Job: A job is a task or work assigned to the employee for which he is paid. Job is considered as to manufacture a single unit of that particular customized product as per requirements of the customer. Job Lot: Job lot is a job to produce a number of collected units as per the requirements of the consumers. Cost Accounting System: Cost system accounting is a method of accounting used to ascertain the cost of a particular good or a service in order to determine the profitability of the firm. Target Cost: Target cost is the system used by the company to ascertain the cost of a product and manufacturing in advance. Job Order Production: Job order production is system in which the manufacturing of customized orders takes place. To identify : The appropriate term/phrase for the given definitions.

Question

Want to see the full answer?

Answer 1

Question

Chapter 15, Problem 1E

To determine

Job:

A job is a task or work assigned to the employee for which he is paid. Job is considered as to manufacture a single unit of that particular customized product as per requirements of the customer.

Job Lot:

Job lot is a job to produce a number of collected units as per the requirements of the consumers.

Cost Accounting System:

Cost system accounting is a method of accounting used to ascertain the cost of a particular good or a service in order to determine the profitability of the firm.

Target Cost:

Target cost is the system used by the company to ascertain the cost of a product and manufacturing in advance.

Job Order Production:

Job order production is system in which the manufacturing of customized orders takes place.

To identify: The appropriate term/phrase for the given definitions.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The cost of goods sold is

Required information [The following information applies to the questions displayed below.] Kitimat Company manufactures winter hats that sell for $42 per unit. The following information pertains to the company's first year of operations in which it produced 40,100 units and sold 37,600 units. Variable costs per unit: Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses 16 $ 16 $ $ 1 $ 2 $401,000 $247,000 9. What would have been the company's variable costing operating income if it had produced and sold 37,600 units?

Required information [The following information applies to the questions displayed below.] Kitimat Company manufactures winter hats that sell for $42 per unit. The following information pertains to the company's first year of operations in which it produced 40,100 units and sold 37,600 units. Variable costs per unit: Manufacturing: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $ 16 LA LA LA LA $ $ 6612 $401,000 $247,000 4. What is the company's operating income under variable costing?