Homework Answers
Answer1. The correct option will be job costing. Job costing involves adding up all costs involved in producing that particular good or service. It is used for customized products, since such products are not produced in batches where process costing or unit costing can be employed.
The other options are incorrect because rest all options are employed for products which are produced in bulk, so there are homogenous units for which cost needs to be ascertained.
Note: As per Chegg answering guildelines, in case of multiple questions, the first question to be answered completely. Request you to post the remaining questions separately.
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The costs of customized products are accumulated by: Multiple Choice O Operation. O Pool. Unit. O...
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...
28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs...
28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is the cost of goods sold? a. $152,000 b. $142,000 C. $10,000 d. $128,000 А Type here to search 30 of 75 MULTIPLE CHOICE Given the following data: Work in process, beginning Work in process, ending Direct labor costs Cost...
please answer all 4 multiple choice questions QUESTION 37 The ratio of fixed expenses to the...
please answer all 4 multiple choice questions
QUESTION 37 The ratio of fixed expenses to the contribution margin ratio is the indifference point break-even point in units. fixed cost ratio. break-even point in sales. sensitivity analysis. QUESTION 38 If the contribution margin ratio increases, the break-even point in sales dollars will double. remain the same. increase. decrease. to cane all answers. QUESTION 35 The predetermined overhead rate is usually calculated at the end of the year. at the beginning of...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a A type of...
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory.job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $3,190. The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom.Materials...
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.
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of...
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods manufactured using the foloving information. Raw materials inventory, January 1 $20000 Raw materials inventory, December 31 40000 Work in process. January 1 Work in process. December 31 Finished goods, January 1 Finished goods, December 31 18000 12000 40000 1680000 760000 150000 Direct labor Factory ubilities Indirect labor Factory depreciation 420000
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...
28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is the cost of goods sold? a. $152,000 b. $142,000 C. $10,000 d. $128,000 А Type here to search 30 of 75 MULTIPLE CHOICE Given the following data: Work in process, beginning Work in process, ending Direct labor costs Cost...
please answer all 4 multiple choice questions
QUESTION 37 The ratio of fixed expenses to the contribution margin ratio is the indifference point break-even point in units. fixed cost ratio. break-even point in sales. sensitivity analysis. QUESTION 38 If the contribution margin ratio increases, the break-even point in sales dollars will double. remain the same. increase. decrease. to cane all answers. QUESTION 35 The predetermined overhead rate is usually calculated at the end of the year. at the beginning of...
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.
$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods manufactured using the foloving information. Raw materials inventory, January 1 $20000 Raw materials inventory, December 31 40000 Work in process. January 1 Work in process. December 31 Finished goods, January 1 Finished goods, December 31 18000 12000 40000 1680000 760000 150000 Direct labor Factory ubilities Indirect labor Factory depreciation 420000
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