FUND.ACCT.PRIN.-CONNECT ACCESS
25th Edition
ISBN: 9781260780185
Author: Wild
Publisher: MCG
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Chapter 20, Problem 2E
Exercise 20-2 Comparing process and job order operations C1
Identify each of the following features as applying more to job order operations (J), process operations (P), or both job order and process operations (B).
_1. Cost object is a process.
_2. Measures unit costs only at period-end.
_3. Transfers costs between Work in Process Inventory accounts.
_4. Uses indirect costs.
_5. Uses only one Work in Process account.
_6. Uses materials, labor, and
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QUESTION 19
In process cost systems, product costs flow through the same accounts as in a job-order cost system.
True
False
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Chapter 20 Solutions
FUND.ACCT.PRIN.-CONNECT ACCESS
Ch. 20 - Prob. 1QSCh. 20 - Prob. 2QSCh. 20 - Process vs. job order operations C1 For each of...Ch. 20 - Physical flow reconciliation C2 Prepare a physical...Ch. 20 - Prob. 5QSCh. 20 - A FIFO: Computing equivalent units C4 Refer to QS...Ch. 20 - Prob. 7QSCh. 20 - Prob. 8QSCh. 20 - Prob. 9QSCh. 20 - Prob. 10QS
Ch. 20 - Prob. 11QSCh. 20 - Prob. 12QSCh. 20 - Prob. 13QSCh. 20 - Prob. 14QSCh. 20 - Prob. 15QSCh. 20 - Prob. 16QSCh. 20 - A FIFO: Journal entry to transfer costs P4 Refer...Ch. 20 - Prob. 18QSCh. 20 - Weighted average: Assigning costs to output C3...Ch. 20 - Prob. 20QSCh. 20 - Prob. 21QSCh. 20 - Prob. 22QSCh. 20 - Recording costs of materials P1 Hotwax mates...Ch. 20 - Prob. 24QSCh. 20 - Recording costs of factory overhead P1 P3 Prepare...Ch. 20 - Recording transfer of costs to finished goods P4...Ch. 20 - Prob. 27QSCh. 20 - Prob. 28QSCh. 20 - Prob. 29QSCh. 20 - Exercise 20-1 Process vs. job order operations C1...Ch. 20 - Exercise 20-2 Comparing process and job order...Ch. 20 - Prob. 3ECh. 20 - Prob. 4ECh. 20 - Prob. 5ECh. 20 - Prob. 6ECh. 20 - Prob. 7ECh. 20 - Exercise 20-8 Weighted average: Computing...Ch. 20 - Prob. 9ECh. 20 - Prob. 10ECh. 20 - Prob. 11ECh. 20 - Prob. 12ECh. 20 - Exercise 20-13A
FIFO: Completing a process cost...Ch. 20 - Exercise 20-14 Production cost flow and...Ch. 20 - Exercise 20-15 Recording product costs P1 P2 P3...Ch. 20 - Prob. 16ECh. 20 - Prob. 17ECh. 20 - Prob. 18ECh. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Exercise 20-22 Recording costs of labor P2 Prepare...Ch. 20 - Prob. 23ECh. 20 - Prob. 24ECh. 20 - Exercise 20-25 Recording cost flows in a process...Ch. 20 - Exercise 20-26 Interpretation of journal entries...Ch. 20 - Prob. 27ECh. 20 - Prob. 28ECh. 20 - Prob. 29ECh. 20 - Prob. 30ECh. 20 - Prob. 1PSACh. 20 - Prob. 2PSACh. 20 - Prob. 3PSACh. 20 - Problem 20-4A Weighted average: Process cost...Ch. 20 - Problem 20-5AA FIFO: Process cost summary:...Ch. 20 - Prob. 6PSACh. 20 - Prob. 7PSACh. 20 - Prob. 1PSBCh. 20 - Prob. 2PSBCh. 20 - Prob. 3PSBCh. 20 - Prob. 4PSBCh. 20 - Problem 20-5BA FIFO: Process cost summary;...Ch. 20 - Problem 20-6BAFIFO: Costs per equivalent unit;...Ch. 20 - Problem 20-7BA FIFO: Process cost summary,...Ch. 20 - Prob. 20SPCh. 20 - Prob. 20CPCh. 20 - Prob. 1GLPCh. 20 - Apple has entered into contracts that require the...Ch. 20 - Apple and Google work to maintain high-quality and...Ch. 20 - Prob. 3AACh. 20 - Prob. 1DQCh. 20 - Prob. 2DQCh. 20 - Prob. 3DQCh. 20 - Prob. 4DQCh. 20 - Prob. 5DQCh. 20 - Explain in simple terms the notion of equivalent...Ch. 20 - Prob. 7DQCh. 20 - Prob. 8DQCh. 20 - Direct labor costs flow through what accounts in a...Ch. 20 - Prob. 10DQCh. 20 - Prob. 11DQCh. 20 - Prob. 12DQCh. 20 - Prob. 13DQCh. 20 - Companies such as Apple commonly prepare a process...Ch. 20 - Prob. 15DQCh. 20 - Prob. 16DQCh. 20 - Prob. 17DQCh. 20 - How could a company manager use a process cost...Ch. 20 - Explain a hybrid costing system. Identify' a...Ch. 20 - Prob. 1BTNCh. 20 - Prob. 2BTNCh. 20 - Many companies use technology to help them improve...Ch. 20 - Prob. 4BTN
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- Exercise 16-2 (Algo) Process vs. job order operations LO C1 Identify each of the following production features as applying more to job order operations, to process operations, or to both job order and process operations. 1. Measures unit costs at period-end. 2. Uses mass production of standardized products. 3. Uses more than one Work in Process Inventory account. 4. Measures cost per unit of product or service. 5. Cost object is a job or job lot. 6. Transfers costs between multiple Work in Process Inventory accounts. Process operation Process operation Process operation Job order operation Process operation Botharrow_forwardQuestion 12 Which of the following statement is CORRECT regarding Job order cost accounting system? O Under the proration approach, if manufacturing overhead had been overallocated, the Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts would be increased. Under the proration approach, if manufacturing overhead had been overallocated, the Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold accounts would be decreased. O Under the adjusted allocation rate approach, the total under- or overallocated manufacturing overhead is included in this year's Cost of Goods Sold. Under the direct write-off method, total under- or overallocated manufacturing overhead is always added to the Cost of Goods Sold. 0000arrow_forwardQuestion 2 of 5 Costing system, which classifies cost into cost categories based on when an expense is incurred in process is called Process costing system Both Neither Job order costing systemarrow_forward
- Helparrow_forward17.1arrow_forwardProblem 2.30 Systems Concepts, Traditional versus Activity-Based Cost AccountingSystemsThe following items are associated with a traditional cost accounting information system, anactivity-based cost accounting information system, or both (that is, some elements are commonto the two systems):a. Usage of direct materialsb. Direct materials cost assigned to products using direct tracingc. Direct labor cost incurrenced. Direct labor cost assigned to products using direct tracinge. Setup cost incurrencef. Setup cost assigned using number of setups as the activity driverg. Setup cost assigned using direct labor hours as the activity driverh. Cost accounting personneli. Submission of a bid, using product cost plus 25 percentj. Purchasing cost incurrencek. Purchasing cost assigned to products using direct labor hours as the activity driverl. Purchasing cost assigned to products using number of orders as the activity driverm. Materials handling cost incurrencen. Materials handling cost assigned…arrow_forward
- Chapter 6, Problem 16MC Textbook Problem 15 views Under variable costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. Direct material, direct labor, and variable manufacturing overhead C. Direct material, direct labor, and fixed manufacturing overhead D. Direct material, direct labor, and all variable manufacturing overheadarrow_forwardQuestion A6 In a process to calculate full cost for a product or service, what is the correct order of the following steps? A Apportion general overheads between departments Allocate specific departmental overheads to the relevant department Apportion service department costs to production cost centres Total product department overheads B Allocate specific departmental overheads to the relevant department Apportion general overheads between departments Total product department overheads Apportion service department costs to production cost centres C Allocate specific departmental overheads to the relevant department Apportion general overheads between departments Apportion service department costs to production cost centres Total product department overheads D Allocate specific departmental overheads to the relevant department Apportion service department costs to production cost centres Apportion general overheads between departments Total product department overheadsarrow_forwardSh11arrow_forward
- QUESTION 16 The application of estimated manufacturing overhead to jobs is: An asset use transaction. An asset exchange transaction. A claims exchange transaction. An asset source transaction.arrow_forwardChapter 7 Which of the following journal entries would be used to record direct labor costs in a company having two processing departments (Department A and Department B)? a. Work in Process XXX XXX Salaries and Wages Payable b. Salaries and Wages Expense Salaries and Wages payable c. Work in Process-Department A Work in Process-Department B Salaries and Wages Payable d. Salaries and Wages Payable Work in Process XXX XXX XXX XXX XXX XXX XXXarrow_forwardCh18arrow_forward
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