Q.3.1 Discuss the cost elements for a manufactured item.  Q.3.2 Briefly discuss the general ledger with regard to SAP ERP

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: 4. A transfer of direct materials, such as metal used to make the outer case of a vid system, into…

A: Under process costing, transfer is made from Raw Materials account to Work in process account when…

Q: 1. DOCUMENT FLOWCHART Prepare a flowchart that illustrates the sequence in which the following…

A: Flowchart: A flowchart can be defined as a type of diagram which characterizes the process, workflow…

Q: ed as one level item. sts. om variable manufacturing

A: Contribution income statement shows the contribution margin by deducting variable cost from sales…

Q: How does computerised accounting system could help to improvise better reporting  sytem in…

A: An accounting system in which the events and the process of final transactions are in accordance to…

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: Analyze the following T-accounts and describe each lettered transaction. Note that some transactions…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: Calculate the order quantity that would minimize the cost of item Z.

A: Economic order quantity (EOQ), is  the optimum amount of an item that should be ordered at any given…

Q: 4. Inventoriable costs become expenses when the O manufacturing process begins. Omanufacturing…

A: Inventoriable costs is the cost shown in balance sheet under head inventory. It includes purchase…

Q: Define and explain the cost management information system's two major subsystems.

A: Cost management information system refers to the system which is related with the manufacturing the…

Q: For each cost pool, identify an appropriate cost driver. a. order department b. accounts…

A: Cost Driver: The direct reason for a cost is referred to as a cost driver. Fixed expenses do not…

Q: Identify the journal entry for indirect material return to supplier. a. Dr.Material inventory,…

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

Q: 2. Show how to prepare a journal entry to enter direct materials costs into the WIP Inventory…

A: The costing method in which the raw materials are processed through various processes to make a…

Q: Explain whether the cost accounting system primarily supports internal or external reporting.

A: Cost Accounting System: Cost accounting system refers to as a framework designed by the company to…

Q: Meaning of manufacturing and explain, thank you

A: Manufacturing and Retailing are two activities which are done in an organisation. Manufacturing…

Q: omputerised cost

A: The computerized accounting system is an accounting data system that processes financial…

Q: Provide a hypothetical example of a process costing income statement in a manufacturing enterprise.…

A: Process costing is a cost accounting term that describes one method of obtaining and allocating…

Q: Use T-accounts to showthe flow of costs in ajob-order costing system.

A: Every industry maintains different inventory accounts and every industry can use job order costing.…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Q3       Explain the similarities and differences between job order cost and process cost system

A: Job order costing means finding or calculating costs associated with a job that is specific or a…

Q: explain the cost management information system's two major subsystems

A: The cost management information system's primary goal is to generate outputs for internal users. To…

Q: iscuss the various reports provided by cost accounting departme

A: Cost report: Cost reports are prepared by the accounting department of management that includes the…

Q: Explain the purpose of a standard cost sheet 2.  Explain how unit standards are set and why…

A: "Since you have posted multiple questions, we will solve the first question for you. To get the…

Q: Match the items in the two columns below by entering the appropriate code letter in the space…

A: Management accounting: Management accounting refers to identifying, measuring, analyzing the…

Q: Give the journal entry for raw materials product on account. Explain how this transaction affects…

A: The raw material inventory is a general ledger account. The details of raw material purchased and…

Q: Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or…

A: 1) Identify reasons a Actual manufacturing overhead for the year b Applied manufacturing…

Q: as a Cost Center a Line It Production Li

A: Line item        budget      Actual    variance      % variance Production Line wages 20,000…

Q: Thomas Traders WLL provide you with the following cost items. Analyse the cost description in Column…

A: Cost classification means  grouping costs according to their common features. Direct materials  are…

Q: ick the icon to view the information.) he requirements rement 1. Compute the actual and budge…

A: In the given question overhead rate is calculated on the basis of direct Labor cost. Therefore…

Q: 3. compute the cost of the ending inventory of work in process ANSWER IN EXCEL FORM

A: Under process costing, there are two methods which are accounted for. One is FIFO method and other…

Q: Q3) As production takes place, all manufacturing costs are debited to the:  A. work in process…

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

Q: 1. Define the acțivity based costing system.

A: Activity-based costing or ABC is a system to find out the cost of a product.

Q: Choose the most appropriate answer(s): Calculation of product cost, gathering information for…

A: SOLUTION-   EXPLANATION- COST ACCOUNTING IS AN ACCOUNTING METHOD THAT AIMS TO CAPTURE A COMPANY'S…

Q: Cost c For the Mo shed goods inventory, Septe k in process inventory, Sept t materials: irect…

A: From the information given in the problem we will prepare COGS budget  ----

Q: Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?

A: Work in process inventory means inventory which is not in process yet, which is not completely…

Q: COST ACCOUNTING  PLS SHOW SOLUTION

A: Solution:- 7)Calculation of over-allocated or under-allocated conversion costs for the month as…

Q: Explain an example of journal entry for the transfer in costs.

A: Transferred in cost: It can be defined as the accumulated costs, incurred in relation to a product…

Q: please help me finish this in FIFO method!

A: Cost accounting is widely used by cost accountants to determine the cost of products produced in the…

Q: List 4 specific examples of the type of information from Standard Costing system which can provide…

A: A standard costing system is used in the organizations to estimate the costs and profits from the…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.