TUTORIAL 3: Job costing 1. Cost accumulation procedure determination: Classify these industries with respect to the type of cost accumulation procedure generally used: Job order costing or process costing. |a. Meat | |g. Pianos | | |b. Sugar | |h. Toys |
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Costing Methods ACC561 - Accounting Michael Gaspar, CPA Costing Methods In every business, management needs to have a way to track their costs. These costs can be related to production, inventory, shipping, or overhead. There are many different ways for management to track these changes. Management can choose between traditional costing methods, job order costing system, process order cost system, and activity based costing. In our example, Super Bakery chooses to change their costing method
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Week 2 Quiz - In job-order costing, all of the following statements are correct with respect to labor time and cost except: C. A machine operator performing routine annual maintenance work on a piece of equipment would charge the maintenance time to a specific job. Those hours should be charged to overhead For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system? B. A costume
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Question : | (TCO F) Process costing would be appropriate for each of the following except: | | | Student Answer: | | custom furniture manufacturing. | | | | oil refining. | | | | grain milling. | | | | newsprint production. | | Instructor Explanation: | Chapter 4 | | | | Points Received: | 5 of 5 | | Comments: | | | | 3. | Question : | (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials
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Exam 2 Review Chapter 5- 7 * Job order costing – used for relatively small quantities of distinct products or unique services that conform to specifications designated by the purchaser * Process costing- used for large quantities of homogeneous goods * Three alternative valuation methods: Actual, Normal, Standard * Actual- Job order and process costing assign cost based on actual cost; actual DM, DL, and OH * Normal – Job order costing assign cost based on actual DM, DL
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ACCT 505 Entire Course (DEVRY) For more course tutorials visit www.tutorialrank.com ACCT 505 Week 1-7 All Discussion Questions ACCT 505 Week 1 Case Study ACCT 505 Week 2 Quiz Job Order and Process Costing Systems ACCT 505 Week 3 Case Study II ACCT 505 Week 4 Midterm Exam ACCT 505 Week 5 Measuring Performance - Course Project A ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions ACCT 505 Week 7 Capital Budgeting Course Project ----------------------------------
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Ethics in Cost Control Discussion 2, Fixed and Variable Costs WEEK 2 Written Assignment Case 3A (Auerbach Enterprises) Discussion 1, Product Costs Discussion 2, Job Order Costing vs. Process Costing WEEK 3 Written Assignment Case 5A (Glaser Health Products) Discussion 1, Allocating Joint Costs Discussion 2, Variable/Absorption Costing WEEK 4 Written Assignment Case 6B (Chester & Wayne) Discussion 1, Budgeting Comments Discussion 2, Standard Cost System Journal Budgets and Employee Morale
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Company X is a high-end shoe store that produces and sales customizable shoes. Each shoe is uniquely customized to meet the expectations the customer. The shoes can be purchased through online order only. Numerous amounts of resources are required for the production of each shoe. The material required to produce each shoe is $2,000.00. The cost of labor is $500.00 and the overhead is $700.00. The cost of material, labor and overhead were added to determine the total production price of the each shoe
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Costing Methods Strategies Used By Super Bakery Inc. Super Bakery Inc. was a virtual corporation preferring to outsource its main business applications. This was with a view of minimizing the cost of operation relative to its income levels. By outsourcing, Super Bakery could control the flow of the activities that yielded its revenue. This was without necessarily acquiring to take the immense responsibility of bearing the risks involved with each stage of production and transaction. This explains
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information relating to the conduct of the various aspects of a business like cost or profit associated with some portions of business operations to the internal parties viz., management. This category of accounting is called as Management accounting. In order to perform the primary task of decision making managers of business enterprises need information about the past, present and future in the functional areas of management such as personnel, finance, marketing and production. Right decision making has
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