QI. Explain how job costing is used in service sectors and manufacturing sectors? Provide examples by citing one job costing example of the service sector and one example of the manufacturing sector of a Saudi company to support your answers.
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- Q4. 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.Q1. What is the process costing income statement? Provide a hypothetical example of a process costing income statement in a manufacturing enterprise. Need References and CitationsPlease read Chapter 2 and then answer the following question Describe how a job order cost system can be used for professional service businesses.
- Question 04 a. What type of industry is likely to use a job order cost system? Give some examples. b. What type of industry is likely to use a process cost system? Give some examples.Do some research (use sources other than your prescribed textbook) on the traditional costing system and the activity-based costing (ABC) system and answer the following questions. Remember to reference your answer and add your reference list to the bottom of this question. Q.4.1.1 Discuss any two differences between the traditional costing system and the activity-based costing (ABC) system for a business. Q.4.1.2 Identify one characteristic in organisation that make them more suited to using ABC method as opposed to the traditional costing method. Provide a reason for your answer. Q4.1.3 Discuss three advantages of activity-based costingAPPLY THE CONCEPTS: Determine the costs for Work in Process and Finished Goods Job 1 Job 2 Job 3 Job 4 Materials $550 $400 $315 $411 Labor 818 525 475 623 Overhead 325 258 126 164 $ $ Total Complete the table and determine the following account Work in Process $ Finished Goods $
- Discuss the characteristics of companies that are likely to use a job cost system. Also, discuss how job costing in a service organization is different from job costing in manufacturing organizations.Match each of the terms/phrases numbered 1 through 5 with the best definition a through e. 1. Cost accounting system 2. Target cost 3. Job 4. Process operation 5. Job order production a. Production activities for a custom product. b. Production activities for a special order. c. A system that records manufacturing costs. d. The expected selling price of a job minus its desired profit. e. Mass production in a continuous flow of steps.Q.4.1 Do some research (use sources other than your prescribed textbook) on the traditional costing system and the activity-based costing (ABC) system and answer the following questions. Remember to reference your answer and add your reference list to the bottom of this question. Q.4.1.1 Discuss any two differences between the traditional costing system and the activity-based costing (ABC) system for a business. Q.4.1.2 Identify one cháracteristic in organisation that make them more suited to using ABC method as opposed to the traditional costing method. Provide a reason for your anSwer. Q.4.1.3 Discuss three advantages of activity-based costing
- Choose ONE of the costing systems, and answer the questions that follow: • Job Costing• Process Costing• Operation Costing (Hybrid Costing) • Activity-based Costing (ABC) Questions: 1. Briefly discuss the features of your chosen costing system. 2. Identify 2 specific Australian companies that your chosen costing system is suitable for, and explain why. 3. Discuss two potential uses of the cost information for decision-making, to the managers in each of the 2 organisations selected in Q2 above.Question1. What is the process costing income statement? Provide a hypothetical example of a process costing income statement in a manufacturing enterprise.You have been asked to install a costing system in a manufacturing company. What practical difficulties will you expect and how will you propose to overcome the same? In view of the difficulties and suggestion to overcome them what main considerations will you keep in mind to introduce the system?