a. Name two principal types of cost accounting systems.b. Which system provides for a separate record of each particular quantity of product that passes through the factory?c. Which system accumulates the costs for each department or process within the factory?

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.

A manufacturer reports three activities: assembling components into products; product design; and sales order processing. Determine whether each of the following cost drivers relates to assembly, design, or order processing. Cost Driver 1. Direct labor hours to assemble components 2. Number of design changes 3. Number of components assembled 4. Number of design hours 5. Number of shipments made 6. Number of sales orders processed Activity