Job Costing : It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs. Process Costing : It involves products, which are not unique or standardized products; it involves the products, which have long production runs. To explain: Costing system that the given companies would use.

Question

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Answer 1

Question

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

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Answer 2

Question

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

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Answer 3

Question

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

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Answer 4

Question

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

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Answer 5

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

Answer 6

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

Answer 7

Chapter 21, Problem 1Q

To determine

Job Costing: It involves products, which are unique or distinguished from other products. Because of the uniqueness of the product, the production cost is regarded for a specific product. It is used for short production runs.

Process Costing: It involves products, which are not unique or standardized products; it involves the products, which have long production runs.

To explain: Costing system that the given companies would use.

Answer 8

Expert Solution & Answer

Explanation of Solution

(a)

Q Company

Costing system used by Q Company would be process costing.

Explanation:

Q Company is producing standardized product, which is also produced by many other competitors. Therefore, process costing will be used.

Thus, Q Company will use process costing.

(b)

J Company

Costing system used by J Company would be process costing.

Explanation:

J Company is producing standardized product, which is also produced by many other competitors, therefore process costing will be used.

Thus, J Company will use process costing.

(c)

G Company

Costing system used by G Company would be job costing.

Explanation:

G Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, G Company will use job costing.

(d)

W Company

Costing system used by W Company would be job costing.

Explanation:

W Company is producing unique product, which is not produced by any other company, therefore process costing will be used.

Thus, W Company will use job costing

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 21 - Prob. 1Q Ch. 21 - Prob. 2Q Ch. 21 - Prob. 3Q Ch. 21 - Prob. 4Q Ch. 21 - Prob. 5Q Ch. 21 - Prob. 6Q Ch. 21 - Prob. 7Q Ch. 21 - Prob. 8Q Ch. 21 - Prob. 9Q Ch. 21 - Prob. 10Q

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