan Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: Direct materials added Conversion costs $1,750,000 Direct labor $550,000 37.500 Factory overhead 687.500 Assembly costs to account for $2,437,500 For simplicity, assume that this is a two-department company, assembly and finishing. There was no beginning work in process. Suppose 700,000 units were started in the assembly department. There were 400,000 units...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
E Ch 2 Note Sheet FAIpQLSdoJrPjQkIkZYq4VTGArZftYP6mcj3WJSQUPh8c6pxnispCbQ/viewform When would job order costing be an appropriate systems to use? What types of products might these companies make? * points Your answer What items are tracked on a job cost sheet. (Note: The job cost sheets are the subsidiary ledger or detail for the job in process or finished.) * 1 point O Raw Materials Inventory Direct Materials Work in Process Inventory O Direct Labor Overhead When materials are requisitioned from the Raw...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the išsuance of materials to production is: Multiple Choice Debit Work in Process Inventory $195,000; credit Row Materials Inventory $195,000....
Most questions answered within 3 hours.
-
Are adult gamers less likely to use a gaming console (Xbox,
PlayStation, Wii, etc...) than teen...
asked 47 minutes ago -
The University of
Texas recently reported that 43% of college students aged 18-24
would spend their...
asked 58 minutes ago -
The length of stay at a specific emergency department in
Phoenix, Arizona, in 2009 had a...
asked 14 minutes ago -
. Please give the mechanism for this type of problem. Step by
Step
The toxin that...
asked 17 minutes ago -
If you have a 1M stock solution and you want to dilute 1 :10
with water,...
asked 19 minutes ago -
In a load instruction, the effective address is obtained by
A) Retriving the address from a...
asked 19 minutes ago -
Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions)...
asked 20 minutes ago -
A mutual fund salesperson has arranged to call on four people
tomorrow. Based on past experience...
asked 54 minutes ago -
Let the RV Y has the pdf
f ( y ) = 6 y ( 1...
asked 1 hour ago -
Question 12
Where should a copy of a private key should be placed so it is...
asked 22 minutes ago -
What is the entropy change to the surroundings when 1 mol of ice
melts in someone's...
asked 42 minutes ago -
Pt1
An electrochemical cell is set up at 25°C based on the overall
reaction represented by...
asked 48 minutes ago