1. In a job order cost system, indirect labor incurred is debited to which account? work in process inventory finished goods inventory manufacturing overhead cost of goods sold 2. Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory 3. In a job order cost system, factory wage expense is debited to which account? raw materials inventory work in process inventory finished goods inventory cost of goods sold 4. In a job order cost system, indirect labor incurred is debited to which account? work in process inventory finished goods inventory manufacturing overhead cost of goods sold
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
1. In a
- work in process inventory
- finished goods inventory
- manufacturing
overhead - cost of goods sold
2. Assigning indirect costs to specific jobs is completed by which of the following?
- applying the
costs to manufacturing overhead - using the predetermined overhead rate
- using the manufacturing costs incurred
- applying the indirect labor to the work in process inventory
3. In a job order cost system, factory wage expense is debited to which account?
- raw materials inventory
- work in process inventory
- finished goods inventory
- cost of goods sold
4. In a job order cost system, indirect labor incurred is debited to which account?
- work in process inventory
- finished goods inventory
- manufacturing overhead
- cost of goods sold
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