10) All of the following are characteristics of a process cost system except a.the system accumulates...
10) All of the following are characteristics of a process cost system except
a.the system accumulates costs per job
b.the system may use several work in process inventory accounts
c.the system emphasizes time periods rather than the time it takes to complete a job
d.manufacturing costs are grouped by department rather than by jobs
Homework Answers
a. the system accumulates costs per job.
A process costing system accumulates costs when a large number of identical units are being produced.
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10) All of the following are characteristics of a process cost
system except
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In a process cost system, ending inventory is valued Finding the sum of all open job...
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Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily...
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10) A job cost sheet shows information about each of the following items except: A) The...
10) A job cost sheet shows information about each of the following items except: A) The costs incurred by the marketing department in selling the job. B) The direct materials costs assigned to the job. C) The overhead costs assigned to the job. D) The direct labor costs assigned to the job. E) The name of the customer. 11) For product costs associated with a partic A) The product must be transferred to Fin B) The product must be sold....
Question 10 Which of the following statements is (are) true? O a If a company uses...
Question 10 Which of the following statements is (are) true? O a If a company uses a process costing system it accumulates costs by processing department rather than by job O b. A manufacturer of ink cartridges would ordinarily use process costing rather than job-order costing O C. All of the listed are true statements cturer of ink cartridges would ordinanly use process coslting rather than job-order O d. The output of a processing department must be homogeneous in order...
true or false Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on...
true or false
Chapter 1 - A Test True/False (3 Points) 1. Managerial accounting focuses on providing historical financial information to outside shareholders and creditors. 2. A process costing system is used by companies that produce similar or identical units of product including 3. The journal entry for recording timesheet submissions by employees working on various jobs will include a debit to the Direct Labor account. 4. A company that uses process costing may use several Work-in-Process Inventory accounts 3....
The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion...
The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion costs uniformly throughout the process. During May, $200,000 of materials costs and $95,000 in conversion costs were charged to the department. The beginning Work in Process inventory was $63,000 on May 1, comprised of $40,000 of materials costs and $23,000 of conversion costs. The company employs the FIFO method of process costing. Other data for the month of May are as follows: Beginning Work...
In a process cost system, the amount of work in process inventory is valued by a.multiplying...
In a process cost system, the amount of work in process inventory is valued by a.multiplying units in ending inventory by the direct materials cost per unit b.allocating departmental costs between completed and partially completed units c.finding the sum of all completed jobs d.finding the sum of all open job costs
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Wyle Company uses the weighted-average method in its process costing system. The following information was available...
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In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
Question #1 Which of the following statements is true? A. A manufacturer of paper would ordinarily use process costing rather than job-order costing. B The output of a processing department must be homogeneous in order to use process costing, C. If a company uses a process costing system it accumulates costs by processing department rather than by job. D. All of the above are true statements. Question #2 In a process costing system, the journal entry used to record the...
10) A job cost sheet shows information about each of the following items except: A) The costs incurred by the marketing department in selling the job. B) The direct materials costs assigned to the job. C) The overhead costs assigned to the job. D) The direct labor costs assigned to the job. E) The name of the customer. 11) For product costs associated with a partic A) The product must be transferred to Fin B) The product must be sold....
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