Why should an employee have some understanding of costing if they are not in the accounting department? Explain how the method of costing used will impact the company with: (A) the quoting of customer jobs and (B) gross margin/profit on the Income statement

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: An accountant recently debited Work-in-Process Inventory and credited Manufacturing Overhead at a…

A: The factory overhead control account requires a subsidiary ledger for factory overhead, with the…

Q: Which of the following would be included in factory overhead? Group of answer choices a salary of…

A: There are two types of factory costs that are direct and indirect cost.

Q: dentify the best description of job order costing.   A practice of substituting an expected cost…

A: Job order costing is a method of costing where the manufacturing cost of each job is identified by…

Q: Which of the following is not a characteristic of job costing?   Group of answer choices It is…

A: Job order costing is that form of specific order costing which applies where the work is undertaken…

Q: As a plant accountant, you have been directed by the new plant manager to expense all manufacturing…

A: This particular directive is not agreed as a plant accountant because expensing all manufacturing…

Q: Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable…

A: Variable cost is the cost that changes with the change in the number of units produced. Fixed cost…

Q: Which of the following is not a period cost? Group of answer choices Sales commissions. Public…

A: Cost can be divided in to different groups including period cost, product cost etc. Period cost are…

Q: What is process cost, and how is it different from job order costing?   What are some examples of a…

A: Process cost is a form of operating cost, which is used for determining the cost of the product at…

Q: Which one of the following represents a period cost? O 1) The VP of Sales' salary and benefits 2)…

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

Q: "In a job-order costing system, costs are traced to individual units of product. The total of such…

A: Cost refers to the amount paid to acquire something. Cost can be direct or indirect in nature…

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: 5) Which one of the following best describes a job cost sheet? a. It is a form used to record the…

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

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: what is the managerial accounting

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

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

A: Actual Overhead expenses are the genuine expenses acquired and ordinarily incorporate things like…

Q: of the following is an example of direct labor?     Salary of the vice-president of op

A: Direct Labour refers to the labour directly involved in the manufacturing process for producing the…

Q: What type of cost accounting system would be most appropriate to be used by a candy making company?…

A: Manufacturing Company: A manufacturer is a person or corporation that manufactures completed things…

Q: Compare and contrast job order costing with one other type of cost accounting system. Then,…

A: It is the system of assigning and accumulating manufacturing costs of an individual unit of…

Q: Which of the following statements are true? 1. A cost driver is a factor, such as machine-hours,…

A: Direct costs are those costs which are directly involved in converting raw material into finished…

Q: What type of cost accounting system would be most appropriate for a business consulting firm? Group…

A: A cost accounting system is a system used by organizations to determine the cost of their products…

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: Discuss how the predetermined factory overhead rate can be used in job order cost accounting to…

A: Predetermined overhead means the budgeted indirect factory costs which are incurred in the…

Q: Which of the following does not accurately describe the application of job-order costing? a.…

A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…

Q: Which of the following is an “indirect labor” cost? Wages paid to factory janitors and factory…

A: Indirect Labor: Employees who work on activities that contribute to the operation of the firm but…

Q: What are the major differences between job-order costing and process costing systems? Give an…

A: Job order costing:   It is a system of assigning manufacturing costs of an individual unit of…

Q: Which of the following is NOT an objective of job costing? Select the correct response: To determine…

A:

Q: Jane Neff believes that the cost of good manufactured schedule in job order cost accounting is the…

A: Job order costing system is one of the costing system which helps in accumulation and assignment of…

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: How would sales salaries be classified for a manufacturing company? Group of answer choices product…

A: Manufacturing company refers to the company which produces the finished goods from the RM (Raw…

Q: You have been employed as a cost    accountant by Pared Inc.  The president, I.M. Pared, is having a…

A: The following accounts are used to record the flow of costs:- Raw material inventory Labor…

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: 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: 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: 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: What are the types of company that use job order cost system and types that use process cost system?…

A: Job Order Costing: Job Order costing is used where the companies make Unique product. Therefore to…

Q: Which of the following statements is true?a. Job-order costing is used only in manufacturing…

A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…

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: What are the major differences between job-order costing and process costing systems? Give an…

A: Difference Between Job Order and Process Costing: The differences between job order costing and…