Answered: Question 1 of 5 Process costing would…

Question 1 of 5 Process costing would be used in all of the following industries except: Truck tire manufacturing Petroleum refining Automobile repair Chemicals Wood pulp production

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2MC: A process costing system Is most likely used by which of the following? airplane manufacturing a...

See similar textbooks

Similar questions

the question is in the attached pictures
Which of the following are steps in process costing? Question 5 options: A) Visualize the physical flow of units B) Calculate the equivalent units C) Determine the per-unit costs D) Calculate the Cost of Goods Manufactured and the Ending WIP Inventory E) All of the above
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
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
Title Brahtz Company uses an activity-based costing system. It has the following manufacturing activity ar Description Brahtz Company uses an activity-based costing system. It has the following manufacturing activity areas, related cost drivers and cost allocation rates:ActivityCost DriverCost Allocation RateMachine setupNumber of setups$25.00Materials handlingNumber of parts0.25MachiningMachine hours13.00AssemblyDirect labor hours22.00InspectionNumber of finished units7.00During the month, 100 units were produced, with no defects, requiring three setups. Each unit consisted of 17 parts, 3 direct labor hours and 2.5 machine hours. Direct materials cost $50 per finished unit.What is the total manufacturing cost for inspections?$-0-$700$90$7
Select all of the following industries that are likely to use process costing: Cement production Food processing Petroleum refining Machine shop and speciality manufacturing
18. Which is not a step in activity-based costing? Group of answer choices identify the activities performed by the organization identify the cost driver(s) associated with each activity assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product compute a cost rate per production
9
Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs. Products Product 540X Product 137Y Product 2495 Sales Revenue $208,000 155,000 92.000 Total Costs Traditional $54,000 48,000 23.000 ABC $49,000 30,000 46,000
Scarborough Company has two products: C and D. The company usesactivity - based costing. The estimated total cost and expected activity foreach of the company's three activity cost pools are as follows:Expected ActivityActivity Cost Pool Estimated Cost Product C Product D TotalActivity 1 S17, 848 S17, 848 100 800Activity 2 S16,350 618 150 768Activity 3 S22, 185 842 120 962How much of Activity 1 is expected to be allocated to Product C? Multiple Choice S22, 310.00S17, 848.00S15, 617.00S2, 231.00
Which of the following would NOT be considered an activity for the purposes of an activity-based costing system? O Machine Set ups %3D O Inspections O Machining O Direct Materials Cost %3D
1. Which of the following production operations would be most likely to employ a process cost system? a. Shipbuilder b. Aircraft manufacturer c. Bottler of mineral water d. Homebuilder 2. The total amount in the Cost to Account For Schedule must equal the total amount on the a. Equivalent Production Schedule b. Quantities Schedule c. Cost to Account For Schedule d. Costs Accounted For Schedule 3. Which of the following products would most likely be accounted for with a process costing system? a. A retailer b. A public accounting firm c. Airplane manufacture d. Gasoline refinery 4. An item that does not appear on a cost of production report is: a. Cumulative costs through the end of departmental production b. Beginning work in process inventory c. Ending finished goods inventory d. Ending work in process inventory