Unwrapped or How It's Made
Watch https://www.youtube.com/watch?v=Yi8zTeav1SU and answer following questions.
Describe the product that is being produced and the company that makes it.
Summarize the production process that is used in making this product.
What raw materials are used to make this product?
What indirect materials are used to make this product?
Describe the jobs of the workers who would be considered "direct labor" in the making of this product.
Describe the jobs of the workers who would be considered "indirect labor" in the making of this product.
Define manufacturing overhead. In addition to the indirect materials and indirect labor previously described, what other manufacturing overhead costs would be incurred in this production process? Be specific and thorough. Make reasonable "guesses" if you do not know for sure.
Would a job-order costing system or a process costing system be used for this production process? Give specific reasons for your choice of which job costing system would be most appropriate for this manufacturer.
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The purpose of this project is to help illustrate the manufacturing process and the costs involved....
The purpose of this project is to help illustrate the manufacturing process and the costs involved. You will need to locate an example of a manufacturing process –hint try sites such as Google or YouTube. The product you select is completely your choice! Required Answer the below questions regarding the manufacturing process for the product you selected. Format your paper according to the question you are answering. Your responses should be in complete sentences and be free of spelling...
True or false erlap 1. A movie production company would likely use a job costing system...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
Upon examining the journal entry records of your firm, which uses a job-order costing system, suppose...
Upon examining the journal entry records of your firm, which uses a job-order costing system, suppose you discover the following entry: Work in Process Manufacturing Overhead Raw materials 15,000 5,000 20,000 Which of the following activities does the entry represent? Raw materials of 20,000 were requisitioned from the materials supply, of which 15,000 were used in the production of jobs and 5,000 were wasted or ruined. Raw materials of 20,000 were requisitioned from the materials supply for use in the...
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 in Real Companies
Watch both videos: https://www.youtube.com/watch?v=lSLBEa6uud4https://www.youtube.com/watch?v=nbofx_YYaq0One of the videos is driven by human labor, while the other is driven by machines. Note the difference while you answer the questions.1. Describe the product selected.2. Summarize the production process.3. Justify why you think this production process would dictate the use of a process costing system.4. List at least two separate processes that are performed in creating this product. What departments would house these processes?5. Describe at least one department that would have ending work in...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer
specifications. The company uses a job-order costing system and
applies overhead costs to jobs on the basis of machine-hours. At
the beginning of the year, the company used a cost formula to
estimate that it would incur $4,170,000 in manufacturing overhead
cost at an activity level of 556,000 machine-hours. The company
spent the entire month of January working on a large order for
8,900 custom made machined parts. The company had no...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $209,000. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,300 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $104,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,500 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. Depreciation recorded on factory equipment, $40,000. Other manufacturing overhead costs accrued during October, $70,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $104,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,100 machine-hours...
True or false
erlap 1. A movie production company would likely use a job costing system to track revenues and costs. 2. A process costing system is used by companies that make identical units of product in batches. 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. When a manufacturing company purchases raw materials, the Raw Materials Inventory account is debited. 5. When direct materials...
Upon examining the journal entry records of your firm, which uses a job-order costing system, suppose you discover the following entry: Work in Process Manufacturing Overhead Raw materials 15,000 5,000 20,000 Which of the following activities does the entry represent? Raw materials of 20,000 were requisitioned from the materials supply, of which 15,000 were used in the production of jobs and 5,000 were wasted or ruined. Raw materials of 20,000 were requisitioned from the materials supply for use in 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...
Dillon Products manufactures various machined parts to customer
specifications. The company uses a job-order costing system and
applies overhead costs to jobs on the basis of machine-hours. At
the beginning of the year, the company used a cost formula to
estimate that it would incur $4,170,000 in manufacturing overhead
cost at an activity level of 556,000 machine-hours. The company
spent the entire month of January working on a large order for
8,900 custom made machined parts. The company had no...
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