QI. Explain how job costing is used in service sectors and manufacturing sectors? Provide examples by citing one job costing example of the service sector and one example of the manufacturing sector of a Saudi company to support your answers.

QI. Explain how job costing is used in service sectors and manufacturing sectors? Provide examples by citing one job costing example of the service sector and one example of the manufacturing sector of a Saudi company to support your answers.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 17MC: The activity base for service industries is most likely to be _________________. A. machine hours B....

See similar textbooks

Related questions

Q: A company rent a building for P50,000 per month for a period of 10 years. Find the accumulative amou...

A: FV of Ordinary Annuity=C×[(1+i)n−1/i] where: C=cash flow per period i=interest rate n=number of p...

Q: What is the value of customer relations and customer service?

A: Customer relations is the relationship with customer and the focus of which is to build customer rel...

Q: For the month of January 2022, PBB Company reported the following production data for Finishing Depa...

Q: On 31 December, 2021, a customer has bought a 2-day pass for using the spa facilities on 31 December...

A: Solution Concept Accrual basis of accounting As per the accrual basis of accounting ...

Q: 9. Create an Evaluation Summary indicating the NPV, IRR, PI, and Payback period of all options. Plea...

A: Solution Calculation of NPV year cash flow A cash flow B pv factor @ 8% present value of...

Q: You are a financial Manager of Chevron Corp. You need to assess the effectiveness of working capital...

A: Formula: Inventory Turnover = Cost of sales / Average Inventory

Q: xplain the difference between perpetual inventory system and periodic inventory system

A: Companies and organizations can record their inventories using any of the two inventory system - per...

Q: at the inception of the process. Conversion costs are incurred evenly throughout the process. The ma...

A: in process costing the product are produced as a result of two or more process so the product passes...

Q: Macrosoft Company reports net income of $73,000. The accounting records reveal depreciation expense ...

A: An entity generates it's cash flow from different sources namely operating activities, investing a...

Q: BELOW IS THE INCOME STATEMENT FOR NEW COMPANY FOR JANUARY 2020 SALES PER UNIT $75 SALES VOLUME 18500...

A: Operating Profit = Sales - Total Cost Total cost = Cost of goods sold + Marketing and Administrative...

Q: II. Classify the following whether it is an Asset (A), Liability (L), Capital (C), Income (), or Exp...

A: Accounting equation is given as under: ASSETS = EQUITY + LIABILITIES

Q: 3. Calculate the IRR for Large Expansion 4. Calculate the IRR for Medium Expansion 5. Calculate the ...

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first three ...

Q: In an acquisition of assets, the acquirer must give up which of the following? A. Other Assets B. ...

A: In business combination, acquirer is the company who invested in another company or purchase another...

Q: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are ...

Q: Nico Manufacturing Company applies process costing in the manufacture of its best-seller product, “b...

A: Process costing is a method of cost accounting, which is used where there is continuous production a...

Q: The flexible budget will report for fixed costs.

A: Solution Concept Flexible budget is a budget in which the variable cost is adjusted on the basis of ...

Q: The controller of Hall Industries has collected the following monthly expense data for use in analyz...

A: A variable cost is a business expense that varies with how much a company produces or sells. Variabl...

Q: Please explain how to arrive at the "Market Price of Bonds (% of face) = 94.285%" section in the exc...

A: The price for bond implies to the consideration amount paid by investor for purchasing bond. In prov...

Q: fileCUsenmc23/Document/Mark Sackup2010-2-2017/Documents/ magement/contingencyszobud * Risk P (Risk P...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: Exercise 6-8 (Algo) Performance obligations; customer option for additional goods or services [LO6-4...

A: The c

Q: Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statemen...

A: Financial statements refers to the statement which includes BS (Balance Sheet), income statement (IS...

Q: Calculate Irene's gross income.

A: answer Interest, U.S. Treasury bills =1950 Interest, bonds issued by Ford Motor Company = 1700

Q: Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to accoun...

A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...

Q: P1,200,000. At that date, Harley had the following book and Book Value Market Val blon

A: Retained earnings are the amount that is left after paying all the costs, income taxes, and stockhol...

Q: Bob's only source of income is from his consulting business operated as a sole proprietorship. Assum...

A: As per our protocol we provide solution to one question only but as you have asked different multipl...

Q: A company's employer payroll tax rates are 0.6%% for federal unemployment taxes, 5.4% for state unem...

A: Solution:

Q: Liberty Corporation reported the following figures: Account 2016 2015 Cash and cash equivalents $ 2 ...

A: Vertical analysis of Balance sheet , shows all the assets as a percentage of total assets = Particul...

Q: choose the correct answer: Equity security acquired for trading should be measured at reporting dat...

A: Equity Securities Held for Trading Equity securities which are held for trading purpose which can be...

Q: [True or False] If a partner's investment in a partnership consists of equipment that has been depre...

A: The partnership exists when two or more persons work together in a firm. They share profits and loss...

Q: Engr. Roque owner of the HarRoqe’s Ice Plant is monitoring the cashflow of the plant. Based on the f...

A: Break-even point = Fixed costs / Contribution per unit Contribution per unit = Selling price per uni...

Q: The gross profit margin of WALA company is 40%. If the gross profit is ₱332,560.00, how much is the ...

A: Gross profit margin =40% Gross profit =P332,560 Therefore, Revenue =Gross profit/gross profit margin...

Q: 2019 2020 Assets Cash & Short investments Accounts Receivable 021,000 ,רר 68,109,000 | 120,000,רה 26...

A: To compare the data of two years a statement is prepared calculating difference and difference perce...

Q: Exercise 12. Account Debited and Account Credited Instruction: For each transaction, identify the ac...

A: Accounting of business transactions means updating the books of accounts through journal entries. Ea...

Q: Current Designs faces a number of important decisions that require incremental analysis. One of Curr...

A: Lets understand the basics. When there is alternative between make or buy product then management al...

Q: Alfa INC began January 2021 with 20 units of iron inventory that cost 15 euro each. During January, ...

A: In FIFO method , The inventory bought first are sold first. In LIFO method , the inventory bought la...

Q: does not require an entry, leave it blank. Alert Security Services Co End-of-Period Spreadsheet (Wor...

A: Financial statements refer to the statements which state the financial performance as well as the po...

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 P...

A: Formula: Cost of goods sold = Beginning Inventory + Net purchases - Ending Inventory

Q: 15. An exception to the general rule that costs should be charged to expense in the period incurred ...

A: There is a general rule that ' Costs should be charged to expense in the period it is incurred ' The...

Q: 14. Paul Williams Company presented the following information pertaining to its investments in marke...

A: As specified in question the solution of 14 and 15 is given below. Unrealized gain or loss in the ...

Q: 1/2/21 Issued 15,000 shares of $20 par common stock at $30, receiving cash. 1/2/21 Issued 4,000 shar...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: 2- Amina borrowed 60,000 SR on January 1, 2020, from the local bank to expand its bui The funds were...

A: When bond trades or the market price of the bond is below $1000 or par value it is called a discount...

Q: Identify the accounting concepts/policies adopted in the preparation of balance sheet of the company...

A: Introduction Accounting concepts and policies are specific principles, conventions, rules and practi...

Q: QUESTION 1 In its first year of business, Miss Take, the bookkeeper, erroneously recorded $10,000 of...

A: The term inventory refers both to raw materials used in manufacturing and the finished goods that ar...

Q: What is accounting

A: Generally Accepted Accounting Principles (GAAP): A definitive objective of GAAP is to guarantee an o...

Q: Required information [The following information applies to the questions displayed below.] Cane Comp...

A: Contribution margin refers to the selling price deducted by variable cost. It ought to cover the fix...

Q: A business has total assets of P 381,000 and owner’s equity of P 264,000. How much were the liabilit...

A: Solution Concept Accounting equation is given as Asset =liabilities + owner’s equity Following t...

Q: 5. The accountant for the Goshen Company assembled the following data: June 30 July 31 P 39,745 137,...

A: * As per bartleby guidelines in case of different question, answer first only and in case of interli...

Q: n the coming three years, you will need Php 200,000. What amount will you deposit in a bank at prese...

A: solution Given for first question Future value needed 200000 Present value ? Interes...

Q: roblem 3: On January 1, 2012, Enrich Company purchased a machine under the following terms: a. ...

A: Cost of Machine: In this case, the cost of the machine would be a down payment and present Value of ...

Q: -3, LO 6-4, LO 7-3] Skip to question [The following information applies to the questions display...

A: JF termed as Journal entries which are reported into the day book of business and it includes the da...

Question

Q1. Explain how job costing is used in service sectors and manufacturing sectors? Provide
examples by citing one job costing example of the service sector and one example of the
manufacturing sector of a Saudi company to support your answers.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Federal Insurance Contributions Act (FICA)

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What factors would you consider in deciding whether to use direct labor dollars or direct labor hours in charging overhead to jobs in a service firm?
In a team of two or three students, interview the manager/owner of a local business. In this interview, ask the manager/owner the following questions: A. Does the business collect and use cost information to make decisions? B. Does it have a specialist in cost estimation who works with this cost data? If not, who is responsible for the collection of cost information? Be as specific as possible. C. What type of cost information does the business collect and how is each type of information used? D. How important does the owner/manager believe cost information is to the success of the business? Then, write a report to the instructor summarizing the results of the interview. Content of the memo must include date of the interview, the name and title of the person interviewed, name and location of the business, type of business (service, merchandising, manufacturing) and brief description of the goods/services provided by the business, and responses to questions A-D.
The activity base for service industries is most likely to be _________________. A. machine hours B. administrative salaries C. direct labor cost D. direct labor hours
Q4. Referring to the concept of job costing in the manufacturing sector, identify how you will record the following journal entries: a)When raw materials are received. b)When raw materials are sent to the factory floor. c)When labor costs are incurred. d)When a job is completed. e)When a job is shipped to a customer. Note: You must assume significant values for each transaction of your own and prepare the journal entries for each case.
Please read Chapter 2 and then answer the following question Describe how a job order cost system can be used for professional service businesses.
Choose ONE of the costing systems, and answer the questions that follow: • Job Costing• Process Costing• Operation Costing (Hybrid Costing) • Activity-based Costing (ABC) Questions: 1. Briefly discuss the features of your chosen costing system. 2. Identify 2 specific Australian companies that your chosen costing system is suitable for, and explain why. 3. Discuss two potential uses of the cost information for decision-making, to the managers in each of the 2 organisations selected in Q2 above.
Explain the job order costing income statement and provide a hypothetical example ofjob order costing income statement in a manufacturing enterprise. Provide in-textcitations and explain your example in detail.
a. Describe the flow of costs through a product costing system. What specific accounts are involved and how are they used? b. When a single volume based cost driver is used to apply manufacturing overhead, what is the managerial accountant's primary objective in selecting the cost driver? c. Assume Kardan university has decided to replace all professors with teaching robots. How might this switch impact on the university's choice of cost driver as the basis for overhead application? Explain.
Determine whether each of the following companies is best suited for a job order cost system or a process costing system, or both. Explain why a. Delillo Construction Co. b. Dell Computer Co. (the big computer manufacturer in Texas) c. BP Gasoline Refinery d. Buzzeo & Co. CPAs (an accounting firm)