What are the major differences between job-order costing and process costing systems? Give an example of a well-known company that might use job-order costing and an example of a well-known company that might use process costing. Explain why you have chosen the companies that you did, specifically why job order costing or process costing are used.
*** You are also required to name a company that uses both costing methods, including providing an explanation of your choice. A great place to start this discussion is think about the items that you enjoy on a daily basis, whether it is a Starbuck's beverage, or the car you drive, or your personal technology. Think about which costing system the manufacturer of your favorite items uses, and share it with the class.
Finally, please be sure to reply to the discussion with a brief description of the assignment.
Please include proper citations in your discussion post. Points will be deducted if proper citations are not used.
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What are the major differences between job-order costing and process costing systems? Give an example of...
What are the major differences between job-order costing and process costing systems? Give an example of a well-known company that might use job-order costing and an example of a well-known company that might use process costing. Explain why you have chosen the companies that you did, specifically why job order costing or process costing are used. Do not choose companies that your classmates have already commented upon. Participate in follow-up discussion by critiquing your classmates' choices of companies.
What is the purpose of job order costing? Give an example of a company who may use job-order costing and explain why you think so.
1. What is absorption costing? 2. How is job-order costing different from process costing? 3. Why would a company choose one method over the other? 4. Provide a real-world example of a company that might use job-order costing (use an example not listed in the textbook).
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...
In 250 words, What is standard costing, and when is it used? Give an example of a well-known company that you think would use standard costing methods and explain why.
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing is used in financial accounting while process costing is used in managerial accounting. B. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. D. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the...
1. identify 3 differences between job order and process costing 2. Identify 3 similarities between job order and process costing 3. how do we computer the equivalent units of production for material what items are included in the computation Please help me with this.
Please briefly explain the job order costing income statement and provide a hypothetical example of job order costing income statement in a manufacturing enterprise. Provide in-text citations and explain your example in detail. The period manufacturing costs of a company is comprised of $2,000,000 in direct materials, $1,000,000 in direct labor, and $500,000 in overhead, resulting in 7,000 units of product. Manufacturing operations is consisted of two processes, machining and assembly. Machining takes up 40% of direct materials, 60% of...
Let's make sure we understand the underlying concepts of using job-order costing. Consider the following for this discussion board (you may need to use additional resources outside of the textbook - be sure not to copy and paste responses directly from any source and cite your resources): 1. Compare and contrast job order costing and process costing systems. 2. What kind of company might use process costing? Support your answer. 3. In a process costing system, direct materials are often...
1. identify 3 differences between job order and process costing 3 2. Identify 3 similarities between job order and process costing 3 3. how do we computer the equivalent units of production for material what items are included in the computation 4