Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft (luxury yachts), and (d) Warner Bros. Motion Pictures.

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Answer 1

Textbook Question

Chapter 3, Problem 1Q

Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft (luxury yachts), and (d) Warner Bros. Motion Pictures.

Expert Solution & Answer

To determine

Identify the costing system that the given companies would use.

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

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Students have asked these similar questions

A variety of organizations, products, and services are described in the following table: product of services type of cost system Bayer Aspirin Dentis practices coca cola conversion vans Delta Airlines exxon oil auto repair mayfield dairy home builder sony TV Required:In the second column of the above table, enter "Process", Job Order”, or “Hybrid” as the expected most appropriate costing system.

Determine whether each of the following companies is best suited for a job order cost system or a process costing system, or both. Explain why a. Delillo Construction Co. b. Dell Computer Co. (the big computer manufacturer in Texas) c. BP Gasoline Refinery d. Buzzeo & Co. CPAs (an accounting firm)

Which method of determining product costs, job-order costing or process costing, would be more appropriate in each of the following situations?a. An Elmer’s glue factory.b. A textbook publisher such as McGraw-Hill.c. An Exxon oil refinery.d. A facility that makes Minute Maid frozen orange juice.e. A Scott paper mill.f. A custom home builder.g. A shop that customizes vans.h. A manufacturer of specialty chemicals.i. An auto repair shop.j. A Firestone tire manufacturing plant.k. An advertising agency.l. A law office.

Answer 2

Textbook Question

Chapter 3, Problem 1Q

Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft (luxury yachts), and (d) Warner Bros. Motion Pictures.

Expert Solution & Answer

To determine

Identify the costing system that the given companies would use.

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

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Answer 3

Textbook Question

Chapter 3, Problem 1Q

Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft (luxury yachts), and (d) Warner Bros. Motion Pictures.

Expert Solution & Answer

To determine

Identify the costing system that the given companies would use.

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

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Answer 4

Textbook Question

Chapter 3, Problem 1Q

Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft (luxury yachts), and (d) Warner Bros. Motion Pictures.

Expert Solution & Answer

To determine

Identify the costing system that the given companies would use.

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify the costing system that the given companies would use.

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

Answer 8

Expert Solution & Answer

To determine

Identify the costing system that the given companies would use.

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify the costing system that the given companies would use.

Answer 12

Answer to Problem 1Q

Identify the costing system that the given companies would use.

a. Costing system used by Q Company would be process costing.
b. Costing system used by J Company would be process costing.
c. Costing system used by G Company would be job costing.
d. Costing system used by W Company would be job costing.

Answer 13

Explanation of Solution

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

Identify the costing system that the given companies would use.

a. Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.
b. J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.
c. G Company is producing unique product, which is not produced by any other company, therefore job costing will be used.
d. W Company is producing unique product, which is not produced by any other company, therefore job costing will be used.

Answer 14

Ch. 3 - Identify which costing systemjob order or process...Ch. 3 - Contrast the primary focus of job order cost...Ch. 3 - What are the similarities between a job order and...Ch. 3 - Your roommate is confused about the features of...Ch. 3 - Sam Bowyer believes there are no significant...Ch. 3 - (a) What source documents are used in assigning...Ch. 3 - At Ely Company, overhead is assigned to production...Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

Identify which costing system—job order or process cost—the following companies would primarily use: (a) Quaker Oats, (b) Jif Peanut Butter, (c) Gulf Craft (luxury yachts), and (d) Warner Bros. Motion Pictures.

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