Q28 Which costing method will be most suitablefor an automobile garage workshop in Ibri?a. Job costingO b. Process Costingc. Operating costingd. Service costing

Job Costing - This method is applicable where work is to be performed as per specifications of…

Answered: Which costing method will be most…

Which costing method will be most suitable for an automobile garage workshop in Ibri? a. Job costing b. Process Costing O c. Operating costing O d. Service costing

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4TP: What is different between the journal entries for process costing and that of job order costing?

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Q28

Which costing method will be most suitable
for an automobile garage workshop in Ibri?
a. Job costing
O b. Process Costing
c. Operating costing
d. Service costing

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Which of the following product situations is better suited to job order costing than to process costing? A. Each product batch is exactly the same as the prior batch. B. The costs are easily traced to a specific product. C. Costs are accumulated by department. D. The value of work in process is based on assigning standard costs.
When using job order costing for a professional service business, the primary product (service) costs are: A.Direct Materials and Overhead B.Direct Materials and Direct Labor C.Direct Materials. Direct Labor, and Overhead D. Direct Labor and Overhead
Interview questions are asked to determine a. what activities are being performed. b. who performs the activities. c. the relative amount of time spent on each activity by individual workers. d. possible activity drivers for assigning costs to products. e. All of these.
A process costing system Is most likely used by which of the following? airplane manufacturing a paper manufacturing company an accounting firm specializing in tax returns a hospital
Which of the following production characteristics is better suited for process costing and not job order costing? Each product batch is distinguishable from the prior batch. The costs are easily traced to a specific product. Costs are accumulated by department. The value of work in process is the direct material used, the direct labor incurred, and the overhead applied to the job in process.
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
During production, to what are the costs in job order costing applied? A. manufacturing overhead B. cost of goods sold C. each individual product D. each individual department
Which of the following statements is true? a. Job-order costing is used only in manufacturing firms. b. Process costing is used only for services. c. Job-order costing is simpler to use than process costing because the recordkeeping requirements are less. d. The job cost sheet is subsidiary to the work-in-process account. e. All of these.
Can process costing be used for a service organization? Explain. Describe how process costing can be used for JIT manufacturing firms.
How do firms collect job-related information on driver usage in an activity-based costing system?
Assign each of the following expenses to either the machine setup cost pool or the factory cost pool: A. indirect materials B. inspections C. factory insurance D. machine depreciation E. machine setup (indirect labor) F. machine setup (indirect material)