Financial and Managerial Accounting
7th Edition
ISBN: 9781259726705
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 15, Problem 15QS
Job order productions C1
Refer to this chapter’s Global View. Porsche AG is the manufacturer of the Porsche automobile line. Does Porsche produce in jobs or in job lots? Explain.
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Question 2.3
Identify the following situations as "job-order costing" or "process costing"?
Situation
An oil refinery
A soft-drink bottler
A film studio
A manufacturer of fine custom jewelry
A textbook publisher
A paint factory
A golf course designer
Job Order or Process Costing
A public accounting firm
A pharmaceutical company
An advertising agency
A flour mill
A landscaping company
A catering service
A commercial aircraft manufacturer
A management consulting firm
An auto repair garage
An apparel manufacturer
Provide an example of a manufacturing business that generally would use a job order cost system? Explain
Explain the job order costing income statement and provide a hypothetical example ofjob order costing income statement in a manufacturing enterprise. Provide in-textcitations and explain your example in detail.
Chapter 15 Solutions
Financial and Managerial Accounting
Ch. 15 - Prob. 1MCQCh. 15 - A company uses direct labor costs to apply...Ch. 15 - Prob. 3MCQCh. 15 - Prob. 4MCQCh. 15 - Prob. 5MCQCh. 15 - Prob. 1DQCh. 15 - Some companies use labor cost to apply factory...Ch. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - Prob. 5DQ
Ch. 15 - Prob. 6DQCh. 15 - GOOGLE Google uses a “time ticket” for some...Ch. 15 - What events cause debits to be recorded in the...Ch. 15 - GOOGLE Google applies overhead to product costs....Ch. 15 - Prob. 10DQCh. 15 -
11. Why must a company use predetermined...Ch. 15 - Prob. 12DQCh. 15 - Prob. 13DQCh. 15 - Prob. 14DQCh. 15 - Prob. 1QSCh. 15 - Prob. 2QSCh. 15 - Prob. 3QSCh. 15 - Prob. 4QSCh. 15 - Prob. 5QSCh. 15 - Prob. 6QSCh. 15 - Prob. 7QSCh. 15 - Prob. 8QSCh. 15 - Prob. 9QSCh. 15 - Prob. 10QSCh. 15 - Prob. 11QSCh. 15 - Prob. 12QSCh. 15 - Prob. 13QSCh. 15 - Prob. 14QSCh. 15 - Job order productions C1 Refer to this chapter’s...Ch. 15 - Prob. 1ECh. 15 - Prob. 2ECh. 15 - Exercise 15-13 Analysis of cost flows C2
As of the...Ch. 15 - Prob. 4ECh. 15 - Prob. 5ECh. 15 - Prob. 6ECh. 15 - Exercise 15-7 Cost flows in a job order costing...Ch. 15 - Prob. 8ECh. 15 - Prob. 9ECh. 15 - Prob. 10ECh. 15 - Prob. 11ECh. 15 - Prob. 12ECh. 15 - Prob. 13ECh. 15 - Prob. 14ECh. 15 - Prob. 15ECh. 15 - Prob. 16ECh. 15 - Prob. 17ECh. 15 - Prob. 18ECh. 15 - Prob. 19ECh. 15 - Prob. 20ECh. 15 - Prob. 1PSACh. 15 - Prob. 2PSACh. 15 - Prob. 3PSACh. 15 - Prob. 4PSACh. 15 - Prob. 5PSACh. 15 - Prob. 1PSBCh. 15 - Prob. 2PSBCh. 15 - Prob. 3PSBCh. 15 - Prob. 4PSBCh. 15 - Prob. 5PSBCh. 15 - SERIAL PROBLEM Business Solutions P1 P2 P3 (This...Ch. 15 - Prob. 1GLPCh. 15 - REPORTING IN ACTION P1 APPLE BTN 15-1 Manufactures...Ch. 15 - Prob. 2BTNCh. 15 - ETHICS CHALLENGE P3 BIN 15-3 Assume that your...Ch. 15 - COMMUNICATING IN PRACTICE C1 C2
BTN 15-4 Assume...Ch. 15 - Prob. 5BTNCh. 15 - Prob. 6BTNCh. 15 - Prob. 7BTNCh. 15 - Prob. 8BTNCh. 15 - Prob. 9BTN
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- Describe and illustrate a job order cost accounting systems for service businesses.arrow_forwardA job order costing system is most likely used by which of the following? a pet food manufacturer a paper manufacturing company an accounting firm specializing in tax returns a stereo manufacturing companyarrow_forwardQ4. Referring to the concept of job costing in the manufacturing sector, identify how you will record the following journal entries: a)When raw materials are received. b)When raw materials are sent to the factory floor. c)When labor costs are incurred. d)When a job is completed. e)When a job is shipped to a customer. Note: You must assume significant values for each transaction of your own and prepare the journal entries for each case.arrow_forward
- Chapter 3 discusses job costing. Process costing was briefly discussed. Which company listed below would most likely use process costing. A. Engineering firm B. Law firm C. custom jewelry maker D. soda pop manufacturerarrow_forwardQuestion#6 For each item, identify all applicable cost labels. Use the following code in your answer:1 — Product Cost2 — Period Costa. Advertising _______b. Direct materials used _______c. Sales salaries _______d. Indirect factory labor _______e. Repairs to office equipment _______f. Factory manager's salary _______g. Direct labor _______h. Indirect materials _______arrow_forwardWhen are companies likely to use a job costing system or process costing system? Describe the specific characteristics of each system and provide at least 2 examples from companies in your community for each system (at least 4 companies should be described). Please include cited references used.arrow_forward
- Have a conversation with an Owner-Manager of a business in Australia or a Manager in an organisation such as a Bank, Retail Store, Restaurant, Hotel, Factory etc. Ask the Owner-Manager or the Manager the following questions: i) Does the business collect and use cost information for planning and control purposes? How often? (3 marks) ii) Who is responsible for the collection of cost information? Be as specific as possible. (3 mark) iii) What type of cost information does the business collect? Provide examples incl. types of reports. (3 marks) iv) How important does the Owner-Manager or the Manager believe cost information are to the Business's success? Explain. (3 marks)arrow_forwardAs related to a job order costing system, answer the following short questions: a. What is a job order costing system? Identify three kinds of companies that would use such as system. b. What is a job order? c. What is the purpose of a job order cost card? Identify the kinds of information recorded on it.arrow_forwardWhich of the following is an example of direct labor cost for a cell phone manufacturer? Oa. cost of oil lubricants for factory machinery Ob. salary of plant supervisor Oc. cost of wages of assembly worker Od. cost of phone componentsarrow_forward
- Have a conversation with an Owner-Manager of a business in Australia or a Manager in an organization such as a Bank, Retail Store, Restaurant, Hotel, Factory etc. Ask the Owner-Manager or the Manager the following questions: Does the business collect and use cost information for planning and control purposes? How often? ii) i) ii) Who is responsible for the collection of cost information? Be as specific as possible. ii) What type of cost information does the business collect? Provide examples incl. types of reports. iv) How important does the Owner-Manager or the Manager believe cost information are to iv). the Business's success? Explain. IFarrow_forwardWhich of the following businesses would most likely use a Job Order cost system (compared to a Process cost system). A swimming pool installer A paper mill A business that manufactures chlorine An oil refineryarrow_forwardSolve D, E and Farrow_forward
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