Week 2 MYLAB Exercises.doc - S17-1 Would The Following... ~ High-End News

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Week 2 MYLAB Exercises.doc - S17-1 Would The Following...

33. A process cost system would most likely be used by a company that makes a. motion pictures. b. repairs to automobiles. c. breakfast cereal. d. college graduation announcements. 34. Which of the following would be accounted for using a job order cost system? a...For which of the following businesses would the job order cost system be appropriate? a. Meat processor. b. Automobile manufacturer. Every project that a construction contractor undertakes is different, so it is appropriate for the contractor to assign costs to each job.Job costing or job order costing is the costing method in which company allocates production And it will be monitored every month to ensure that they follow the budget without any significant Most companies use labor or machine hour as the cost driver for allocating costs for each job.Which of the following companies would most likely use process costing for the product or service it produces? B. A job order cost system uses only one work in process account, whereas a process cost system uses multiple work in process accounts.Job-order costing. Which method of measuring the costs to be assigned to products or services uses Many companies recognize three major categories of costs of manufacturing a product. job order costing and process costing. Effective cost management. Matches the firm's resources with...

why would a company more likely to use "process costing" or "job...

Process costing, on the other hand, is used when companies offer a more standardized product. No matter who the customer is, they all end up receiving the same product. For example, Coca-Cola may use process costing to track its costs to produce its beverages. In job order costing, the company...Explanation: All the companies will make use of Job order or process Costing for their business .Process Costing - The Hershey Company/ Kaiser Aluminum Process costing is used mostly in companies when converting raw materials into homogenous products. A single product is produced on a continuous basis and all units of the product are identical. Costs are computed by department...Process costing is used most often when manufacturing a product in batches. Each department or production process or batch process tracks its The difference between process costing and job order costing relates to how the costs are assigned to the products. In either costing system, the...

Job Order Costing | Definition | Example | - Accountinguide

The job order costing method also works well for companies such as movie production companies, print service providers, advertising agencies, building However, process costing is not limited to basic manufacturing activities: It can also be used in the manufacturing of more complex items, such...Job order costing is a cost accounting system in which direct costs are traced and indirect costs are allocated to unique and distinct jobs instead Definition Companies that use job-order costing Steps in job-order costing process Journal entries: example. The process involves the following stepsCustomer billing . Job costing is more likely to be used for billings to customers, since it details the exact costs consumed by projects commissioned It may be that a business will need to use job or process costing for a product or service-based quote and then add on an activity-based "burden" to...Job order costing or job costing is a system for assigning and accumulating manufacturing costs of an individual unit of output. The job order costing system is used when the various items produced are sufficiently different from each other and each has a significant cost. (When a company's output...Both job and process cost systems have the same cost flows. Accountants record production in separate accounts for materials inventory, labor, and Types of products produced. Companies that use job costing work on many different jobs with different production requirements during each period.

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