If the company uses job costing or process costing

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Answer 1

Question

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

2.

To determine

To identify: Explain the costs included in the manufacturing costs

3.

To determine

To identify: Explain the bills of materials when discussing product cost

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

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The income statement of a merchandising company includes Cost of Goods Sold (COGS) and gross profit, which are not found on a service company’s income statement. This is because merchandising companies sell physical products, while service companies provide intangible services. Service company income statements are simpler, usually showing revenue from services minus operating expenses like salaries, rent, and supplies. In short, the main difference is that merchandising firms track product costs and gross profit, while service companies do not. Respond to this post. agree or disagree

Answer 2

Question

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

2.

To determine

To identify: Explain the costs included in the manufacturing costs

3.

To determine

To identify: Explain the bills of materials when discussing product cost

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

2.

To determine

To identify: Explain the costs included in the manufacturing costs

3.

To determine

To identify: Explain the bills of materials when discussing product cost

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

2.

To determine

To identify: Explain the costs included in the manufacturing costs

3.

To determine

To identify: Explain the bills of materials when discussing product cost

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

2.

To determine

To identify: Explain the costs included in the manufacturing costs

3.

To determine

To identify: Explain the bills of materials when discussing product cost

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

Answer 6

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

Answer 7

Chapter 3, Problem 3.61ACT

1.

To determine

To identify: If the company uses job costing or process costing

Answer 8

2.

To determine

To identify: Explain the costs included in the manufacturing costs

Answer 9

2.

To determine

To identify: Explain the costs included in the manufacturing costs

Answer 10

3.

To determine

To identify: Explain the bills of materials when discussing product cost

Answer 11

3.

To determine

To identify: Explain the bills of materials when discussing product cost

Answer 12

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

Answer 13

4.

To determine

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

Answer 14

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

Answer 15

5.

To determine

To identify: Explain where the BOM costs appear on the income statement

Answer 16

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

Answer 17

6.

To determine

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

Answer 18

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Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 3 - (Learning Objective 1) For which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 3) The amount of manufacturing...Ch. 3 - (Learning Objective 4) Which of the following is...Ch. 3 - (Learning Objective 5) Which of the following is...Ch. 3 - (Learning Objective 5) Assuming the amount of...Ch. 3 - Prob. 8QC Ch. 3 - Prob. 9QC Ch. 3 - Prob. 10QC

If the company uses job costing or process costing

Solution Summary: The author explains how Apple uses process costing to produce iPads. Manufacturing costs include the cost of direct labor and other manufacturing overheads, and a bill of materials includes the costs of raw materials and components.

Concept explainers

To identify: If the company uses job costing or process costing

To identify: Explain the costs included in the manufacturing costs

To identify: Explain the bills of materials when discussing product cost

To identify: Explain if the iPad AIR 2 is making $303.75 if sold. If not, then what are the other costs would that gross profit have to go toward covering.

To identify: Explain where the BOM costs appear on the income statement

To identify: Explain if company start manufacturing iPad Air 2 in United States which cost component will increase or decrease. What other factors would company consider while deciding on the location for manufacturing its products

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Chapter 3 Solutions