Differentiate between contract costing and service costing. Provide your answer in table form with 4 differences.
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Q: diffentiate between contract costing and service costing
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Differentiate between contract costing and service costing. Provide your answer in table form with 4 differences.
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- Using the costs listed in the previous problem, classify the costs as either product costs or period costs.Which is not a task typically associated with ABC systems? A. calculating the overhead application rate for each cost pool B. applying a single cost rate C. identifying a cost driver D. more correctly allocating overhead costsWhat is the proper order of tasks In an ABC system? identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products
- Identify appropriate cost drivers for these cost pools: A. material cost pool B. machine cost pooi C. painting cost pool D. maintenance cost poolIn tabular form, provide 3 similarities between activity based costing method and traditional method of charging overheads.List 7 industries which are most likely to apply contract costing in their operation.
- a) Explain the purpose of a cost quality report (b) Drury-Management & Cost Accounting- outlines four categories of cost that might be included in a cost quality report. Required: List and discuss the four categories of cost.Fill the cost classification in the table.Define the term cost per service.
- Draw the following format (any two) (i) Laboure costing (ii) Material costing (iii) Process costing (iv) Contract costingDistinguish between Period cost and Product cost? Give two examples of each cosWhat is the proper order of tasks in an ABC system? a.identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products b.assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools c.identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products d.identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools