Prepare an REA model depicting the issuance of raw materials into the manufacturing process. Identify the resource, event, and agent entities. Show the cardinalities in the associations between entities.

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

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

Q: Concepts and terminology From the choices presented in parentheses, choose the appropriate term for…

A: Improving: In this stage, the problems will be eliminated and improved. Conversion cost: Total of…

Q: The production subsystem of the conversion cycle includes all of the following EXCEPT a. determining…

A: Conversion cycle: Process of converting  raw materials in to finished goods.

Q: The costs of direct materials, direct labor, and overhead of completed products ready for sale are…

A: Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Q: the calculation of the equivalent unit is based on ......... of a production process

A: Equivalent units of production: Equivalent units refer to the total amount of work done on the…

Q: Choose the option that has the most accurate list of elements of a manufacturing cost. Direct…

A: The manufacturing costs include all the direct and indirect cost related to the production process.…

Q: Which of the following is the proper classification of activities according to activity level for a…

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

Q: Using the FIFO method, prepare the following for the Assembly a. A physical flow schedule b. An…

A: FIFO termed as First in First Out which is a method inventory that determine the cost on the grounds…

Q: management consider in determining the amount of onvestment in ma

A:

Q: Which of the following is used when raw materials are purchased to be used in the manufacturing…

A: The raw materials are purchased for the production purpose in the business.

Q: Distinguish between the product-costing and control purposes of standardcosts for factory…

A: Standard Costing: Standard costing is an accounting tool which is used to measure the variances in…

Q: iscuss under what condition it would be appropriate to use a process costing system

A: Solution Concept Process costing system Process costing is a system of costing where the cost of is…

Q: Determine the equivalent units of production with respect to direct materials and conversion.

A:

Q: Labor related to manufacturing of product can be classified under: direct manufacturing labor costs…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Which of the following are basic inventories for a manufacturer ?     a. Finished goods, raw…

A: materials can be in any form during the year, it may be  Raw materials  Work in progress  Finished…

Q: utilizes a computer system to estimate production needs so that required resources are available…

A: Answer - 1. Correct Option is A - Flexible.  A flexible manufacturing system is a highly automated…

Q: Four factors come together In production activity: beginning work In process Innventory, direct…

A: Answer 1) Beginning work in process inventory cost is carry forward from previous accounting period…

Q: Required: Prepare the jaurnal cntries to record the purchased of materials. used of materials and…

A: Recording journal entries is the basic and the first step of an accounting cycle. Business…

Q: Explain manufacturing activities and the flow of manufacturing costs

A: Manufacturing activity: Manufacturing activity comprises of materials, production and sales…

Q: Distinguish production procedures that match with process costing from those that correspondwith job…

A: Cost Accounting is a form of managerial accounting which aims at recording and assigning all the…

Q: Explain how a sales order, a production order, a materials requisition form, and a labor time…

A:

Q: Discuss several ways in which standard-costing systems should be adapted in today’s manufacturing…

A: Below are some of the ways in which standard-costing systems should be adapted in today's…

Q: Identify significant accounts and relevant assertions related to the production cycle.

A: Definition: Management Assertion: Management assertion refers to the claims made by the management…

Q: What are the primary determinants for both materials and operations requirements?

A: Definition: Conversion cycle: A set of all processes that are used to collect inputs and convert…

Q: Describe accounting for production activity and preparation of a process cost summary using FIFO.

A: Accounting for Production activity determines the physical flow of units, analyze equivalent units…

Q: How do you compute the raw materials used in production?

A: The raw material consumed in the production is both by way of direct material consumed and indirect…

Q: What variables should be considered while selecting between a task order and a process cost system…

A: Process costing: process costing is a costing method used by companies that produce homogeneous…

Q: process productivity

A: Process productivity = Good units produced/Processing time(total hours)

Q: how to allocate manufacturing overhead by department?

A: Manufacturing overhead costs: The costs, which do not relate openly with the manufacturing of…

Q: Describe the flow of costs through a process costing system.

A: Definition:   Process costing: Process costing is a method of cost accounting in which all costs are…

Q: Units of production method with workings required.

A: Depreciation is a decrease in the value of assets due to normal wear and tear, the effect of time,…

Q: How are cost of production reports used for controlling and improving operations?

A: Production cost report: A production cost report is a comprehensive report prepared for each…

Q: Describe how the functions of (a) authorization of production transactions, (b) recording of…

A:

Q: Identify and giveexamples of each of thethree basic manufacturingcost categories.

A:

Q: Provide a description of how the job order costing and process costing methods are applied to…

A: Cost accounting is required for obtaining cost sheet. Cost sheet is prepared to obtain cost of a…

Q: What types of products would most likely be manufactured using the process cost system?

A: A process costing system is useful when in a manufacturing unit, large batches are produced. Many…

Q: What steps or activities are involved in developing standards for the materials that are used in…

A: Direct or indirect material are types of materials, direct materials includes those materials which…

Q: What manufacturing cost term is used to describe the cost of materials that are an integral part of…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Explain the characteristics of process costing.

A: Process costing is a method of costing used to determine the cost of the product at each stage of…

Q: What are the difference between raw material, work in process, and finished goods inventories?

A: Inventory represents finished goods or goods in different stages of production.   The 3 Types of…

Q: iscuss the Step by Step Procedure involve in process Costing including the content of Production…

A: In accounting, process costing is a method of allocating production costs to units of output.…