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Which of the following is not a difference between job order costing system and process costing system? The number of r...
Which of the following is not a difference between job order costing system and process costing...
Which of the following is not a difference between job order costing system and process costing system? The documents used to record costs The number of work in process accounts used none of the above The number of raw material accounts used Work in process inventory equation
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing...
7. Which of the following describes the differences between job-order and process costing? A. Job-order costing is used in financial accounting while process costing is used in managerial accounting. B. Job-order costing can only be used by manufacturers; service enterprises must use process costing. Job-order costing is voluntary while process costing is mandatory. D. Job-order costing traces costs to jobs while process costing traces costs to departments and averages the costs among the units worked on during the...
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems....
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems. b. Explain the difference between Traditional Costing systems and Activity-Based Costing systems. 6. Brody Company makes industrial cleaning solvents. Brody had the following inventory balances at 1/1/20: Raw Materials Inventory $ 124,000.00 Work in Process Inventory $ 124,000.00 Finished Goods Inventory $ 84,000.00 Brody's activities during 2020 included the following: Sales revenue $ 1,200,000.00 Raw materials inventory purchases $ 250,000.00 Direct labor incurred $...
A company that uses a job order costing system would make the following entry to record...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job...
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw...
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 we indirect. Minstrel incurred a factory payroll of $150,000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the purchase of materials is: o Debit Raw Materials Inventory $198,000; credit Accounts Payable $198,000. o Debit...
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...
1. Which of the following products would have its costs accumulated using a process costing system?...
1. Which of the following products would have its costs accumulated using a process costing system? A. Airplanes B. Luxury yachts C. Dinner at a restaurant D. Fishing supplies 2. Which of the following companies would use a job costing system? A Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3 Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A...
Mestre Manufacturing uses a job order costing System During one month Ministre purchased $198.000 of raw...
Mestre Manufacturing uses a job order costing System During one month Ministre purchased $198.000 of raw materials on credit sed materials to production of 195.000 of which $30,000 were Indirect. Ministre incuned a factory Dayroll of $150.000. pod in cath, of which $40,000 was indirect labor Mystre ses a predetermined overhead rate of 10% of Grech labor cost. The journal try to record the purchase of materia Debit Work in Process Inventory S195.000 credit Raw Materials inventory 5195.000 O Debit...
5. a. Explain the difference between Product Costing systems, Job-Order Costing systems, and Process Costing systems. b. Explain the difference between Traditional Costing systems and Activity-Based Costing systems. 6. Brody Company makes industrial cleaning solvents. Brody had the following inventory balances at 1/1/20: Raw Materials Inventory $ 124,000.00 Work in Process Inventory $ 124,000.00 Finished Goods Inventory $ 84,000.00 Brody's activities during 2020 included the following: Sales revenue $ 1,200,000.00 Raw materials inventory purchases $ 250,000.00 Direct labor incurred $...
A company that uses a job order costing system would make the following entry to record the flow of direct materials into production: Multiple Choice o o debit Work in Process Inventory, credit Cost of Goods Sold. debit Work in Process Inventory, credit Factory Overhead. o debit Finished Goods Inventory, credit Raw Materials Inventory. o debit Factory Overhead, credit Raw Materials Inventory. O debit Work in Process Inventory, credit Raw Materials Inventory.
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 we indirect. Minstrel incurred a factory payroll of $150,000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the purchase of materials is: o Debit Raw Materials Inventory $198,000; credit Accounts Payable $198,000. o Debit...
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...
1. Which of the following products would have its costs accumulated using a process costing system? A. Airplanes B. Luxury yachts C. Dinner at a restaurant D. Fishing supplies 2. Which of the following companies would use a job costing system? A Health care provider B. Crayon manufacturing company C. Potato chip manufacturing corporation D. Spring water bottling company 3 Which of the following is used to document the manufacturing costs of direct materials, direct labor, and manufacturing overhead? A...
Mestre Manufacturing uses a job order costing System During one month Ministre purchased $198.000 of raw materials on credit sed materials to production of 195.000 of which $30,000 were Indirect. Ministre incuned a factory Dayroll of $150.000. pod in cath, of which $40,000 was indirect labor Mystre ses a predetermined overhead rate of 10% of Grech labor cost. The journal try to record the purchase of materia Debit Work in Process Inventory S195.000 credit Raw Materials inventory 5195.000 O Debit...
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