Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| 1 | Option D. |
| 2 | Option A. |
| 3 | Option C. |
| 4 | Option B. |
| 5 | Option C. |
| 6 | Option D. |
| 7 | Option C. |
| 8 | Option D. |
| 9 | Option A. |
| 10 | $ 590.00 |
Add Answer to:
1. Which of the following products would have its costs accumulated using a process costing system?...
1. Which of the following statements is true? A. A process costing system will have a...
1. Which of the following statements is true? A. A process costing system will have a single work in process account B. A process costing system will have a separate raw materials account for each of the major processes. C. A process costing system will have a separate work in process account for each of the major processes 2. The journal entry to record the actual Manufacturing Overhead incurred includes A. a debit to Manufacturing Overhead B. a debit to...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System....
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...
Compare and contrast the primary differences between the job costing and process costing using the following...
Compare and contrast the primary differences between the job costing and process costing using the following table: Select the letter from the list below that corresponds with the characteristic that best explains each item in the table. LOADING... (Click the icon to view the list of characteristics.) a. Direct materials and conversion costs b. Direct materials and conversion costs are assigned to each manufacturing process. Then these costs are accumulated in separate WIP accountslong dash—one for each manufacturing process. As...
Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the...
Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100) and job no. 65 ($53,300). The following information is available: a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted overhead and machine activity for the year were anticipated to be $840,000, and 16,000 hours, respectively. b. The company worked on four jobs during the first quarter. Direct materials used,...
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order...
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.00 per pound Direct materials $3.00 Direct labor 1.50 hour at $10.00 per hour 15.00 2 hours (variable $4.30 per machine hour; fixed $3.30 per machine hour) Overhead 15.20 $33.20 Standard cost per unit Normal capacity for the...
Compare and contrast the primary differences between the job costing and process costing using the following...
Compare and contrast the primary differences between the job costing and process costing using the following table Select the letfer from the list below that corresponds with the characteristic that best explains each item in the table (Click the icon to view the list of characteristics.) Job costing Process costing Characteristics Most suitable manufacturing environment Cost object used for accumulating costs Primary document for tracking costs Manufacturing cost categories Flow of costs through accounts Direct materials and conversion costs Direct...
Problem for Job Order Costing Tiny Homes uses a job costing system to account for the...
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
During September, the following events occurred: 1. Bramble purchased direct materials costing $419,000 on account. 2....
During September, the following events occurred: 1. Bramble purchased direct materials costing $419,000 on account. 2. Bramble used $433,000 in direct materials in production 3. Bramble's employees clocked 23,000 direct labor hours at an average wage rate of $13.04 per direct labor hour. 4. The company incurred $175,000 in manufacturing overhead, including $24,000 in indirect labor costs. Using direct labor hours as the application base, the company applied $164,000 of manufacturing overhead to jobs wo on in September. 6. The...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Process Costing, Job Order Costing In Class Practice 1. Minnie's Mints uses a Process costing System. Calculate the manufacturing cost per pie for July based on the following information : Beginning work in process inventory 4,000 pies Ples placed in process 30,000 Ending work in process inventory 7,000 The ending work in process inventory is 100% complete as to material and 60% complete as to direct labor and manufacturing overhead. Production Costs for July Direct Materials Cost $50,000 Direct Labor...
Jorgensen Corporation uses standard costs with its job order cost accounting system. In January, an order (Job No. 12) for 1,000 units of Product B was received. The standard cost of one unit of Product B is as follows. 3 pounds at $1.00 per pound Direct materials $3.00 Direct labor 1.50 hour at $10.00 per hour 15.00 2 hours (variable $4.30 per machine hour; fixed $3.30 per machine hour) Overhead 15.20 $33.20 Standard cost per unit Normal capacity for the...
Compare and contrast the primary differences between the job costing and process costing using the following table Select the letfer from the list below that corresponds with the characteristic that best explains each item in the table (Click the icon to view the list of characteristics.) Job costing Process costing Characteristics Most suitable manufacturing environment Cost object used for accumulating costs Primary document for tracking costs Manufacturing cost categories Flow of costs through accounts Direct materials and conversion costs Direct...
Problem for Job Order Costing
Tiny Homes uses a job costing system to account for the individual prefabricated homes of January 1, its accounting records showed inventories as follows the individual prefabricated homes it builds. As Materials and supplies Work in process (Jobs 422 and 423) Finished goods (Job 421) $120,000 180,000 175,000 The work in process in ventory consisted of two jobs: Job# 422 423 Direct Materials $36,000 Direct Labor Manufacturing Overh $40,000 $20,000 $96,000 $36,000 $180,000 $76,000 $68,000...
During September, the following events occurred: 1. Bramble purchased direct materials costing $419,000 on account. 2. Bramble used $433,000 in direct materials in production 3. Bramble's employees clocked 23,000 direct labor hours at an average wage rate of $13.04 per direct labor hour. 4. The company incurred $175,000 in manufacturing overhead, including $24,000 in indirect labor costs. Using direct labor hours as the application base, the company applied $164,000 of manufacturing overhead to jobs wo on in September. 6. The...
Most questions answered within 3 hours.
-
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 1 hour ago -
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 3 hours ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 3 hours ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 4 hours ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 4 hours ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 4 hours ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 4 hours ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 4 hours ago -
Let’s say that for some reason Bank Excess Reserves suddenly
increase sharply. What effect would this...
asked 4 hours ago -
Given:
Curent Assets: $600,000
Total Assets: $2,600,000
Current Liabilities: $500,000
Total Liabilities: $1,700,000
What is the...
asked 4 hours ago -
1. What is a “Bankster”? What is insider trading? Why is it
illegal?
2. What is...
asked 4 hours ago -
A transverse wave on a cord is given by
D(x,t)=0.18sin(2.7x−61.0t), where Dand x are in m...
asked 4 hours ago