Which of the following statements is false with respect to job-order costing and process costing? Multiple Choice O Both systems assign materials, labor, and manufacturing overhead costs to products. Both systems compute unit product costs by department. Both systems use the same basic manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work In Process, and Finished Goods. The flow of costs through the manufacturing accounts is basically the same in both systems.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Don't give answer in image format
![Which of the following statements is false with respect to job-order costing and process costing?
Multiple Choice
Both systems assign materials, labor, and manufacturing overhead costs products.
Both systems compute unit product costs by department.
Both systems use the same basic manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work In Process, and Finished Goods.
The flow of costs through the manufacturing accounts is basically the same in both systems.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75b35bda-2e19-4577-832c-09ca64e9e7c4%2F13a8a508-8e5e-453a-a972-e2718e1a9385%2Frbzemh_processed.png&w=3840&q=75)
![Assume the following information:
Milling Department
Cost of beginning work in process inventory
Costs added during the period
Total cost
Multiple Choice
O
If the equivalent units of production for conversion is 5,000 units using the weighted-average method, then what is the cost per equivalent unit for conversion? (Round your final answer to nearest whole dollar amount.)
O
$81
$78
$141
Materials
$ 10,000
290,000
$ 300,000
$60
Conversion
$ 15,000
390,500
$ 405,500
Total
$ 25,000
680,500
$ 705.500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75b35bda-2e19-4577-832c-09ca64e9e7c4%2F13a8a508-8e5e-453a-a972-e2718e1a9385%2Ft9dcqds_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)