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.
Homework Answers
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How would you describe job-order costing vs. process costing and
it work environments?
How would you...
please answer each one individually thanks 2-1 What is job-order costing? 2-2 What is absorption costing?...
please answer each one individually thanks
2-1 What is job-order costing? 2-2 What is absorption costing? 2-3 What is normal costing? 2-4 How is the unit product cost of a job calculated? 2-5 Explain the four-step process used to compute a predetermined overhead rate. 2-6 What is the purpose of the job cost sheet in a job-order costing system? 2-7 Explain why some production costs must be assigned to products through an allocation process. 2-8 Why do companies use predetermined...
4. Answer the questions below to describe the flow of costs in a Job Order Costing...
4. Answer the questions below to describe the flow of costs in a Job Order Costing system. a) What are the three categories of manufacturing costs? b) What account is increased when manufacturing costs are assigned to a Job? c) What account is increased when transferring the cost of a completed job? d) What account is increased when a completed job is sold? 5. The Anderson Company estimates that total manufacturing overhead for the year will be $15,000,000 and total...
Describe what Job Order Costing is, how it is different to Process Costing, and how we...
Describe what Job Order Costing is, how it is different to Process Costing, and how we apply overhead costs in the Job Order Costing environment.
Phillis Ltd. uses a job order costing system that applies manufacturing overhead to work in process...
Phillis Ltd. uses a job order costing system that applies manufacturing overhead to work in process using a predetermined annual overhead rate. During April 20x6, the company’s transactions included the following: Direct labour costs $153336 Direct materials issued to production 64194 Indirect materials issued to production 12713 Actual manufacturing overhead 144138 Applied manufacturing overhead 181786 The company’s beginning and ending work in process inventory balances for April 20x6 were $19418 and $31228, respectively. What was the cost of goods manufactured...
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.
11. Tatar Corporation is a manufacturer that uses job-order costing. The company has supplied the following...
11. Tatar Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials Work in process $ 37,000 $ 15,000 Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production $ 480,000 $ 434,000 How much is the ending balance in the Raw Materials inventory account? A) $37,000 B) $120,000 C) $83,000 D) S517,000 12. In a job-order costing system...
Job Costing #3 Burlington Corporation uses a job-order costing system and a predetermined overhead rate based...
Job Costing #3 Burlington Corporation uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $3,200,000 and 4,000 machine hours would be used. Labor was estimated at $200/hour. The following information pertains to December of the current year: Job No. Job No. Job No. Job No. 206 207 208 209 Work in process, December 1 $28,000 $30,000 $22,000 $10,000 December...
Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours....
Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated that the manufacturing overhead for the year would be $240,000 and machine hours would be 8,000. The following information pertains to December of the current year: Job 10 Job 11 Job 12 Total Work in process, Dec. 1 $16,000 $26,000 $38,000 $80,000 December production activity: Materials requisitioned $4,000 $4,800 $7,200 $16,000 Direct labor cost 2,400...
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...
Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis...
Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Date Explanation Debit Credit Dec. 31 Direct materials cost 1,100,000 1,100,000 31 Direct labor cost 260,000 1,360,000 31 Overhead applied 385,000 1,745,000 31 To finished goods 1,653,000 92,000 Balance 2017 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work...
please answer each one individually thanks
2-1 What is job-order costing? 2-2 What is absorption costing? 2-3 What is normal costing? 2-4 How is the unit product cost of a job calculated? 2-5 Explain the four-step process used to compute a predetermined overhead rate. 2-6 What is the purpose of the job cost sheet in a job-order costing system? 2-7 Explain why some production costs must be assigned to products through an allocation process. 2-8 Why do companies use predetermined...
4. Answer the questions below to describe the flow of costs in a Job Order Costing system. a) What are the three categories of manufacturing costs? b) What account is increased when manufacturing costs are assigned to a Job? c) What account is increased when transferring the cost of a completed job? d) What account is increased when a completed job is sold? 5. The Anderson Company estimates that total manufacturing overhead for the year will be $15,000,000 and total...
11. Tatar Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials Work in process $ 37,000 $ 15,000 Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production $ 480,000 $ 434,000 How much is the ending balance in the Raw Materials inventory account? A) $37,000 B) $120,000 C) $83,000 D) S517,000 12. In a job-order costing system...
Job Costing #3 Burlington Corporation uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $3,200,000 and 4,000 machine hours would be used. Labor was estimated at $200/hour. The following information pertains to December of the current year: Job No. Job No. Job No. Job No. 206 207 208 209 Work in process, December 1 $28,000 $30,000 $22,000 $10,000 December...
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...
Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Date Explanation Debit Credit Dec. 31 Direct materials cost 1,100,000 1,100,000 31 Direct labor cost 260,000 1,360,000 31 Overhead applied 385,000 1,745,000 31 To finished goods 1,653,000 92,000 Balance 2017 1. Determine the predetermined overhead rate used (based on direct materials cost). 2. Only one job remained in work...
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