Identify whether following statement is true, if Power products uses process costing .

Question

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Answer 1

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

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Hi expert please give me answer general accounting question

Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor hours. At the beginning of the year, it estimated that its total manufacturing overhead would be $134,000 and the total direct labor would be 20,000 hours. Its actual total manufacturing overhead for the year was $123,900 and its actual total direct labor was 21,000 hours. Required: Compute the company's predetermined overhead rate for the year.

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Answer 2

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

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Answer 3

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

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Answer 4

Question

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

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

Answer 5

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Answer 6

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.

Answer 7

Chapter 18, Problem 1STQ

To determine

Identify whether following statement is true, if Power products uses process costing.

Answer 8

Expert Solution & Answer

Answer to Problem 1STQ

Option A and C are the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Process Costing:

It is a method of cost accounting used by an enterprise with processes categorized by continuous production. The cost for manufacturing those products are assigned to the manufacturing department before the averaged over units are being produced.

Justification for incorrect answers:

Option b:

The products use different amounts of direct labor, the statement is wrong. In process costing products are used same amount of direct labor only. Hence, Option b is incorrect answer.

Option d:

The products are created to customer specifications, the statement is wrong, because process costing systems are not created to customer specifications. Hence option d is incorrect answer.

Justification for correct answers:

Option a:

The production processes are high volume, the statement is correct. The process costing systems production volumes are high. Hence option a is correct answer.

Option c:

The products are created with repetitive processes, the statement is correct, because in process costing system products are create and repetitive process from one department to another department. Hence option c is the correct answer.