FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Classify these industries with respect to the type of cost accumulation procedure generally used–
a. Meat |
k. Pianos |
b. Sugar |
l. Linoleum |
c. Steel |
m. Leather |
d. Breakfast cereal |
n. Nylon |
e. Paper boxes |
o. Baby foods |
f. Wooden furniture |
p. Locomotives |
g. Toys and novelties |
q. Office machines equipment |
h. Coke |
r. Luggage |
i. Cooking utensils |
s. Paint |
j. Caskets |
t. Tires and tubes |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
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
- Classifying Costs as Product or Period Costs For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Item Classification a. Cost of information technology support for the corporate headquarters b. Depreciation on sewing machines c. Fabric used during production d. Depreciation on office equipment e. Advertising expenses f. Repairs and maintenance costs for seving machines g. Salary of production quality control supervisor h. Utility costs for office building i. Sales commissions j. Salaries of distribution center personnel k. Wages of sewing machine operators I. Factory janitorial supplies m. Chief financial officer's salary n. Travel costs of media relations employees o. Factory supervisors' salaries Oil used to lubricate sewing machines q. Property taxes on factory building and equipmentarrow_forward1. How does job order cost system differ from process costing? 2. Name and describe three major source documents used in job-costing system? 3. Identify the main difference between journal entries in process costing and job costing? 4. How does cost accounting function assist in the management of the business? 5. Name the three element of cost and explainarrow_forward1. Which type of cost system, process or job order, would be best suited for each of the following: (a) TV assembler, (b) building contractor, (c) automobile repair shop, (d) paper manufacturer, (e) custom jewelry manufacturer? Give reasons for your answers. 2. In a job order cost system, direct labor and factory overhead applied are debited to individual jobs. How are these items treated in a process cost system and why?arrow_forward
- Which costing method is best used in the trucking industry (ABC, Job Costing, Process Costing) Give sound reasoning to explain why this method will work best for this business.arrow_forwardWhat is the journal entry to apply overhead into production in a job order cost accounting system. Group of answer choices debit work in process, credit factory overhead debit finished goods, credit factory overhead debit factory overhead, credit finished goods debit factory overhead, credit work in processarrow_forwardIdentify each item as job order costing or process costing. Job/Process One Work-in-Porcess Inventory account. Production cost reports Cost accumulated by process Job cost sheets Manufactures homogenous products Multiple Work-in-Porcess Inventory accounts. Costs transferred at the end of the period Manufactures batches of unique products or provides specialized services.arrow_forward
- Which one of the following firm is likely to use job costing? A. Courier firm B. Insurance company C. Book publishing companyarrow_forwardWhich of the following is the correct flow of manufacturing costs? Oa. work in process, finished goods, raw materials, cost of goods sold Ob. raw materials, finished goods, cost of goods sold, work in process Oc. raw materials, work in process, finished goods, cost of goods sold Od. cost of goods sold, raw materials, work in process, finished goodsarrow_forwardPlz explain it to in detailarrow_forward
- 9. Identify the costing method that is suitable for mines, quarries, cement works etc. a.Contract b.Batch c.Operation d.Process 10. Identify the journal entry for direct material returns to stores. a.Dr.Work in process inventory, Cr.Material inventory b.Dr.Material inventory, Cr.Factory overheads c.Dr.Factory overheads, Cr.Material inventory d.Dr.Material inventory, Cr.Work in process inventoryarrow_forwardWhich of the following entries record the release of direct materials to productionin a job-order costing system?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education