Job order costing : Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job. Process Costing System: As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing. To indicate: The Journal entry to record the transfer of completed job to finished goods inventory.

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Answer 1

Question

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

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Answer 2

Question

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

Answer 6

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

Answer 7

Chapter 2, Problem 4.1GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Job order costing is done for a particular job.

Process Costing System:

As its name suggests, process costing system is the branch of cost accounting which is applied where production of a product takes more than one processes to complete for example; the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to record the transfer of completed job to finished goods inventory.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 2 - What is the difference between job order and...Ch. 2 - What types of companies are likely to use job...Ch. 2 - What types companies are likely to use process...Ch. 2 - Many service industries use job order costing to...Ch. 2 - Prob. 5Q Ch. 2 - Prob. 6Q Ch. 2 - Prob. 7Q Ch. 2 - Prob. 8Q Ch. 2 - Prob. 9Q Ch. 2 - Prob. 10Q

Solution Summary: The author explains that job order costing is applied to the businesses which manufacture the product or provide the services according to client’s order. Process Costing System is the branch of cost accounting.

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