Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 3, Problem 1QS
Process vs. job order operations C1
For each of the following products and services, indicate whether it is more likely produced in a process operation (P) or in a job order operation (J).
______ 1. Tennis courts
______ 2. Organic juice
______ 3. Audit of financial statements
______ 4. Luxury yachts
______ 5. Vanilla ice cream
______ 6. Tennis balls
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following products and services, indicate whether it is more likely produced in a processoperation (P) or in a job order operation (J). Luxury yachts
Q4. Referring to the concept of job costing in the manufacturing sector, identify how you will record the following journal entries:
a)When raw materials are received.
b)When raw materials are sent to the factory floor.
c)When labor costs are incurred.
d)When a job is completed.
e)When a job is shipped to a customer.
Note: You must assume significant values for each transaction of your own and prepare the journal entries for each case.
Match each of the terms/phrases numbered 1 through 5 with the best definition a through e. 1. Cost accounting system 2. Target cost 3. Job 4. Process operation 5. Job order production a. Production activities for a custom product. b. Production activities for a special order. c. A system that records manufacturing costs. d. The expected selling price of a job minus its desired profit. e. Mass production in a continuous flow of steps.
Chapter 3 Solutions
Managerial Accounting
Ch. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - 4. A company’s beginning work in process in...Ch. 3 - Prob. 5MCQCh. 3 - What is the main factor for a company in closing...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQ
Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Direct labor costs Flow through what accounts in a...Ch. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - 13. List the four steps in accounting for...Ch. 3 -
14. APPLE Companies such as Apple commonly...Ch. 3 - 15. GOOGLE Are there situations where Google can...Ch. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 19DQCh. 3 - Process vs. job order operations C1 For each of...Ch. 3 - Prob. 2QSCh. 3 - Prob. 3QSCh. 3 - Physical flow reconciliation C2 The following...Ch. 3 - Prob. 5QSCh. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 23QSCh. 3 - Prob. 24QSCh. 3 - Prob. 25QSCh. 3 - Prob. 26QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Exercise 16-13AFIFO: Completing a process cost...Ch. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Exercise 16-16 Weighted average: Process cost...Ch. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Prob. 21ECh. 3 - Prob. 22ECh. 3 - Prob. 23ECh. 3 - Prob. 24ECh. 3 - Prob. 25ECh. 3 - Prob. 26ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 -
Problem 16-5AA FIFO: Process cost summary;...Ch. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Problem 16-4B Weighted average: Process cost...Ch. 3 - Problem 16-5BA FIFO: Process cost summary;...Ch. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 3SPCh. 3 - Prob. 3CPCh. 3 - Prob. 1GLPCh. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Prob. 1BTNCh. 3 - Prob. 2BTNCh. 3 - Prob. 3BTNCh. 3 - Prob. 4BTNCh. 3 - Prob. 5BTNCh. 3 - Prob. 6BTN
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Question 1Explain the distinguishing features of managerial accounting. Show how Management Accounting benefits the firm. Question 2Identify and explain six trends in managerial accounting. Question 3How does a company decide whether to use a job order or a process cost system? Question 4Explain the similarities between a job order and a process cost system and features of process cost accounting. Question 5Explain the characteristics and purposes of cost accounting and explain the nature and importance of a job cost sheet.arrow_forwardQuestion#6 For each item, identify all applicable cost labels. Use the following code in your answer:1 — Product Cost2 — Period Costa. Advertising _______b. Direct materials used _______c. Sales salaries _______d. Indirect factory labor _______e. Repairs to office equipment _______f. Factory manager's salary _______g. Direct labor _______h. Indirect materials _______arrow_forward4-21 Job costing, process costing.In each of the following situations, determine whether job costing or process costing would be moreappropriate.a. A CPA firmb. An oil refineryc. A custom furniture manufacturerd. A tire manufacturere. A textbook publisherf. A home builderg. An advertising agencyh. A dairyi. A flour millj. A paint manufacturerk. A nursing homel. A landscaping companym. An orange juice concentrate producern. A movie studioo. A law firmp. A commercial aircraft manufacturerq. A management consulting firmr. A cell phone battery manufacturers. A catering servicet. A paper millu. A computer repair shoparrow_forward
- following products and services, indicate whether it is more likely produced in a processoperation (P) or in a job order operation (J). Tennis ballsarrow_forward3. The details concerning the costs incurred on each job order are accumulated in a work in process account and supported by a Group of answer choices materials ledger cost ledger stock ledger creditors ledgerarrow_forwardQUESTION 2 For each of the companies listed below, note which costing method would be more appropriate: Job Order Costing , or Process Costing : - A. B. a.) A company that produces cutlery - A. B. a.) An engineering company - A. B. a.) A home renovation contractor - A. B. a.) A fire extinguisher manufacturer - A. B. a.) A custom cabinet manufacturer - A. B. a.) A pop songwriter - A. B. a.) A cellphone maker - A. B. A cellphone repair shop A. Job Order Costing B. Process Costingarrow_forward
- QUESTION 1 For each of the companies listed below, note which costing method would be more appropriate: Job Order Costing , or Process Costing : - A. B. a.) A company that produces cutlery - A. B. a.) An engineering company - A. B. a.) A home renovation contractor - A. B. a.) A fire extinguisher manufacturer - A. B. a.) A custom cabinet manufacturer - A. B. a.) A pop songwriter - A. B. a.) A cellphone maker - A. B. A cellphone repair shop A. Process Costing B. Job Order Costingarrow_forwardFor following products and services, indicate whether it is more likely produced in a processoperation (P) or in a job order operation (J). Lawn chairsarrow_forwardQ1a): Distinguish between managerial and financial accounting as to (i) primary users of reports, (ii) types and frequency of reports, and (iii) purpose of reports.Q1b): ABC has beginning work in process $62,000, direct materials used $420,000, direct labor $220,000, total manufacturing overhead 50% of prime cost, and ending work in process is 10,000 more than beginning . What is the cost of goods manufactured?arrow_forward
- A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Using the Information provided. A. What Is the balance in work in process? B. What Is the balance in finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?arrow_forwardJob order cost accounting for a service company Obj. 3 The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: A. Provide the journal entries for each of these transactions. B. How much office overhead is over- or underapplied? C. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.arrow_forwardDescribe the Source 01 the data for increasing Work in Process for (a) direct materials, (b) direct labor, and (c) factory overheadarrow_forward
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