Job order costing : Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing. To indicate: The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

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Answer 1

Question

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

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Answer 2

Question

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

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Answer 5

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

Answer 6

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

Answer 7

Chapter 2, Problem 4.3GAP

To determine

Concept introduction:

Job order costing:

Job order costing is applied tobusinesses which manufacture products or provide the services according to the client’s order. As its names suggest, Job order costing is costing 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 a range of processes to complete for example the production of shoes from leather goes through cutting, stitching and policing.

To indicate:

The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold.

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 introduces Job order costing and Process Costing System. The Journal entry to transfer the balance in manufacturing overhead to Cost of Goods Sold is explained.

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