Management can use job cost information for each of the following except A.determining cost of goods...
Management can use job cost information for each of the following except
A.determining cost of goods sold.
B.determining the profitability of different jobs.
C.all of the listed choices are possible uses of job cost information.
D.bidding on custom jobs.
Homework Answers
Option C is the answer
Job order costing is used when each output expected is unique. Simply put, each unit to be produced is different from other. All the costs related to each unit/job are recorded separately.
This type of costing is used by Custom furniture manufacturers, accounting firms, law firms etc.
It enables determining the appropriate cost of goods sold/cost of service provided. It helps in determining the profitability of different jobs and it is economically benifical to take up jobs where the revenues to be generated are higher than costs to be incurred.
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Management can use job cost information for each of the
following except
A.determining cost of goods...
Thank you in advance! Job Costing (2 points each) Digby uses a job order cost system....
Thank you in advance!
Job Costing (2 points each) Digby uses a job order cost system. The company is working on three different jobs: Jobs 1, 2, and 3. Digby uses one work in process account to accumulate costs of all jobs. Make the appropriate journal entry for each situation Purchases materials on account, $20,000. aterials requisitioned for use: Job 1 $4,000; Job 2 $3,000; Job 3 $2,500; Indirect Materials $1,300. Used labor of $4,800 for Job 1; $2,600 for...
10) A job cost sheet shows information about each of the following items except: A) The...
10) A job cost sheet shows information about each of the following items except: A) The costs incurred by the marketing department in selling the job. B) The direct materials costs assigned to the job. C) The overhead costs assigned to the job. D) The direct labor costs assigned to the job. E) The name of the customer. 11) For product costs associated with a partic A) The product must be transferred to Fin B) The product must be sold....
A job cost sheet shows information about each of the following items except: Multiple Choice The...
A job cost sheet shows information about each of the following items except: Multiple Choice The direct labor costs assigned to the job. The name of the customer. The costs incurred by the marketing department in selling the job. ==> Is it correct ? The overhead costs assigned to the job. The direct materials costs assigned to the job.
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods...
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April Jobs A and B were in process at the beginning of April....
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...
4. Prepare a report showing the total cost of each job in process and prove that...
4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Report of Job Costs Work in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance < Prev 4 of 4 Next > e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138,...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
Laubitz Company begins operations on April 1. Information from Job cost sheets shows the following: Manufacturing...
Laubitz Company begins operations on April 1. Information from Job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,500 $4,400 May 11 $4,100 $3,900 $3,000 June 12 $1,200 April 13 $4,700 $3,400 June 14 $5,400 $3,600 Not Complete Each Job was sold for 30% above its cost in the month following completion. Hint: Determine the month sold for each job and then complete the question. Remember to add the total costs of...
Root Trailers' job cost records yielded the following information: (Click the icon to view the job...
Root Trailers' job cost records yielded the following information: (Click the icon to view the job cost information.) Data Table Use the dates above to identify the status of each job. Compute the following balances for Root: a. Work-in-Process Inventory at July 31 b. Finished Goods Inventory at July 31 c. Cost of Goods Sold for July Date Job No. Started Sold July 17 Total Cost of Job at July 31 $ 3,400 13,700 Finished July 16 July 21 1...
Thank you in advance!
Job Costing (2 points each) Digby uses a job order cost system. The company is working on three different jobs: Jobs 1, 2, and 3. Digby uses one work in process account to accumulate costs of all jobs. Make the appropriate journal entry for each situation Purchases materials on account, $20,000. aterials requisitioned for use: Job 1 $4,000; Job 2 $3,000; Job 3 $2,500; Indirect Materials $1,300. Used labor of $4,800 for Job 1; $2,600 for...
10) A job cost sheet shows information about each of the following items except: A) The costs incurred by the marketing department in selling the job. B) The direct materials costs assigned to the job. C) The overhead costs assigned to the job. D) The direct labor costs assigned to the job. E) The name of the customer. 11) For product costs associated with a partic A) The product must be transferred to Fin B) The product must be sold....
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April Jobs A and B were in process at the beginning of April....
4. Prepare a report showing the total cost of each job in process and prove that the sum of their costs equals the Work in Process Inventory account balance. Prepare similar reports for Finished Goods Inventory and Cost of Goods Sold. Report of Job Costs Work in Process Inventory Balance Finished Goods Inventory Balance Cost of Goods Sold Balance < Prev 4 of 4 Next > e. Applied overhead to Jobs 136, 138, and 139. f. Transferred Jobs 136, 138,...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
Root Trailers' job cost records yielded the following information: (Click the icon to view the job cost information.) Data Table Use the dates above to identify the status of each job. Compute the following balances for Root: a. Work-in-Process Inventory at July 31 b. Finished Goods Inventory at July 31 c. Cost of Goods Sold for July Date Job No. Started Sold July 17 Total Cost of Job at July 31 $ 3,400 13,700 Finished July 16 July 21 1...
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