EP FINANCIAL+MANAGERIAL ACCT. >CUSTOM<
5th Edition
ISBN: 9781323590287
Author: *ST.LEO UNIV.
Publisher: PEARSON C
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Chapter 18, Problem 3TI
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EP FINANCIAL+MANAGERIAL ACCT. >CUSTOM<
Ch. 18 - Match each costing system characteristic to job...Ch. 18 - Prob. 2TICh. 18 - Prob. 3TICh. 18 - Match each costing system characteristic to job...Ch. 18 - Prob. 5TICh. 18 - The Cutting Department has 6,500 units in process...Ch. 18 - Prob. 7TICh. 18 - Prob. 8TICh. 18 - Prob. 9TICh. 18 - Prob. 10TI
Ch. 18 - Prob. 11TICh. 18 - Castillo Company has three departments: Mixing,...Ch. 18 - Prob. 13TICh. 18 - Prob. 14TICh. 18 - Prob. 15TICh. 18 - Prob. 16TICh. 18 - Prob. 17TICh. 18 - Which company is least likely to use a process...Ch. 18 - Which characteristic is the same in both job order...Ch. 18 - Conversion costs are a. direct materials plus...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - The Assembly Department had 4,500 units of...Ch. 18 - The Mixing Department incurred the following costs...Ch. 18 - Department 1 completed work on 500 units and...Ch. 18 - The manager of Gilbert Company used the production...Ch. 18 - Which statement is accurate concerning the FIFO...Ch. 18 - What types of companies use job order costing...Ch. 18 - What types of companies use process costing...Ch. 18 - What are the primary differences between job order...Ch. 18 - List ways in which job order costing systems are...Ch. 18 - Describe the flow of costs through a process...Ch. 18 - What are equivalent units of production?Ch. 18 - Why is the calculation of equivalent units of...Ch. 18 - What are conversion costs? Why do some companies...Ch. 18 - What is a production cost report?Ch. 18 - What are the four steps in preparing a production...Ch. 18 - Explain the terms to account for and accounted...Ch. 18 - If a company began the month with 50 units in...Ch. 18 - Most companies using process costing systems have...Ch. 18 - What is the weighted-average method for process...Ch. 18 - Prob. 15RQCh. 18 - What is the purpose of the Costs Accounted For...Ch. 18 - What are transferred in costs? When do they occur?Ch. 18 - Prob. 18RQCh. 18 - Department 1 is transferring units that cost...Ch. 18 - Prob. 20RQCh. 18 - Describe ways the production cost report can be...Ch. 18 - Prob. 22RQCh. 18 - Describe the three groups of units that must be...Ch. 18 - Prob. 24RQCh. 18 - Prob. 1SECh. 18 - The Jimenez Toy Company makes wooden toys. The...Ch. 18 - Prob. 3SECh. 18 - Cadwell manufactures cell phones. The conversion...Ch. 18 - Spring Fresh produces premium bottled water....Ch. 18 - Prob. 6SECh. 18 - Prob. 7SECh. 18 - The Mixing Department of Complete Foods had 62,000...Ch. 18 - Prob. 9SECh. 18 - Refer to Short Exercises S18-8 and S18-9. Use...Ch. 18 - Prob. 11SECh. 18 - Prob. 12SECh. 18 - The Mixing Departments production cost report for...Ch. 18 - Prob. 14SECh. 18 - Spring Fresh produces premium bottled water....Ch. 18 - Prob. 16SECh. 18 - For each of the following products or services,...Ch. 18 - Prob. 18ECh. 18 - Complete the missing amounts and labels in the...Ch. 18 - Prob. 20ECh. 18 - Prob. 21ECh. 18 - Color Explosion prepares and packages paint...Ch. 18 - Shea Winery- in Pleasant Valley, New York, has two...Ch. 18 - Shea Winery- in Pleasant Valley, New York, has two...Ch. 18 - Complete the missing amounts in the following...Ch. 18 - On May 31, the Mixing Department ending...Ch. 18 - Refreshing Water Company produces premium bottled...Ch. 18 - Oxford Company had the following transactions in...Ch. 18 - Hartley Company has a production process that...Ch. 18 - Blue Ridge Mountain Manufacturing had the...Ch. 18 - Brians Frozen Pizzas uses FIFO process costing....Ch. 18 - Dee Electronics makes game consoles in three...Ch. 18 - Roan Paper Co. produces the paper used by...Ch. 18 - Prob. 34APCh. 18 - Carla (Carpet manufactures broadloom carpet in...Ch. 18 - Prob. 36APCh. 18 - Cheerful Colors manufactures crayons in a...Ch. 18 - Work Problem P18-33A using the FIFO method. The...Ch. 18 - Prob. 39BPCh. 18 - Smith Paper Co. produces the paper used by...Ch. 18 - Prob. 41BPCh. 18 - Casey Carpet manufactures broadloom carpet in...Ch. 18 - Sea Worthy uses three processes to manufacture...Ch. 18 - Happy Colors manufactures crayons in a three-step...Ch. 18 - Work Problem P18-40B using the FIFO method. The...Ch. 18 - Prob. 46PCh. 18 - Prob. 1TIATCCh. 18 - Billy Davidson operates Billys Worm Firm in...Ch. 18 - Rick Fines and Joe Lopez are the plant managers...
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- 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.arrow_forwardGive some examples of service firms that might use job-order costing, and explain why it is used in those firms.arrow_forwardWhich 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.arrow_forward
- What is the proper order of tasks In an ABC system? identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the productsarrow_forwardThe following items are associated with a traditional cost accounting information system, an activity-based cost accounting information system, or both (that is, some elements are common to the two systems): a. Usage of direct materials b. Direct materials cost assigned to products using direct tracing c. Direct labor cost incurrence d. Direct labor cost assigned to products using direct tracing e. Setup cost incurrence f. Setup cost assigned using number of setups as the activity driver g. Setup cost assigned using direct labor hours as the activity driver h. Cost accounting personnel i. Submission of a bid, using product cost plus 25 percent j. Purchasing cost incurrence k. Purchasing cost assigned to products using direct labor hours as the activity driver l. Purchasing cost assigned to products using number of orders as the activity driver m. Materials handling cost incurrence n. Materials handling cost assigned using the number of moves as the activity driver o. Materials handling cost assigned using direct labor hours as the activity driver p. Computer q. Costing out of products r. Decision to continue making a part rather than buying it s. Printer t. Customer service cost incurred u. Customer service cost assigned to products using number of complaints as the activity driver v. Report detailing individual product costs w. Commission cost x. Commission cost assigned to products using units sold as the activity driver y. Plant depreciation z. Plant depreciation assigned to products using direct labor hours Required: 1. For each cost system, classify the relevant items into one of the following categories: a. Interrelated parts b. Processes c. Objectives d. Inputs e. Outputs f. User actions 2. Explain the choices that differ between the two systems. Which system will provide the best support for the user actions? Explain. 3. Draw an operational model that illustrates each cost accounting systemwith the items that belong to the system used as examples for each component of the model. 4. Based on the operational models, comment on the relative costs and benefits of the two systems. Which system should be chosen?arrow_forwardWhen 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 Overheadarrow_forward
- The second stage of customer-based activity-based costing entails the assignment of: a. resource costs to sales departments. b. resources costs to distribution channels. c. customer-related activity costs to products. d. customer-related activity costs to customers.arrow_forwardActivity-based management includes both process value analysis and activity-based costing. Which of the following features is primarily associated with process value analysis? a. Defining root causes of each activity b. Identifying cost objects and activity drivers c. Calculating activity rate d. Assigning costs to cost objectsarrow_forwardDiscuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs.arrow_forward
- What is different between the journal entries for process costing and that of job order costing?arrow_forwardIn a process costing system, which account shows the overhead assigned to the department? A. cost of goods sold B. finished goods inventory C. raw material inventory D. work in process inventoryarrow_forwardJob-Order Costing versus Process Costing a. Auto manufacturing b. Dental services c. Auto repair d. Costume making Required: CONCEPTUAL CONNECTION For each of the given types of industries, give an example of a firm that would use job-order costing. Then, give an example of a firm that would use process costing.arrow_forward
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