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.

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.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 2DQ: In job order cost accounting, the three elements of manufacturing cost are charged directly to job...

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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 Citations
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 costing
APPLY 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
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?
Identify the best description of job order costing. A practice of substituting an expected cost for an actual cost in the accounting records. A method of costing used mainly in manufacturing where units are continuously mass-produced through one or more process. A costing system of assigning the cost of production to a specific manufacturing job and will be used when each output is different from others. A method of calculating the cost of a product or enterprise by considering indirect expenses as well as the direct costs.
Case Study: Cost Accounting for Operational Efficiency and Decision-Making Introduction: Cost accounting plays a pivotal role in helping organizations manage and optimize their financial resources. This case study delves into the realm of cost accounting, examining its significance in operational efficiency and decision-making within a business context. Cost Classification and Allocation: In cost accounting, costs are classified into various categories such as direct costs, indirect costs, variable costs, and fixed costs. Understanding these classifications enables businesses to allocate costs accurately to products, services, or departments. For instance, direct costs like raw materials can be directly traced to a specific product, while indirect costs like overhead may be allocated based on a predetermined formula. Job Order Costing in Manufacturing: For manufacturing businesses, job order costing is a common approach in cost accounting. This method involves assigning costs to…
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