The cost of materials used on a specific job is first captured on which source document?Select one:O a. Materials requisition formOb. Process cost sheetOc. Labor time ticketOd. Cost driver sheet

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Is manufacturing overhead cost given to tasks based on a precise determination of each job's overhead cost or on an estimation? Explain.
Total manufacturing cost includes: Select one: tof O a. direct labour and manufacturing overhead in both a job costing and a estion process costing system. O b. direct material, direct labour and manufacturing overhead in both job costing and process costing. O c. direct labour and manutacturing overhead in a process costing system. d. direct material and direct labour in a job costing system.
Compute predeterminedoverhead rates and explainwhy estimated overhead costs(r ather than actual overheadcosts) are used in the costingprocess.
Which document lists the total direct materials used in a specific job?A. job cost sheetB. purchase orderC. materials requisition formD. receiving document
Understanding cost flows is an important part of understanding process costing. Describe the flow of materials in a process costing system (including the accounts used). Similarly, describe the flow of labor in a process costing system, including accounts used.
Question: The question is in the diagram below: Which one of the following is used by the production department supervisor to request the materials for production? Select one: O a. Material requisition. O b. Purchase order. O c. Bill of materials. O d. Job cost record. As goods are sold, the cost of the goods is transferred from: Select one: O a. finished goods to cost of goods sold O b. work in process to cost of goods sold O c. overhead to finished goods O d. work in process to finished goods
Place the following steps required to prepare a process costing production report into their correct order. I. Reconcile the total cost of work in process inventory. II. Apply manufacturing overhead to specific jobs. III. Calculate cost per equivalent unit. IV. Record costs incurred for each job on a separate job cost sheet. V. Convert physical units into equivalent units. VI. Reconcile the number of physical units. VII. Prepare a production report. 1. 2. 3. 4. 5 List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.) ■ I ✔ || IV VI iv MI V il V VI VII
Job order costing and process costing both: a. All the given answers are correct. b. both allocate applied manufacturing overhead cost to product cost. Oc. assign direct materials cost, direct labor cost, and manufacturing overhead costs to products. O d. use the same manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. e. compute product cost per unit in the same manner.
Which of the following are steps in process costing? Question 5 options: A) Visualize the physical flow of units B) Calculate the equivalent units C) Determine the per-unit costs D) Calculate the Cost of Goods Manufactured and the Ending WIP Inventory E) All of the above
In a job order cost system, indirect labor incurred is debited to which account?A. work in process inventoryB. finished goods inventoryC. manufacturing overheadD. cost of goods sold
Only typing answer Please explain step by step without table and graph
how to allocate manufacturing overhead by department?

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The cost of materials used on a specific job is first captured on which source document? Select one: O a. Materials requisition form Ob. Process cost sheet Oc. Labor time ticket Od. Cost driver sheet