FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- In process cost accounting, the costs of direct materials and direct labor are charged directly to a. customer accounts receivable b. job orders Oc Od. processing departments C. service departmentsarrow_forwardWhy is the job cost sheet important in a job order costing system? How is it used in determining a product’s cost?arrow_forwardWhich of the following is a method used to allocate overhead costs based on the activities that drive those costs? A) Job costing B) Process costing C) Activity - based costing (ABC) D) Variable costingarrow_forward
- Discuss how the predetermined factory overhead rate can be used in job order cost accounting to assist management in pricing jobs. Why use a predetermined factory overhead rate ?arrow_forwardWhich of the following are the two main types of cost accounting systems for manufacturing operations? Oa. a. job order cost and process cost systems Ob. process cost and general accounting systems Oc. process cost and replacement cost systems Od. job order and general accounting systemsarrow_forwardProvide an example of a manufacturing business that generally would use a job order cost system?arrow_forward
- Describe and illustrate a job order cost accounting system for a manufacturing business.arrow_forwardhow to allocate manufacturing overhead by department?arrow_forwardWhy might a company choose a process costing system over a job order costing system? How are the two systems similar, and how are they different?arrow_forward
- What information is presented on a job cost sheet and what is its purpose?arrow_forwardPlease explain it properlyarrow_forward16 Skullduggery, Inc. reports the following information from its sales budget: Budgeted sales (units) July 95,000 August 97,000 September 100,000 October 105,000 November 103,000 December 107,000 The budgeted sales price per unit is $5. All sales are on credit and are expected to be collected 10% in the month of sale, 90% in the month following sale. The company desires each month’s ending finished goods inventory to equal 20% of the following month’s sales. Budgeted Accounts Receivable on June 30th is $418,500. What is the amount of Accounts Receivable as of September 30th? $500,000 $450,000 $436,500 $418,500arrow_forward
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