This week we are studying job order costing. In order to better understand what job order costing is, you will also need to have a basic understanding of process costing. Please briefly explain these two types of costing systems and provide us with an example of a real-world company that would use job order costing and one that would use process costing. Requirement 2: Please distinguish between prime costs and conversion costs and provide us with an example of each. Requirement 3: Please explain the difference between a prime cost and a product cost and provide us with an example of each.

Determine whether each of the following companies is best suited for a job order cost system or a process costing system, or both.  Explain why a. Delillo Construction Co. b. Dell Computer Co. (the big computer manufacturer in Texas) c. BP Gasoline Refinery d. Buzzeo & Co. CPAs (an accounting firm)

Describe a situation in which you would use job order costing information for a product.  What specific costs would be on the job order costing sheet? What is a service that might utilize job order costing?

1. 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?

What are the cost estimation methods? What is their importance and can you provide an example of how these methods are used in the workplace.

Companies can choose from different costing methods: process/product costing and activity-based costing. Think about a company, what are the differences between the two costing methods, and how do these apply to your company?

Overhead application to costs is a critical issue for the costing of your products. We are studying several ways to handle this situation. What would cause an overhead to be overapplied, or underapplied. Discuss the results to your decision making and the financial statements for each of those two situations.

How does activity-based costing differ from traditional costing systems? Can you please create a brief outline by identifying 1 or 2 examples of a restaurant using an ABC system at a customer level, group level, service level, and facility level?  PLEASE BE ORIGINAL IN YOUR ANSWER.

Activity-based costing can be beneficial in allocating selling and administrative expenses to various products for managerial decision making. Which of the following would be the best allocation base for help desk costs? a. number of sales employees Ob. number of products sold c. number of calls Od. square footage of the help desk office

Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it   4. Which of the following statements is true? An activity measure in activity-based costing expresses how much of an activity is carried out and it is used as the allocation base for assigning overhead costs to products and services. Activity-based management involves focusing on activities to eliminate waste, decrease processing time, and reduce defects. An activity-based costing system is generally more difficult to set up and run than a traditional cost system.   Multiple Choice Statements I and II are true. Statements II and III are true. All of the statements are true. None of the statements are true.