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.

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Provide correct solution and accounting

What is the gross profit

None

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

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.

Concept explainers

Videos

Want to see the full answer?

Chapter 2 Solutions