Process costs It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production. Direct materials cost Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost. Conversion cost Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs. To Identify: The cost of completed and transferred out production of Company ORS.

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Answer 1

Question

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

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Answer 2

Question

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

Answer 6

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

Answer 7

Chapter 3, Problem 6BE

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Direct materials cost

Manufacturing products arise with raw materials that are altered into finished products. The cost of any material that is an important part of the finished product is categorized as a direct materials cost.

Conversion cost

Cost of changing the materials into a finished product. It includes direct labor costs and factory overhead costs.

To Identify: The cost of completed and transferred out production of Company ORS.

Answer 8

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

Answer 9

To determine

To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

Answer 10

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

Answer 11

To determine

To Calculate: The total costs assigned by the rolling department of Company ORS.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Which type of cost system, process or job order,...Ch. 3 - In job order cost accounting, the three elements...Ch. 3 - In a job order cost system, direct labor and...Ch. 3 - Why is the cost per equivalent unit often...Ch. 3 - What is the purpose for determining the cost per...Ch. 3 - Rameriz Company is a process manufacturer with two...Ch. 3 - What is the most important purpose of the cost of...Ch. 3 - How are cost of production reports used for...Ch. 3 - Prob. 9DQ Ch. 3 - Job order versus process costing Which of the...

Solution Summary: The author explains how process costs are used to ascertain the cost of the product at each process or stage of production.

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To Identify: The ending working process inventory for direct material cost and conversion cost of Company ORS.

To Calculate: The total costs assigned by the rolling department of Company ORS.

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Chapter 3 Solutions