File Name: job order costing problems and solutions .zip
The Excellent Company had the following inventories on April 1, Prepare Journal entries on April 30, to show the flow of cost through the proper summary accounts and also give the subsidiary records. Job Order Costing Cycle. The Moon Manufacturing Co. The company computes a separate factory overhead rate at the end of each month and this rate is used to charge factory overhead to the jobs worked on during that month using the number of direct labour hours used on the jobs as the basis of such allocation.
Problem No. 2: (Charging Actual FOH to Jobs). The Moon Manufacturing Co. has a partial job order cost system instead of predetermining a.
Process Costing System Segment Reporting and a. Meat k. Pianos Transfer Pricing. Sugar l.
A total of 76, machine-hours were used in October.
Classify these industries with respect to the type of cost accumulation procedure generally used—job order costing or process costing. Forge Machine Works collects its cost data by the job order cost accumulation procedure. For Job , the following data are available:. Direct Materials. The Cambridge Company uses job order costing.
Process Costing System Segment Reporting and a. Meat k. Pianos Transfer Pricing. Sugar l. Steel m.
The company should use process costing. Since there are many similar items, process costing is a better fit than job order costing. The expense recognition principle requires that expenses follow the revenue. Product costs are assigned to the product because they are associated with the revenue from the sale of the product. The cost is transferred from inventory to cost of goods sold when the item is sold. This matches the revenue from the sale with the cost of the item being sold. Period costs are expensed when incurred because they are not related to a specific product but are instead related to the time period in which revenue is earned.
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