Process costing v/s Job Costing : The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products. The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system. However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method. To Determine: The determination of products to be recorded under Process costing or Job costing.

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Answer 1

Question

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

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Answer 2

Question

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

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Answer 3

Question

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

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Answer 4

Question

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

Answer 6

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

Answer 7

Chapter 20, Problem 1QS

To determine

Process costing v/s Job Costing:

The Main consideration while deciding on the method to be followed for assigning and recording the cost incurred in the products is based on the criterion of homogenous products and custom based products.

The Products which are homogenous in nature and is produced in large batches and passes through various processes before its completion to final products need to be recorded under Process costing system.

However, the products which are produced on a special request and is customized product as per customer request and is having unique feature and unique cost from the other product shall be recorded as per Job costing method.

To Determine: The determination of products to be recorded under Process costing or Job costing.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 20 - Prob. 1DQ Ch. 20 - Prob. 2DQ Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ Ch. 20 - Prob. 6DQ Ch. 20 - Prob. 7DQ Ch. 20 - Prob. 8DQ Ch. 20 - Prob. 9DQ Ch. 20 - Prob. 10DQ

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