Homework Answers
Answer 23
In industries production is carried as a continuous process and the product is homogeneous, the Process Costing method is used for ascertaining the cost of the product
hence correct answer is option is b. process costing
Answer 24
Job order costing is adopted by industries where there is no standard product and each job or work order is different from the others like automobiles
hence correct answer is option a. Job Order costing
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Question 23 For the production of milk, it would be better to use? Job Order Costing...
What order costing is better: job order costing or process order costing? Please explain below.
What order costing is better: job order costing or process order costing? Please explain below.
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...
* You must apply the concepts of job order and process costing and mass production: Identify...
* You must apply the concepts of job order and process costing and mass production: Identify (in a pharmaceutical industry) the production (services) process: is process costing or job order costing. How do you think about this classification? Also, explain the process costing and the mass productions concepts.
5) When materials are requisitioned for use in production in a job order costing firm, the...
5) When materials are requisitioned for use in production in a job order costing firm, the cost of materials is added to the a) Raw materials account b) Work-in-process account c) Finished goods account d) Accounts payable account e) Cost of goods sold account
How would you describe job-order costing vs. process costing and it work environments? How would you...
How would you describe job-order costing vs. process costing and it work environments? How would you describe normal costing vs. actual costing? How is overhead assigned to production when a predetermined overhead rate is used? Explan.
Please identify two products, that would use process order costing. Explain why job order would not...
Please identify two products, that would use process order costing. Explain why job order would not be appropriate for them. Identify some of the direct materials, direct labor and overhead costs associated with each of the products. Identify an appropriate activity that could be used for the predetermined overhead rate allocation.
Which product costing system would be better for custom-order products? Company costing system = A Product...
Which product costing system would be better for custom-order products? Company costing system = A Product costing system = B Overhead costing system = C Job costing system =D
Question 23 5 pts In job order costing, the predetermined overhead rate multiplied by a job's...
Question 23 5 pts In job order costing, the predetermined overhead rate multiplied by a job's actual usage of the allocation base equals: the total estimated overhead for the period the amount of manufacturing overhead applied to the job's cost the total cost of the job O actual manufacturing overhead Question 24 5 pts Which of the following is(are) typical cost drivers that would be used as an allocation base? Choose the best answer sales persons commissions O machine hours...
1.what is the meaning of job order costing? 2. why is job order costing important for...
1.what is the meaning of job order costing? 2. why is job order costing important for managerial accounting? 3.how do manufacturing companies use job order and process costing systems?
What manufacturing method does Tootsie roll use and Why? ( job-order-costing, process costing, and hybrid costing)Under...
What manufacturing method does Tootsie roll use and Why? ( job-order-costing, process costing, and hybrid costing)Under what circumstances would they use another costing method?
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...
5) When materials are requisitioned for use in production in a job order costing firm, the cost of materials is added to the a) Raw materials account b) Work-in-process account c) Finished goods account d) Accounts payable account e) Cost of goods sold account
Question 23 5 pts In job order costing, the predetermined overhead rate multiplied by a job's actual usage of the allocation base equals: the total estimated overhead for the period the amount of manufacturing overhead applied to the job's cost the total cost of the job O actual manufacturing overhead Question 24 5 pts Which of the following is(are) typical cost drivers that would be used as an allocation base? Choose the best answer sales persons commissions O machine hours...
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