Process costing: All the given answers are correct. Ob. uses the manufacturing accounts, including Manufacturing Overhead. Raw Materials. Work in Process, and Finished Goods. allocates applied manufacturing overhead cost to product cost. Od. assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit. (s normally used by companies which produce shoes.
Q: Recording the cost of raw materials purchased for use in a process costing system includes a a.…
A: The raw materials are the inventory for the goods to be prepared in the business. It is assigned…
Q: Using the weighted average method - Calculate the equivalent units of production for materials and…
A: Weighted Average Cost Method: In this method the cost of opening work-in-progress (WIP) and cost of…
Q: Under absorption costing, fixed manufacturing overhead could be found in all of the following except…
A: Under absorption costing variable as well as fixed manufacturing overheads will form part of the…
Q: Required Calculate the total per-unit cost of each model using direct labor hours to assign…
A: since you have posted a question with multiple subparts. we solved a first three sub parts for you.…
Q: Both job costing and process costing use the same basic manufacturing accounts including…
A: The question is related to True or False.
Q: An allocation base is all the following, EXCEPT: O a. cannot be direct labor cost O b. is determined…
A: Manufacturing overheads are the indirect expenses related to the production, that are necessary to…
Q: Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have…
A: Processing cost per MHs = Total processing cost / Total MHs = $3800 / 10000 = $0.38 per MHs…
Q: lculate the overhead allocation cost per product using traditional absorption costing based on…
A: Solution : Requirement 1 Overhead allocation cost per product using traditional costing based on…
Q: This topic is about Cost Accounting. Please check the picture for the problem. Requirement:…
A:
Q: manufacturing costs (direct and indirect, fixed and variable) which can contribute to the production…
A: Option A is wrong because job order costing refers to allocating manufacturing costs to specific…
Q: Which of the following statements are true? (select all that apply) O the cost of direct laborers…
A: Job costing is the cost of a specific job or contract when work is carried out in accordance with…
Q: a. to calculate the total costs for each product if all overhead costs are absorbed on a machine…
A: Traditional costing system is an cost accounting method used to determine the cost of manufactured…
Q: Activity-based costing (ABC) involves steps, such as: Group of answer choices estimating annual…
A: The Activity-Based Costing (ABC) method is a management technique of assigning factory overheads…
Q: When raw materials are purchased on account, the Accounts Payabie account is credited Process…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Dartmouth Company has two process departments, machining and assembly, which produce products. At…
A: Overhead means the cost incurred in manufacturing the product indirectly like foreman salary ,…
Q: Tracking the flow of costs The Jimenez Toy Company makes wooden toys. The company uses a process…
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Q: A schedule of the cost of finished goods manufactured is a helpful tool in determining the per-unit…
A: Explain several ways in which information about per-unit manufacturing costs is used by (a)…
Q: A production cost report contains which of the followingparts? (Identify all correct answers.)a.…
A: Production Cost Report: A report which gives information about the total units produced and total…
Q: When actual manufacturing overhead costs are incurred in a process cost system, they are debited to…
A: Applied manufacturing overhead cost is debited Work in process Account. Actual manufacturing…
Q: When goods are completed in the production process what is the journal entry a. Debit Manufacturing…
A: Process costing is one of the methods of costing used mainly in manufacturing industry where units…
Q: Which one of the following is used by the production department supervisor to request the materials…
A: Inventory or stock is a current resource on the accounting report that addresses the expenses of…
Q: Would a PROCESS COSTING SYSTEM be ideal for a clothing line business? With regard to process…
A: A costing technique in which production is carried out through multiple process with the end product…
Q: Match the following terms to their definitions. (Match each definition with the letter of its…
A: Note : for solving match the following, number reference at LHS and letter reference at RHS is…
Q: Job order costing and process costing both: a. All the given answers are correct. b. both allocate…
A: Job cost accounting accumulates prices by individual jobs. Method cost accounting accumulates prices…
Q: Choose one option for each letter that describes each of the six transactions the best A. Direct…
A: Choose one option for each letter to describe transactions as shown below:
Q: traditional enterprise, the flow of costs through the system is a.work-in-process inventory,…
A:
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: Comment on the following statement: “In a normal-costing system, the amounts in the Manufacturing…
A: Normal Costing: When the cost of the product is calculated by using the indirect cost based on the…
Q: Job order costing and process costing: Oa. do not use the same manufacturing accounts, including…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Nobel Ltd adopts process costing rather than job costing. Which of the following statement could…
A: Process Costing: Method of estimating costs in which units are continually mass-produced by one or…
Q: Select each of the items with the best description of its purpose. Description Items 1. Holds…
A: The production process involves steps which start from material requisition and ends with the…
Q: Job order costing and process costing both: O a. All the given answers are correct. O b. assign…
A: Job Order Costing:-It tracks prime cost to assign direct material and direct labor cost to the…
Q: In a process cost system, the amount of work in process inventory is valued by Oa. a. multiplying…
A: The Ending WIP Inventory includes direct materials, direct labor and overheads incurred. For the…
Q: Which of the following statement is not correct? Select one: O a. FIFO method consider the beginning…
A: FIFO (First In- First out) method refers to a process in which, older units are sold or used first…
Q: When using a normal costing system direct material and direct labor are recorded at standard…
A: Normal Costing System: In this costing system, the actual costs of producing the goods and…
Q: Which best describes the flow of overhead costs in an activity-based costing system? Group of answer…
A: Under the activity based costing system, overhead rate for each activity is determined to allocate…
Q: process costing method
A: Which of the following is a characteristic of the process costing method? Correct answer :- B Cost…
Q: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is…
A: Direct Material Cost : The material cost require for production of goods. Direct Labor Cost :- The…
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- Spring 2021 : Cost Accounting - ACT208 Dashboard My courses ACT208 (S21) Najay Murray - Notes Discussion Question 1 Discussion Question 1 Search Search forums Discussion Question 1 Discussion Question 1 Settings Display mode Display replies flat, with oldest first Display replies flat, with newest first Display replies in threaded form Display replies in nested form Discussion Question 1 by Najay Murray - Thursday, 21 January 2021, 12:12 AM Number of replies: 9 Within the costing system of a manufacturing company the following types of expenses were incurred: Cost of oils used to lubricate production machinery Motor vehicle licenses for lorries Depreciation of factory plant and equipment Cost of chemicals used in the laboratory Commission paid to sales representatives Salary of the secretary to the finance director Trade discount given…Question (ii) Please to show working on how you arrived with the answers in the Journal entry also I need answer for (iv) along with working out . Please also take into consideration the following when approaching the questions: To record materials issued (Direct & Indirect) – Dr. WIP (Direct); Dr. Manufacturing O/H (Indirect); Cr Material Inventory Manufacturing Wages/Labour - Note that there are two ways of journalizing this cost · First Dr Manufacturing Wages; Cr Wages Payable; Then Dr WIP (Direct), Dr MO (Indirect), Cr Manufacturing Wages OR · Leave out Manufacturing Wages: Dr WIP (Direct), Dr MO (Indirect), Cr Wages Payable NOTE: Wages Payable may also be referred to as Accrued Wages or Accrued Payroll To record Other Manufacturing O/H Costs- Dr Manufacturing O/H; Cr Various A/Cs e.g. Prepaid Insurance, Accumulated Depreciation, Cash etc. To record Manufacturing O/H Applied: Dr WIP; Cr Manufacturing O/H To record Finished Goods: Dr FG; Cr WIP To record Units…Click to watch the Tell Me More Learning Objective 1 video and then answer the questions below. 1. Which of the following manufacturers is most likely to use a process cost system? Purse manufacturer Sports drink manufacturer Automobile manufacturer Guitar manufacturer 2. Process and job order cost systems are similar in that both systems _______. record and summarize product costs classify product costs as direct materials, direct labor, and factory overhead allocate factory overhead costs to products All of these choices are correct.
- Cost of Goods Manufactured, Cost Identification, Solving for UnknownsObjective 2 - Explain the cost assignment process., 4 - Prepare incomestatements for manufacturing and service organizations.Allight Test Design Company creates, produces, and sells Intemet-basedCPA and CMA review courses for individual use. Davis Webber, head ofhuman resources, is convinced that question development employees musthave strong analytical and problem-solving skills. He asked Andrea Benson,controller for Allright Test Design, to help develop problems for use inscreening applicants before they are interviewed. One of the problems Andreadeveloped is based on the following data for a mythical company (Mythic, Inc.)for the previous year:a. Conversion cost was $140,000 and was four times the prime cost,b. Direct materials used in production equaled $5,000.c. Cost of goods manufactured was $154,000.d. Ending work in process is 40 percent of the cost of beginning work inprocess.e. There are no beginning or…d. What was the cost of products completed during Febuary? e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary? f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold? Please provide an explanation it would be of great help with my learning. Thank you <3Kindly answer the two question. NO EXPLANATION NEEDED. Thankyou1. Choose the right answer. No 1. When raw materials are issued to production, these will become part of work in process inventory. Raw materials Inventory account reflects the cost of materials and factory supplies that will be used in the manufacturing process. No 2. Conversion cost is composed of direct labor and overhead cost a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is true 2. Choose the right answer. No 1. When goods are sold, their cost is debited to Cost of goods sold. No 2. Work in process account pertains to inventory not yet completed or needs further processing. When completed, Work in process account is debited. a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is true
- 6. Using the following account names, prepare the journal entries for the independent transactions listed below: Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR ? ? DR ? ? CR ? ? Prepare the…Check my workCheck My Work button is now enabled1 Item 3 Item 3 Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Cost added during May $ 83,475 $ 40,310 $ 137,025 Equivalent units of production 15,900 14,500 14,500 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)eBook Print Item Cycle Time, Velocity, Product Costing Mulhall, Inc., has a JIT system in place. Each manufacturing cell is dedicated to the production of a single product or major subassembly. One cell, dedicated to the production of mopeds, has four operations: machining, finishing, assembly, and qualifying (testing). The machining process is automated, using computers. In this process, the model’s frame and engine are constructed. In finishing, the frame is sandblasted, buffed, and painted. In assembly, the frame and engine are assembled. Finally, each model is tested to ensure operational capability. For the coming year, the moped cell has the following budgeted costs and cell time (both at theoretical capacity): Budgeted conversion costs $5,541,120 Budgeted materials $18,668,000 Cell time 35,520 Theoretical output 17,760 models During the year, the following actual results were obtained: Actual conversion costs $5,541,120 Actual materials $4,009,000…
- Info in images Required: 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) B300 T500 Total Product margin $0 2. Compute the product margins for B300 and T500 under the activity-based costing system. (Negative product margins should be indicated by a minus sign. Round your intermediate calculations to 2 decimal places.) B300 T500 Total Product margin $0 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2…Question#6 For each item, identify all applicable cost labels. Use the following code in your answer:1 — Product Cost2 — Period Costa. Advertising _______b. Direct materials used _______c. Sales salaries _______d. Indirect factory labor _______e. Repairs to office equipment _______f. Factory manager's salary _______g. Direct labor _______h. Indirect materials _______E4-23A Use ABC to allocate manufacturing overhead (Learning Objective 2) Several years after reengineering its production process, Biltmore Corporation hired a new controller, Rachael Johnson. She developed an ABC system very similar to the one used by Biltmore’s chief rival, Westriver. Part of the reason Johnson developed the ABC system was because Biltmore’s profits had been declining even though the company had shifted its product mix toward the product that had appeared most profitable under the old system. Before adopting the new ABC system, Biltmore had used a plantwide overhead rate based on direct labor hours that was developed years ago. For the upcoming year, Biltmore’s budgeted ABC manufacturing overhead allocation rates are as follows: Activity Allocation Base Activity Cost Allocation Rate Materials handling # of parts $3.84 per part Machine setup # of setups $330.00 per setup Insertion of parts # of parts $30.00 per part Finishing Finishing DL hrs $54.00 per hour The…