The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product. The method of costing to be used by various companies depending upon their requirements need to be determined.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing

Want to see more full solutions like this?

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

Students have asked these similar questions

Solve this accounting q

owe Tool and Die (RTD) produces metal fittings as a supplier to various manufacturing firms in the area. The following is the forecasted income statement for the next quarter, which is the typical planning horizon used at RTD. RTD expects to sell 64,000 units during the quarter. RTD carries no inventories. Amount Per Unit Sales revenue $ 2,028,800 $ 31.70 Costs of fitting produced 1,523,200 23.80 Gross profit $ 505,600 $ 7.90 Administrative costs 355,200 5.55 Operating profit $ 150,400 $ 2.35

The audited accounts of Lindsay Co. for year-end August 31, 2014 show a profit of $3,115,000 after charging the following: Depreciation 430,000 Rent 175,000 Legal fees 1,350,000 Audit fees 88,000 Donations 119,000 Bad debts 242,000 Foreign Travel 395,750 Interest payments 62,375 Other Information: a. Legal fees are as follows: Expenses in respect of recovery of debts, $585,000 Expenses related to the increase private share capital, $765,000 b. Lindsay Co. donated $65,500 to UTECH University and $53,500 to HELP, a private charity registered under the Charities Act. c. Bad debts are as follows: • A loan of $76,130 to Derek Stan who failed to repayit. • $63,017, owed by Simplicity Ltd. which was declared bankrupt. • The balance is a percentage of receivables at year end which is deemed to be bad. d. Foreign travel expense included $268,210 for a vacation package for the marketing manager’s and his family plane…

Answer 2

Question

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing

Want to see more full solutions like this?

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

Answer 3

Question

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing

Want to see more full solutions like this?

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

Answer 4

Question

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing

Want to see more full solutions like this?

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

Answer 5

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing

Answer 6

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing

Answer 7

Chapter 19, Problem 1QC

To determine

The Job costing method is used by the companies involved in manufacturing a unique customized product each time for its clients and Process costing method is used by the companies involved in manufacturing of identical units of single product.

The method of costing to be used by various companies depending upon their requirements need to be determined.

Answer 8

Expert Solution & Answer

Explanation of Solution

Solution: d. Advertising Agency-Job order costing: Cell Phone companies-Process Costing

Job costing method is used by the companies which produces different customized product each time the production is made. However, the process costing method is used by the companies which produces identical units of single product during the production period. Therefore, Advertisement Agency which has to cater to the customized demand of each client job which is not identical in one or more respect, will use the Job costing method. However, the mobile manufacturing companies, which produces a large number of identical units of single model will use the Process Costing method.

To conclude, it must be said that Advertisement agency must use Job costing method and Cell phone manufacturing company must use Process costing method.Therefore, for the given problem, the answer is as follows:

d. Advertising Agency-Job order costing: Cell Phone Companies-Process Costing