s. 10. Direct Labor plus Factory Burden.\ _11. The basic document to accumulate the cost of each order. 12. System that collects the actual amounts of product costs. 13. System that is often used by furniture manufacturers who produces variety of products, because such producers need to keep track of each specific order to ensure correct assignment of costs. 14. Rate used in accumulation of factory overhead costs under normal cost system. 15. Other term for process cost system.

s. 10. Direct Labor plus Factory Burden.\ _11. The basic document to accumulate the cost of each order. 12. System that collects the actual amounts of product costs. 13. System that is often used by furniture manufacturers who produces variety of products, because such producers need to keep track of each specific order to ensure correct assignment of costs. 14. Rate used in accumulation of factory overhead costs under normal cost system. 15. Other term for process cost system.

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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Instruction: Identify the following: 1 The ameut ont unuct. IN fo 4. Yet-to-be-used materials. 5. Non-manufacturing costs incurred by a manufacturing firm in its operations. _6. Alternatively called Factory Overhead or simply Overhead. 7. Direct Materials plus direct labor plus factory overhead. 8. Goods acquired for production but not yet requisitioned to be put into process. 9. Prime Costs plus Conversion Costs. 10. Direct Labor plus Factory Burden.\ 11. The basic document to accumulate the cost of each order. 12. System that collects the actual amounts of product costs. 13. System that is often used by furniture manufacturers who produces variety of products, because such producers need to keep track of each specific order to ensure correct assignment of costs. 14. Rate used in accumulation of factory overhead costs under normal cost system. 15. Other term for process cost system.
Process costing: a. assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit. b. All the given answers are correct. uses the manufacturing accounts, including O c. Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. O d. allocates applied manufacturing overhead cost to product cost. O e. is normally used by companies which produce е. shoes.
A manufacturer reports three activities: assembling components into products; product design; and sales order processing. Determine whether each of the following cost drivers relates to assembly, design, or order processing. Cost Driver 1. Direct labor hours to assemble components 2. Number of design changes 3. Number of components assembled 4. Number of design hours 5. Number of shipments made 6. Number of sales orders processed Activity
Job order costing: O a. All the given answers are correct. O b. allocates applied manufacturing overhead cost to product cost. is used by companies which produce customized jewelry. С. O d. uses the manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. O e. assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit.
3. What accounts are debited/credited for overhead costs incurred vs overhead costs applied? 4. What types of products would most likely be manufactured using the process cost system? 5. How are costs assumed to flow through the manufacturing process? No hand written and fast answer with explanation
Please explain it properly
Determine difference between the three methods used for allocating factory overhead costs to products.
6. All of the following statements are correct EXCEPT for which of the following b. Units produced are indistinguishable from each other in a process costing system. a. Costs are accumulated by department when using process costing. c. Process costing has the same purposes as job costing. d. Process costing would be appropriate for a custom cabinet maker. 7. Conversion costs consist of a. direct materials + direct labor. b. direct materials + manufacturing overhead. c. direct labor + manufacturing overhead. d. direct materials + direct labor +
Identify whether the cost are variable overhead cost or fixed overhead cost in relation to product under the Variable Costing Method: A. Cost to ship to the customersB. Labor that operates the machine that makes the productC. Tools that become part of the product, too small to traceD. Wages for those who pack individual productsE. Labor that touches the product to make the product
Job order costing and process costing : a. both allocate applied manufacturing overhead cost to product cost . b. compute product cost per unit differently . c. All the given answers are NOT correct . d. differently assign direct materials cost direct labor cost, and manufacturing overhead costs to products. e. do not use the same manufacturing accounts , including Manufacturing Overhead , Raw Materials , Work in Process , and Finished Goods
Jay Give me correct answer with explanation..
In Traditional product costing systems, the measure of product activity is usually some volume based cost driver, like direct labor hours. True or False?