Choose the best answer A route sheet: Specifies the types and quantities of the raw material used. Describes the specific products to be made. Records work done in each work center Shows the product ion path that a particular batch of product follows during manufacturing

Q: i) Compute the number of equivalent units of work performed by the Molding Department during the…

A: Process costing This method of costing  is used where there is continuous production and there are…

Q: Distinguishing between job order costing and process costing Following is a list of cost system…

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Q: The production subsystem of the conversion cycle includes all of the following EXCEPT a. determining…

A: Conversion cycle: Process of converting  raw materials in to finished goods.

Q: Muskoge Company uses a process-costing system. The company manufactures a product that is processed…

A: Equivalent units of production are an indication to show the work in process inventory at the end of…

Q: What is the correct order of the inventories in regards to processing? Group of answer choices a…

A: Inventories are the collection of all those units which are available in enterprise in the form of…

Q: Materials Stores’ is one of the service cost centres in a factory. What would be the most…

A: Re-apportionment of the overhead means to re-apportion the overheads of a service department to…

Q: Activity Measures Various activities at Ming Corporation, a manufacturing company, are listed below.…

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Q: For following products and services, indicate whether it is more likely produced in a…

A: Process Costing:   It is a method of cost accounting used by an enterprise with processes…

Q: Which of the following is used when raw materials are purchased to be used in the manufacturing…

A: The raw materials are purchased for the production purpose in the business.

Q: When direct and indirect materials are issued into production from storage, an entry is made…

A: Direct material should be credited to work in process and indirect material to factory overhead.

Q: Production activities for a customized product represent a(n): Multiple Cholce Job, Pool. Process.…

A: The work done in order to create a product is referred to as production activity. These activities…

Q: Prepare a journal entry to record the assignment of direct material to work in process. Prepare a…

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Q: Activity Levels and Cost Drivers Shroeder Machine Shop has the following activities:   Machine…

A: Unit level activities means the activities required to be performed each time the product is…

Q: Please look at the photo attached to answer questions below. 1. Prepare a statement of equivalent…

A: Statement of equivalent Production  Input                             output…

Q: Required: (a) Prepare a statement of equivalent production to determine the equivalent units for…

A: Process costing is an accounting method typically used by companies that mass produce very similar…

Q: Computing Equivalent Units, FIFO and Weighted Average Cost Methods

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Q: 1. The materials requisition:   a.informs the purchasing agent of the quantity and type of materials…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following are basic inventories for a manufacturer ?     a. Finished goods, raw…

A: materials can be in any form during the year, it may be  Raw materials  Work in progress  Finished…

Q: Identify the following production processes as lean (L) or traditional (T). The process uses push…

A: The process uses push production. Large batch sizes are used, and inspection occurs only whengoods…

Q: valent production for materials, labor and overhead. 2. Unit cost for materials, labor and overhead…

A: FIFO stands First and First Out, under this method of inventory valuation, the inventory which is…

Q: Products that have been completed and are ready to be sold by the manufacturer are called: Multiple…

A: Goods which are still in Production is Called Work in Process Material that is used in production of…

Q: Activities Category Potential Cost Driver Factory utilities Facility Number of Square Feet Machine…

A: Activity based costing is an accounting method that allocates manufacturing overheads based on the…

Q: What is the journal entry to assign indirect raw materials to a job a. Debit Work in Rrocess account…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: For following products and services, indicate whether it is more likely produced in a…

A: Job order costing: Job order cost system provides a separate record of each particular quantity of…

Q: What is the journal entry to assign indirect raw materials to a job a. Debit Work in Process account…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: For each of the following activities, select the most appropriate cost driver.

A: The activity based costing identifies the cost of each activity, pools the costs under that activity…

Q: Activity Levels and Cost Drivers Shroeder Machine Shop has the following activities:a. Machine…

A: Unit level activities means the activities required to be performed each time the product is…

Q: What term refers to a grouping of costs that consists of direct labor and factory overhead costs and…

A: Conversion cost is the total of labour cost and factory overhead cost/manufacturing Overhead cost.…

Q: What journal entry is recorded when a material manager recieves a materials requisiton and then…

A: Raw material is a very important asset for the business. In the production department of factory,…

Q: 1. What is the percentage of completion for (a) transferred‐in costs and direct materials in…

A: Hello, Here we are solving the first two parts of your question, please repost your question for the…

Q: What journal entry is recorded when a materials manager receives a materials requisition and then…

A:

Q: Throughput time includes the time required for all of these except Multiple Choice material…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The production schedule is: A.       The expected demand for the firm’s finished goods for a given…

A: Production is the process of converting raw material into finished goods which can be consumed by…

Q: Which of the following activity bases would be appropriate to use for materials handling?     A.…

A: Activity-based costing (ABC) method: The costing method which allocates overheads to the products…

Q: A characteristic of products that are mass-produced in a continuous fashion is that? the products…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Prepare a cost of production report, using the weighted average method, and identify the missing…

A: It is given that the material is applied during the process. It means that the degree of completion…

Q: Process costing: All the given answers are correct. Ob. uses the manufacturing accounts, including…

A: The correct answer is  Option a.) All the given answer are correct

Q: (a)  Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly…

A: a)   )

Q: Required: (a) Compute the equivalent units for direct materials (From Moulding & Direct materials…

A: Equivalent units of production: In process costing, all inputs could not be processed into final…

Q: For following products and services, indicate whether it is more likely produced in a…

A: Job operations: Job operations mean manufacturing the product or providing the services according to…

Q: State the journal entries necessary to record the assignment of direct materials, direct…

A: (Entries done in Microsoft word)

Q: Make a system for recording the cost of raw materials using the complete Perpetual and Periodic…

A: Cost of Raw Material To calculate the cost of raw material first to add the beginning inventory plus…

Q: Select all of the statements that are correct when referring to process costing Check All That Apply…

A: Process costing is used where mass production of the same identical units is to be done and final…

Q: Required: (a) Compute the equivalent units and cost per equivalent units for direct materials (From…

A: a) Computing the equivalent units and cost per equivalent units for direct materials and conversion…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.