Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain...
Choose a manufacturing company and explain if its inventory should use a Process costing system. Explain what type of manufacturing company would choose to use a Process costing system.
Homework Answers
Process cost system
Process cost system is the method of assigning cost units of production in companies which commonly use in the homogenous production.process costing system commonly using in companies which require continues production process.cost split into deferent parts and cost will be calculated based on processes
example:KFC Using process cost system to control their inventory .
type of companies which require process cost system
companies which have long process require process cost system because calculating cost in each process help reduce and control cost.
example:chemical companies,food production chains,vehicle manufacturing
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Choose a manufacturing company and explain if its inventory
should use a Process costing system. Explain...
please choose a company that uses Job costing and process costing and explain the benefits of...
please choose a company that uses Job costing and process costing
and explain the benefits of each.
Job Costing vs. Process Costing: Example: Select a company of your choice and explain when they migh use job costing and when they might use process costing. Cite your work and include sufficient detail. Service Industry Costing: Differences: Explain why costing methods used in the service industry are different from those used in the manufacturing or merchandising industries. Service Industry Costing: Benefits: Select...
What characteristics of the product or manufacturing process would lead a company to use a process...
What characteristics of the product or manufacturing process would lead a company to use a process costing system? Give an example of a company that is likely to used process costing and explain your example.
Why would a company choose to use process costing? Why would a company choose to use...
Why would a company choose to use process costing? Why would a company choose to use job order costing? Create a company that either uses process costing or job order costing and describe the operating cycle for your company (from the purchase of raw materials, to their requisition to make something, to the finished product, and finally to selling an item.)
1. What are the concepts underlying a process costing system? How might a company identify and...
1. What are the concepts underlying a process costing system? How might a company identify and group activities into a particular process? 2. What information is contained in a production report? What are equivalent units and how would a company calculate them? How does the production report and equivalent units relate to unit costs? 3. Inventory in each process can be accounted for using first-in first-out (FIFO) or weighted average costing methods. Why would a company choose to use FIFO...
A manufacturing company uses the FIFO method in its process costing system. In the Cutting Department...
A manufacturing company uses the FIFO method in its process costing system. In the Cutting Department in June, units were 25% complete with respect to conversion in the beginning work in process inventory and 30% complete with respect to conversion in the ending work in process inventory. Other data for the department for June follow: units Conversion costs Beginning work in process inventory 20,000 50,000 Units started into production during the month 145,000 180,000 Units completed and transferred out 140,000...
Assume a company uses the average costing method with its process costing system. They had beginning...
Assume a company uses the average costing method with its process costing system. They had beginning inventory of work-in-process of 20,000 units, which were 60% complete for processing. During the year, they started in process 90,000 units. At the end of the year, ending inventory contained 10,000 units which were 30% complete for processing. Equivalent units for the year would be: A. 90,000 B. 100,000 C. 103,000 D. 91,000
Briefly explain the flow of inventory through a manufacturing system into a company's job costing system...
Briefly explain the flow of inventory through a manufacturing system into a company's job costing system from the purchase of materials to the sale of the products Words:0
correct answer 18) In a process costing system, the entry to record the use of direct...
correct answer
18) In a process costing system, the entry to record the use of direct materials in production would include which of the following? A) debit to work in process inventory B) credit to finished goods inventory C) debit to materials inventory D) debit to finished goods inventory 18) 19) 19) The entry to record actual manufacturing overhead incurred in a processing department would department would include which of the following? A) credit to work in process inventory B)...
A question that I need clarified is why would a manufacturing company choose to use a...
A question that I need clarified is why would a manufacturing company choose to use a traditional costing system over an activity-based costing system? After reading the chapter it appears that an activity based costing system is by far the superior system.
Please explain Maria Am Corporation uses the weighted average method in its process costing system. The...
Please explain
Maria Am Corporation uses the weighted average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,870, the cost of ending work in process inventory was $1,160, and the cost added to production was $25,500. Required: Prepare a cost reconciliation report for the Baking Department for June. Baking Department Cost Reconciliation Costs...
please choose a company that uses Job costing and process costing
and explain the benefits of each.
Job Costing vs. Process Costing: Example: Select a company of your choice and explain when they migh use job costing and when they might use process costing. Cite your work and include sufficient detail. Service Industry Costing: Differences: Explain why costing methods used in the service industry are different from those used in the manufacturing or merchandising industries. Service Industry Costing: Benefits: Select...
Why would a company choose to use process costing? Why would a company choose to use job order costing? Create a company that either uses process costing or job order costing and describe the operating cycle for your company (from the purchase of raw materials, to their requisition to make something, to the finished product, and finally to selling an item.)
Briefly explain the flow of inventory through a manufacturing system into a company's job costing system from the purchase of materials to the sale of the products Words:0
correct answer
18) In a process costing system, the entry to record the use of direct materials in production would include which of the following? A) debit to work in process inventory B) credit to finished goods inventory C) debit to materials inventory D) debit to finished goods inventory 18) 19) 19) The entry to record actual manufacturing overhead incurred in a processing department would department would include which of the following? A) credit to work in process inventory B)...
Please explain
Maria Am Corporation uses the weighted average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,870, the cost of ending work in process inventory was $1,160, and the cost added to production was $25,500. Required: Prepare a cost reconciliation report for the Baking Department for June. Baking Department Cost Reconciliation Costs...
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