Give three examples of industries that use process-costing systems.

Question

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Answer 1

Textbook Question

Chapter 17, Problem 17.1Q

Give three examples of industries that use process-costing systems.

Expert Solution & Answer

To determine

To identify: The examples of industries that use process-costing systems.

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.

Conclusion

Hence, the chemical processing, food production and oil refining are some examples of industries that use process-costing systems.

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02:04

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The standard factory overhead rate is $10 per direct labor hour ($8 for variable factory overhead and $2 for fixed factory overhead) based on 100% capacity of 30,000 direct labor hours. The standard cost and the actual cost of factory overhead for the production of 5,000 units during May were as follows: Standard: 25,000 hours at $10 $250,000 Actual: Variable factory overhead $202,500 Fixed factory overheard 60,000 What is the amount of the factory overhead volume variance? a. $12,500 favorable b. $10,000 favorable c. $12,500 unfavorable d. $10,000 unfavorable

Please give me true answer this financial accounting question

Using the graph below as a reference, explain why an initial investment of $50,000 leads to a larger future value than investing $1,000 each year for the next 50 years. Also consider when a larger initial investment may not be a viable option, what alternatives are there to grow the value of your investment.

Answer 2

Textbook Question

Chapter 17, Problem 17.1Q

Give three examples of industries that use process-costing systems.

Expert Solution & Answer

To determine

To identify: The examples of industries that use process-costing systems.

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.

Conclusion

Hence, the chemical processing, food production and oil refining are some examples of industries that use process-costing systems.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:04

Answer 3

Textbook Question

Chapter 17, Problem 17.1Q

Give three examples of industries that use process-costing systems.

Expert Solution & Answer

To determine

To identify: The examples of industries that use process-costing systems.

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.

Conclusion

Hence, the chemical processing, food production and oil refining are some examples of industries that use process-costing systems.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:04

Answer 4

Textbook Question

Chapter 17, Problem 17.1Q

Give three examples of industries that use process-costing systems.

Expert Solution & Answer

To determine

To identify: The examples of industries that use process-costing systems.

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.

Conclusion

Hence, the chemical processing, food production and oil refining are some examples of industries that use process-costing systems.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:04

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

To identify: The examples of industries that use process-costing systems.

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.

Conclusion

Hence, the chemical processing, food production and oil refining are some examples of industries that use process-costing systems.

Answer 8

Expert Solution & Answer

To determine

To identify: The examples of industries that use process-costing systems.

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.

Conclusion

Hence, the chemical processing, food production and oil refining are some examples of industries that use process-costing systems.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To identify: The examples of industries that use process-costing systems.

Answer 12

Explanation of Solution

Process Costing:

Process costing is a tool used to ascertain the cost incurred by the business at each level of production. It is also used as a cost control technique.

Explanation:

Examples of industries that use process-costing systems are:

Chemical processing.
Food production.
Oil refining.
Plastics
Brick and tile manufacturing.
Process cost system is used by the businesses which produce homogeneous goods like bricks manufacturer.
It is beneficial for the businesses where mass production is done through a similar process.