journal entries and job order costing
Are the journal entries used in process costing the same or much different than those used in job order costing. Provide three examples.
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Compare and contrast job-order and process costing systems. How can events in a job-order costing system...
Compare and contrast job-order and process costing systems. How can events in a job-order costing system affect financial statements? How can events in a process costing system affect financial statements? Provide specific examples for each type.
Discussion Questions 1. What is the main factor for a company in choosing be- tween job...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Explain the flow of costs in a job-order costing system as it relates to the T-accounts...
Explain the flow of costs in a job-order costing system as it relates to the T-accounts and journal entries required to record economic events in determining ending product costs. Support your rationale with examples and provide one academic resource.
Job Costing Journal Entries Prepare journal entries to record the following transactions and events for September...
Job Costing Journal Entries Prepare journal entries to record the following transactions and events for September using a job order costing system. (a) Purchased raw materials on credit, $189.000. (b) Raw materials requisitioned: $62,000 direct and $40,000 indirect. (c) Factory payroll accrued $125,000, including $75,000 indirect labor, remainder was direct labor. (d) Paid other actual overhead costs totaling $58,500 with cash. (e) Applied overhead totaling $47.500. (f) Finished and transferred jobs totaling $277,800. (g) Jobs costing $189.800 were sold on...
QUESTION 1 Using the Job Order Costing method, prepare journal entries for the following transactions: In...
QUESTION 1 Using the Job Order Costing method, prepare journal entries for the following transactions: In this transaction for the month of October, the Jobs are Job A, Job B and Job C October1 Purchased direct materials on account, $107,700. 2 Purchased indirect materials on account, $24,750. 4 Requested direct materials costing $96,600 (all used on Job A) and indirect materials costing $19,050 for production. 10 Paid the following overhead costs: utilities, $2,200; manufacturing rent, $1,900; and maintenance charges, $1,950....
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system....
Exercise 3-5 Journal Entries and T-accounts [LO3-1, LO3-2] 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 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of...
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...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Discussion Questions 1. What is the main factor for a company in choosing be- tween job order costing and process costing systems? Give two likely applications of each system. 2. The focus in a job order costing system is the job or batch. Identify the main focus in process costing. 3. Can services be delivered by means of process opera- tions? Support your answer with an example. 4. Are the journal entries that match cost flows to product flows in...
Job Costing Journal Entries Prepare journal entries to record the following transactions and events for September using a job order costing system. (a) Purchased raw materials on credit, $189.000. (b) Raw materials requisitioned: $62,000 direct and $40,000 indirect. (c) Factory payroll accrued $125,000, including $75,000 indirect labor, remainder was direct labor. (d) Paid other actual overhead costs totaling $58,500 with cash. (e) Applied overhead totaling $47.500. (f) Finished and transferred jobs totaling $277,800. (g) Jobs costing $189.800 were sold on...
Chapter 19: Job Order Costing Requirement 1: This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and...
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...
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