Question # 12 A Report a Problem G Revisit Choose the best option All these are advantages of job costing except for this O Evaluate of profit or loss made for each job against the price quoted for t becomes easy O Marginal costing technique can be usefully applied along with this method O It helps the firm to bargain with the customer regarding the price O Using this method, the firm can control the job cost before job completion

Question # 12 A Report a Problem G Revisit Choose the best option All these are advantages of job costing except for this O Evaluate of profit or loss made for each job against the price quoted for t becomes easy O Marginal costing technique can be usefully applied along with this method O It helps the firm to bargain with the customer regarding the price O Using this method, the firm can control the job cost before job completion

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1
Which of the following statements related to job cost sheets is FALSE? a. Job cost sheets normally do not include the selling price of the job completed. O b. None of the given answers is FALSE. O c. Individual job cost sheets are used by companies which produce shoes. O d. Applied manufacturing overhead costs are included in job cost sheets. O e. Ajob cost sheet does not include selling and administrative costs. US PAGE NEXT PAGE MAR 18 étv 66 MacBook Air
- Online i Total costs accumulated for a particular job are typically presumed to be less accurate when a company uses multiple overhead rates. True or False True False
AIP 9.2 Job-Order and Process Costing LO 1 A management accounting professor was trying to explain the difference between job- order costing and process costing to her class. She pointed out that a job-order costing system is generally used when distinct batches or 'jobs' can be identified. Alternatively, process costing is used for the continual processing of homogenous products. A student 445 suggested another difference between job-order and process costing. He noted that on the one hand, job-order costs are determined at the time the job is being performed by using pre-determined overhead rates. On the other hand, process costs are normally determined at the end of the period based on the number of equivalent units produced and actual overhead costs. What does the timing difference between job-order costing and process costing say about how job-order costs and process costs are used for planning purposes?
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What is a good response to? Activity-based costing (ABC) has transformed how organizations measure and manage costs by breaking overhead costs into cost pools based on activity (Kenton, 2024). ABC allocates overhead costs based on a particular activity instead of spreading it out evenly. This gives management clear information to determine which activities benefit the company and which may need to be altered or discontinued. An example of a company using ABC could be electrical costs. If the electrical costs fluctuate based on labor hours, management could use the labor hours as a cost driver. They could determine the cost driver rate by dividing the electric costs for the year by the annual labor hours. Once they determine the cost rate, they can multiply that by the electrical hours used for an activity to calculate the cost. In the example given, it would be pretty easy to implement; however, there are several overhead costs to calculate, which would require a lot of record-keeping,…
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