Choose the most likely used costing system for the industries listed below. choose either process costing or job order costing A costing system used by a chemical manufacturer Drag answer here A costing system used by a tire manufacturer Drag answer here A costing system used by a food processing company Drag answer here A costing system used by an architectural firm Drag answer here A costing system used by a custom home builder Drag answer here A costing system used by a manufacturer of custom furniture

Q: Identify, by clicking on the boxes in the table below, whether each of the statements about…

A: Life cycle costing is an accounting technique used to assess the total cost of a product or asset…

Q: Match each of the following cost items with the value chain business function where you would expect…

A: Business functions are the total activities carried out by a company. It can be of several types…

Q: Select all of the following industries that are likely to use process costing: Cement production…

A: Process costing is a crucial product costing technique for manufacturing firms that mass produce…

Q: Which of the following statements regard operations costing is not correct? Multiple Choice…

A: The objective of the question is to identify the incorrect statement about operation costing among…

Q: How is activity-based costing different from traditional costing systems? If a restaurant decided to…

A: Basis Traditional Costing Activity Based Costing Assignment Costs are assigned to cost units i.e.…

Q: Please answer each of the following questions in detail. Provide two in-text citations that matches…

A: 1. Process costing is a method of costing according to which cost data of production are collected…

Q: Which of the following would be most likely to use job order costing? Group of answer choices A…

A: The objective of the question is to identify which among the given options would most likely use job…

Q: Which costing system should an accountant use when their company manufactures standard products for…

A: Companies are likely to use a job costing system or process costing system based on the nature of…

Q: For which of the following products would a job-order costing system be appropriate? O a. steel…

A: JOB ORDER COSTING IS A SYSTEM FOR DETERMINING THE COST OF EACH INDIVIDUAL PRODUCT A COMPANY PROVIDES…

Q: customer level - group level - service level - facility level?

A: In the field of accounting, activity-based costing and traditional costing are two different methods…

Q: A process cost system would be appropriate for Oa. custom cabinet builder b. natural gas refinery…

A: There are many methods of costing and costing depends on the industry and types of customers and…

Q: The activity-based costing (ABC) system has been used by manufacturing companies for a long period…

A: Organization Background:Imagine you have been hired by XYZ Consulting, a service organization that…

Q: What makes these overhead costs and what cost driver should be used to apply the overhead costs to…

A: Firstly the meaning of the Manufacturing overheads is  all indirect cost incurred for production…

Q: Distinguish the following firms costing systems (Process or Job Costing)     An oil refinery…

A: Job costing - It relates to custom jobs where cost of materials and labor are used differently for…

Q: In the lecture video I used Lay's Potato Chips and an imaginary company (Smith Co.) as examples to…

A: Process costing is an accounting technique under which all the products produced by a company have…

Q: With the different types of costing methods that a company can choose from, what type of company…

A: There are several types of costing methods that a company can use, and the choice of method would…

Q: Explain how activity-based costing differs from traditional costing systems. Imagine that your local…

A: How activity based costing differs from traditional costing? Answer  Basis Traditional Costing…

Q: activity-based costing

A: Activity means an operation under activity-based costing. Activity base means the basis on which the…

Q: Job order versus process costing Which of the following industries would typically use job order…

A: The manufacturing of tiny, one-of-a-kind batches of goods that customers purchase can be monitored…

Q: Define value chain and classification of costs for “Utility costs for the plant assembling the…

A: Value Chain:

Q: Chapter 3 discusses job costing. Process costing was briefly discussed. Which company listed below…

A: Lets understand the basics.All type of industries needed different type of costing method to follow.…

Q: What type of costing system would a manufacturer of custom houses use?     Job costing     Both…

A: Process costing is a method of costing which is used to ascertain the cost and revenue for each…

Q: A job order costing system would be appropriate for a manufacturer of automobile tires. True or…

A: For a manufacturer of automobile tires, the appropriate costing method depends on various factors…

Q: This week we are studying job order costing. In order to better understand what job order costing…

A: Job Costing:   Job costing is a method which records costs of manufacturing costs rather than…

Q: A variety of organizations, products, and services are described in the following table: product of…

A: Process costing is often used by firms that manufacture a large number of identical goods. There are…

Q: The information provided by an activity-based costing system can help with what type of decisions by…

A: Activity-based costing (ABC) is a cost allocation method that assigns overhead expenses to specific…

Q: What are the benefits for a company, like Cold Stone Creamery, that products many different products…

A: Activity-based costing a method of assigning overheads based on usage of a particular activity.…

Q: Cost Classification  Match each cost to the appropriate cost behavior pattern shown in graphs (a)…

A: Cost behaviour pattern exhibits the pattern in which the expenses change or remain stable over…

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.