Homework Answers
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Job order costing : Job order costing has to be preferred by the companies whose products or services are unique i.e different from each other. Costs for each job are calculated and recorded separately. Examples : Law firms, custom furniture makers, hospitals. |
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Process costing : Process costing is used when a large number of homogeneous (similar) products are to be produced. Examples : Cookie manufacturing, soap making. |
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Week Four - Some companies are more suited to job order costing and others to process...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
Process costing rather than job order costing is more appropriate for service companies. O O True...
Process costing rather than job order costing is more appropriate for service companies. O O True False
Explain in your own words what Job Costing and Process Costing are. Why do we have...
Explain in your own words what Job Costing and Process Costing are. Why do we have any costing systems at all? What is your plain language definition of Job Costing and Process Costing? How are they different? How are they the same? Give two real-life examples of actual products that are likely costed using job costing and give two examples of actual products that likely use process costing. How would a marketing professional or a non-accountant manager benefit from knowing...
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.
Please comment on the sentences. Some types of jobs require more training than others. Some companies...
Please comment on the sentences. Some types of jobs require more training than others. Some companies provide thorough training, others provide limited training with the expectation that the employees will learn while on the job. Thank you.
Why is process costing needed in some companies or industries? a. To separate out the selling,...
Why is process costing needed in some companies or industries? a. To separate out the selling, general and administrative costs from the production process costs. b. Because in process costing companies, product costs are recorded as expenses (on the income statement) as they are incurred. c. Because in process costing companies, a job cost sheet tracks each of the product costs as they are incurred. d. To separate out the costs of partially completed items as they move across the...
What are the major differences between job-order costing and process costing systems? Give an example of...
What are the major differences between job-order costing and process costing systems? Give an example of a well-known company that might use job-order costing and an example of a well-known company that might use process costing. Explain why you have chosen the companies that you did, specifically why job order costing or process costing are used. Do not choose companies that your classmates have already commented upon. Participate in follow-up discussion by critiquing your classmates' choices of companies.
1.what is the meaning of job order costing? 2. why is job order costing important for...
1.what is the meaning of job order costing? 2. why is job order costing important for managerial accounting? 3.how do manufacturing companies use job order and process costing systems?
Is job-order costing as applicable to service companies as it is to manufacturing companies? If so,...
Is job-order costing as applicable to service companies as it is to manufacturing companies? If so, give an example of a service company that might use job-order costing and explain how the company uses this costing method.
Which type of cost system, process or job order, would be best suited for each of...
Which type of cost system, process or job order, would be best suited for each of the following (Give reasons for your answers): TV assembler building contractor automobile repair shop paper manufacturer custom jewelry manufacturer?
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
Process costing rather than job order costing is more appropriate for service companies. O O True False
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.
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