why do companies prefer the job order cost system versus just recording costs in the general...
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do companies prefer the job order cost system versus just recording
costs in the general...
A job-order cost accounting system is fully integrated into the general ledger of a company. Identify...
A job-order cost accounting system is fully integrated into the general ledger of a company. Identify the major general ledger accounts used in a job-order cost system. Explain how manufacturing costs flow through these accounts so that inventories may be costed and income determined when goods are sold.
why do companies use job-order costing to assign manufacturing costs to individual jobs ?
why do companies use job-order costing to assign manufacturing costs to individual jobs ?
You are the management accountant for a custom cabinetry business that uses a job order cost...
You are the management accountant for a custom cabinetry business that uses a job order cost system. The business sends customers detailed job cost sheets along with the invoice. The job cost sheets include the date materials were used, the dollar cost of the materials, as well as direct labor hours and costs. Total overhead applied is included. A customer received this information and left a voice mail requesting an explanation for the estimation of MOH charges when all other...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: 1. Materials purchased on account, $514,610. 2. Materials requisitioned, $432,270, of which $56,200 was for general factory use. 3. Factory labor used, $530,050, of which $100,710 was indirect. 4. Other costs incurred on account for factory overhead, $123,510; selling expenses, $190,410; and administrative expenses, $113,210. 5. Prepaid expenses expired for factory...
Which of the following is TRUE of job order cost systems? A. Examples of companies that...
Which of the following is TRUE of job order cost systems? A. Examples of companies that use job order cost systems would be oil refineries, paper producers, chemical processors, and food processors. B. Job order cost systems are not widely used. C. Job order cost systems are often used by companies that manufacture custom products for customers or batches of similar products. D. Job order cost systems provide product costs for each manufacturing department or process.
Entries for Costs in a Job Order Cost System Journalize the entries to record the summarized...
Entries for Costs in a Job Order Cost System Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank. Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $770,000. Materials requisitioned, $680,000, of which $75,800 was for general factory use. Factory labor used, $756,000, of which $182,000 was indirect. Other costs...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: Materials purchased on account, $803,700 Materials requisitioned, $675,110, of which $87,760 was for general factory use Factory labor used, $827,810, of which $157,280 was indirect Other costs incurred on account for factory overhead, $192,890; selling expenses, $297,370; and administrative expenses, $176,810 Prepaid expenses expired for factory overhead, $36,970; for selling expenses, $31,340;...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost...
Entries for Costs in a Job Order Cost System Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: Materials purchased on account, $619,830 Materials requisitioned, $520,660, of which $67,690 was for general factory use Factory labor used, $638,420, of which $121,300 was indirect Other costs incurred on account for factory overhead, $148,760; selling expenses, $229,340; and administrative expenses, $136,360 Prepaid expenses expired for factory overhead, $28,510; for selling expenses, $24,170;...
1. The perpetual inventory method cannot be used in a job order cost system. True False...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
Entries for Costs in a Job Order Cost System GIA Co. uses a job order cost...
Entries for Costs in a Job Order Cost System GIA Co. uses a job order cost system. The following data summarize the operations related to production for May: Materials purchased on account, $612,650. Materials requisitioned, $514,630, of which $66,900 was for general factory use. Factory labor used, $631,030, of which $119,900 was indirect. Other costs incurred on account for factory overhead, $147,040; selling expenses, $226,680; and administrative expenses, $134,780. Prepaid expenses expired for factory overhead were $28,180; for selling expenses,...
1.
The perpetual inventory method cannot be used in a job order
cost system.
True
False
2. A job order cost system and a process cost system are two
alternative methods for valuing inventories.
True
False
3. Accumulating and assigning manufacturing costs are two
important activities in a job order cost system.
True
False
4. When raw materials are purchased, the Work in Process
Inventory account is debited.
True
False
5. Job order cost sheets constitute the subsidiary ledger of...
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