cost of a job
Q: What is job-order costing?
A: Cost accounting system: Cost accounting system accumulates data regarding the cost of producing…
Q: What is job order costing? Give some examples
A: Solution: Job order costing is a process of assigning manufacturing cost to individual unit of…
Q: Desc ribe the purpose and the content of a job cost sheet.
A: The job cost sheet serves the purpose of maintaining the record of each job in a job order costing…
Q: Which of the following is not a prime cost? O Supervisor's wages Direct labor wages Assembly line…
A: Prime costs is a company’s expenses which is directly related to the production process like the…
Q: What is process cost, and how is it different from job order costing? What are some examples of a…
A: Process cost is a form of operating cost, which is used for determining the cost of the product at…
Q: Compare the characteristics of job costing and process costing. Consider how each method impacts the…
A: Job order costing: Job order costing a method of costing used by a company t determine the cost…
Q: How does job costing and process costing impact a business environment performance and bottom line?
A: The contrast of both: -Product uniqueness and use: Job costing is utilized by-products that are…
Q: In a work-order costing system, what is the objective of the job cost sheet
A: This question explains the objective of the job cost sheet:
Q: Define the term completion of job.
A: Completion of work means that the Project/Works have been completed operationally and structurally…
Q: How to calculate Manufacturing cost
A: The manufacturing cost is total of (1) cost of direct materials, (2) cost of direct labor and (3)…
Q: adjustment of underapplied manufacturing overhead cost
A: Underapplied manufacturing overhead cost are disposed by increasing cost of goods sold. This will…
Q: Define the term job cost record.
A: Job cost sheet is a document used in a job-order costing system to record all the costs incurred on…
Q: What reasons is product cost information needed, job order cost system and process cost system?
A: Note: As the question is not clear. It is assumed that the question is asking for “Why product cost…
Q: Define the term job-costing.
A: Cost accounting system: Cost accounting system can be defined as a framework designed by the…
Q: Define overhead costs.
A: Overhead costs are the total amount of the cost other than the cost of manufacturing a product. The…
Q: Explain manufacturing overhead costs.
A: Manufacturing overheads costs refer to the amount of cost incurred as indirect expenses for…
Q: total manufacturing cost assigned to Job
A: Rate of fixed manufacturing overhead per machine-hour = Estimated total fixed manufacturing…
Q: What is the purpose of the job cost sheet in a job-order costing system?
A: Job order costing system is an accounting system which is applied when unique batches of goods and…
Q: the total labour cost associated with the maintenance activity.
A: Given: Total number of annual hours = 2000 hoursBenefit ratio = 0.2 Labour rate per hour = $15…
Q: Information about which of the following items is not covered on a job cost sheet? Multiple Choice…
A: the job cost sheet is a complete sheet that is prepared by the factory accountant for every job that…
Q: How to calculate manufacturing costs
A: How to calculate manufacturing costs.
Q: a job-order costing s
A: Unit product cost of job = [Direct material cost + direct labor cost + Manufacturing overhead cost ]…
Q: Describe the cost equation and the difference between product costs and period costs in a job order…
A: Cost equation is a mathematical way which is used by businesses to find out the cost which is…
Q: what are the basis for including or excluding elements of cost for job costing? What factors,…
A: Job costing is also called as Job order costing. It is used to track the cost related to job. A job…
Q: How do you distinguish job costing from process costing?
A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…
Q: Why is the job cost sheet important in a job order costing system? How is it used in determining a…
A: A costing system for specific jobs is referred to as a "job order costing system." The word "job…
Q: Define unit cost of a job.
A: Cost: It is the economic value incurred by an organization for manufacturing the products or…
Q: Is felse regarding Job-order costing
A: First option is wrong because the statement is true. Job-order-costing is suitable in the companies…
Q: differentiate between job and contract costing
A: Answer : JOB COSTING = Job costing is an accounting method which track the cost of individual…
Q: e total job cost for Job
A: Total estimated fixed manufacturing overhead cost (A) $285,000 Total estimated direct labor-hours…
Q: What is Job order cost accounting. Compare it to Process cost accounting.
A: Cost accounting is a sort of accounting, the main objective of which is to ascertain the costs of…
Q: Should design of cost be in factory overhead? Explain why
A: Factory overheads are the costs related to the manufacture of the goods.
Q: Job order costing:
A: Job order costing is the system of allocating manufacturing overheads to specific jobs. This is used…
Q: What information is presented on a job cost sheet and what is i
A: A job cost sheet tracks the job number, information about the customer, and the job. This includes…
Q: The plant manager's salary * Product Cost O Period Cost
A: The costs incurred in production can be classified as period cost or product cost.
Q: What is job costing?
A: Job costing defines as which tracks the revenues and cost and gives reporting on profitability of…
Q: Why is the determination of unit cost information using job order costing important in the…
A: Job Costing: In job costing the Cost of Each job is determined separately. The requirement and…
Q: What would happen if a business did not use a work cost sheet? What are some of the particular…
A: This question explains about the particular components that a work cost sheet
Q: What information is recorded on a job cost sheet? How do management and employees use job cost…
A: Answer: The costs of manufacturing and job are accumulated on a different job expense sheet in a job…
Q: Which one is a controllable cost? Select one: O a. Office salary Ob. Rent Factory O c Office Rent O…
A: Controllable costs are those costs which can be controlled by the business.
Q: How do fixed costs in a business create a problem for job costing.
A:
Q: What factors should be taken into account in decidingwhether to use job order costing in any given…
A: Job order costing represents a method of costing where the total cost of a particular job is…
Q: How can you reduce the risks involved in a job costing?
A: Job costing It refers to the accounting of maintaining the costs and the profitability for a…
Q: How to calculate a the amount of balance in a job costs sheet
A: A job cost sheet is a document prepared by the company to calculate the total cost of a job. It is…
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- Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
- Medical Tape makes two products: Generic and Label. It estimates it will produce 423,694 units of Generic and 652,200 of Label, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: How much is the overhead allocated to each unit of Generic and Label?A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600Rex Industries has two products. They manufactured 12,539 units of product A and 8.254 units of product B. The data are: What is the activity rate for each cost pool?
- A company has the following information relating to its production costs: Compute the actual and applied overhead using the companys predetermined overhead rate of $23.92 per machine hour. Was the overhead over applied or under applied, and by how much?If a company bases its predetermined overhead rate on 100,000 machine hours, and It actually has 100,000 machine hours, would there be an under applied or over applied overhead?Overhead costs are assigned to each product based on __________________. A. the proportion of that products use of the cost driver B. a predetermined overhead rate for a single cost driver C. price of the product D. machine hours per product
- Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. Required: 1. What was the predetermined overhead rate? 2. What was the applied overhead for last year? 3. Was overhead over- or underapplied, and by how much? 4. What was the total cost per unit produced (carry your answer to four significant digits)?Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?Henry Company has established the following standards for the costs of one unit of its product. Thestandard production overhead costs per unit are based on direct-labor hours. Calculation for standard perunit cost is as follows:Std Cost Std Qty Std Price/RateDirect Material $ 14.40 6.00 kg $ 2.40 per kgDirect Labor $ 3.00 0.40 hour $ 7.50 per hourVariable Overhead $ 4.00 0.40 hour $ 10.00 per hourFixed Overhead* $ 4.80 0.40 hour $ 12.00 per hourTotal $ 26.20*based on practical capacity of 2,500 direct-labor hour per monthDuring December 2020, Henry purchased 30,000 kg of direct material at a total cost of $75,000. The totalwages for December were $20,000, 75% of which were for direct labor. Henry manufactured 4,500 unitsof product during December 2020, using 28,000kg of the direct material purchased in December and2,100 direct-labor hours. Actual variable and fixed overhead cost were $23,100 and $25,000, respectively.The scheduled production for the month was 5,000…