Answered: What do you believe would occur if a…

What do you believe would occur if a business did not use a work cost sheet? What exact things are included on a work cost sheet?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 5TP: How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal...

See similar textbooks

Related questions

Q: what are the two major differences for service companies (compared to manufacturing companies) that…

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

Q: Which of the following accounts would be a period cost rather than a product cost? Freight out.…

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product

Q: In a job-order costing system, direct labor cost is usually recorded as a credit to: а. Cost of…

A: Job order costing is a system of assigning the cost of production to a specific manufacturing job;…

Q: Based on the knowledge of depreciation being recorded on a journal entry as a manufacturing overhead…

A: Depreciation refers to the permanent diminution in the worth of tangible assets. This could be due…

Q: Which one of the following is not a cost element in manufacturing a product? Office salaries…

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

Q: Why do businesses apply overhead to tasks using fixed rates rather than real manufacturing overhead…

A: This question deals with real manufacturing overhead costs:

Q: What kind of firm would use a job order cost system?

Q: Wages paid to laborers working in the manufacturing department is treated as an expense of?…

A: Wages: It can be defined as the amount that is paid to the laborers as remuneration for the work…

Q: Which of the following would not be an element of factory overhead?

A: Factory Overhead are not direct cost like direct materials and direct labor however they are helpful…

Q: 1. Which of the following is not a component of factory overhead? a. Payroll taxes share of the…

A: * As per bartleby guidelines, in case of different question answer first only Factory overhead are…

Q: Why do companies use predetermined overhead rates rather than actual manufacturing overhead costs to…

A: If actual manufacturing overheads are applied then costs are unknown. if calculated need to wait…

Q: Google applies overhead to product costs. What account(s) is(are) used to eliminate overapplied or…

A: Definition: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a…

Q: In what way does the accounting treatment of direct materials and direct labor costs differ from…

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

Q: In what way does the accounting treatment of factory overhead differ from that of direct materials…

A: Factory overheads include all indirect costs incurred during the manufacturing process to maintain…

Q: Which of the following are matters that are linked to personnel administration and have a bearing on…

A: Recruitment and selection process :- It is a part of personnel administration (human resource…

Q: Which of the following accounts would be a period cost rather than a product cost? a Freight out.…

A: Variable costs: These costs are incurred in conjunction to the volume of goods produced or sold. It…

Q: what are the basis for including or excluding elements of cost for job costing? What factors,…

A: Job costing is also called as Job order costing. It is used to track the cost related to job. A job…

Q: In a job order cost system, a credit to Finished Goods will be accompanied by a debit to: * Cost of…

Q: An example of labor-related costs is: bonus pay factory labor fringe benefits operating expense

A: The labor costs include the wages and salaries paid to employees.

Q: Why would a manufacturing firm switch from direct labor hours to machine hours as the cost driverfor…

A: Direct labor: Direct labor includes the wages of the employees who are directly involved in…

Q: Which one of the following represents a period cost? Fringe benefits associated with factory workers…

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

Q: What costs associated with a job are allocated to manufacturing overhead. I always get this question…

A: MANUFACTURING COST : MANUFACTURING COSTS REFER TO THOSE ARE SPENT TO TRANSFORM MATERIALS INTO…

Q: Provide an example of a manufacturing business that generally would use a job order cost system?

A: Job order costing is a method of costing which is specific job order driven. Job Order costing…

Q: In a job-order costing system, direct labor cost is usually recorded as a debit to: O a. Work in…

A: Hi student Since there are multiple questions, we will answer only 1st question if you want…

Q: Which of the following is NOT an element of manufacturing overhead? Sales manager's salary Plant…

A: Manufacturing overhead means the cost incurred indirect in factory for the production of goods.

Q: Which one of the following represents a period cost? a. Fringe benefits associated with factory…

A: Financial statements are statements which states the business activities performed by the company .…

Q: What information is presented on a job cost sheet and what is i

A: A job cost sheet tracks the job number, information about the customer, and the job. This includes…

Q: In a job-order costing system, the incurrence of indirect labor costs would usually be recorded as a…

A: Job order costing: The job order costing is a method of cost used by companies who produce unique…

Q: Which of the following represents the cost of jobs completed but not yet sold? O a. Raw Materials…

A: The answer is as follows:-

Q: Which of the following is not considered a cost of manufacturing a product? Group of answer choices…

A: Total manufacturing cost, or simply the cost of producing the things that will be sold to customers,…

Q: Under a job order costing system, individual jobs are charged with actual overhead costs when they…

Q: Why must a company estimate the amount of factory overhead assigned to individual jobs or job lots?

A: Overhead: It can be defined as the expense that is centrally incurred by the business in continuing…

Q: The cost paid to a laborer to assemble a desk is recorded as an expense. Why is this false?

A: Labor cost: Cost of labor refers to the compensation in the form of wages made to labor for their…

Q: The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a…

A: Job cost sheet provides information regarding the actual cost of the job. Actual costs include costs…

Q: Discuss the reason why companies use predetermined (factory) overhead rates rather than actual…

A: Manufacturing overheads are the manufacturing costs that could not be directly associated with each…

Q: How would salaries of supervisors in the factory be classified? Group of answer choices

A: A supervisor or employee in a factory is not directly involved in production process as a Direct…

Q: What would happen if a business did not use a work cost sheet? What are some of the particular…

A: This question explains about the particular components that a work cost sheet

Q: In what way does the accounting treatment of factory overhead differ from that of direct materials…

A: Factory overhead is defined as cost incurred during the process of manufacturing but not including…

Q: Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally…

A: A job cost sheet is prepared to ascertain the cost of particular job by recording all the…

Q: Which one of the following is not a production overhead cost? Production line worker’s salary…

A: Production overheads means indirect costs related to production and manufacturing of goods in the…

Q: What do you think would happen if a company didn't use a job cost sheet? What are some specific…

A: Job Cost sheet Record of each job is maintained in a job-order costing system and it is served as a…

Q: 1 For a manufacturing company, which of the following is an example of a period cost rather than a…

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

Q: Wages paid to factory staff is an example of indirect cost

A: Indirect Labor: The term "labor" refers to the overall amount of personnel and skill necessary to…

Q: 1. Cost of completed jobs are debited to what account in managerial accounting? 2. Cost of jobs…

A: A job costing system is used for allocating costs to a specific job. A job is an unit cost driver.…

Q: Which of the following is a prime cost? A.Factory maintenance expenses B.Administrative labor…

A: Prime cost of the business means cost of direct material and direct labour. Direct material and…

Question

What do you believe would occur if a business did not use a work cost sheet? What exact things are included on a work cost sheet?

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

Industry analysis: Project management in construction industry

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

Is the cost of a job related to the price charged? Explain.
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?
What are the sources for posting direct labor cost to (a) individual jobs in the job cost ledger and (b) the work in process account in the general ledger?
How do the job cost sheets act as a subsidiary ledger for the work in process inventory if journal entries are not made to the job cost sheets?
How is a job order cost system used in a service industry?
Which of the following would not be classified as manufacturing overhead? A. indirect materials B. indirect labor C. direct labor D. property taxes on factory
What are the shortcomings of waiting until the actual factory overhead expenses are known before recording such costs on the job cost sheets?
What are factory overhead expenses, and what distinguishes them from other manufacturing costs? What other terms are used to describe factory overhead expenses?
If a job order cost system tracks the direct materials and direct labor, why doesn't It track the actual overhead used for a specific job?
What are the sources for posting indirect labor cost to the indirect labor account in the factory overhead ledger?
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses