Job Order Costing Questions And Answers Pdf
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- answer of job order costing
- Job Order Costing System Exercises and Problems
- Job Order Costing Examples, Practical Problems and Solutions
Job costing is a method of cost accounting whereby cost is compiled for a specific quantity of product, equipment, repair or other service that moves through the production process as a continuously identifiable unit, applicable material, direct labour, direct expenses and usually a calculated portion of overheads being charged to a job order.
The production process depends upon the member of orders received from customers. The costing system that separately accumulates costs incurred to produce each job in a situation where each job is distinguishable from the other throughout the production process. Set up a job; Enter beginning balances for a job; Set up and use custom fields; Copy job information to a new job; Enter estimated expenses and revenue for a job; Print a job estimate; Change a job ID; Delete a job; Use job statuses to manage jobs; Set up job statuses. It is a networked system that is affordable for any size shop.
answer of job order costing
Required: Prepare Cost of production report. The cost department collected following figures for department 2: Unit cost for units transferred in from department 1 Labor cost in department 2 Applied factory overhead Required: A cost of production report for department 2 for December. Cost of Production Report: Brooks Inc. Required: The cost of production report for Department 2 for April.
Materials are added in the beginning of the process in department B. Required: 1. Equivalent units of production calculation. The cost per equivalent unit for conversion costs. There was no beginning inventory. The entire loss is considered abnormal and is to be charged to factory overhead. Required: Cost of production report. In department B, conversion costs are incurred uniformly throughout the process.
Materials are added at the end of the process, following inspection. Production takes place in three departments; Fabrication, Assembly, and Packaging. At the end of the fiscal year, June 30, the following inventory of product D is on hand:. No unused raw materials or packaging materials. Shipping for finished goods are: units. The number of equivalent units of raw materials in all inventories at June The number of equivalent units of the fabrication department's direct labor in all inventories at June 30 3.
The number of equivalent units of packaging materials in all inventories at June Learn more about Scribd Membership Home. Read Free For 30 Days. Much more than documents. Discover everything Scribd has to offer, including books and audiobooks from major publishers. Start Free Trial Cancel anytime. Process Costing Practice Questions.
Uploaded by Laraib Khan. Document Information click to expand document information Date uploaded Dec 07, Did you find this document useful? Is this content inappropriate? Report this Document. Flag for inappropriate content. Download Now. Related titles. Carousel Previous Carousel Next. Jump to Page. Search inside document. At the end of the fiscal year, June 30, the following inventory of product D is on hand: No unused raw materials or packaging materials.
John Cando. 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 Jobthe following data are available:. Direct Materials. The Cambridge Company uses job order costing.
At the beginning of the May, two jobs were in process:. Work in Process. Factory Overhead Control. Finished Goods. Cost of Goods sold. Applied Factory Overhead. General journal entries to record:. Beaver, inc. Journal entries, with detail for the respective job orders and factory overhead subsidiary records, to to record the following transactions for the January:.
Hogle Company is a manufacturing firm that uses job order costing system. The company applies overhead cost to jobs on the basis of machine-hours worked. The following transactions were recorded for the year. Accounts Receivable. Accounts Payable. Sales Commissions Expenses.
Advertising expense. Raw Materials. Prepaid Insurance. Salaries and Wages Payable. Cost of goods sold. Administrative Salary Expense. Depreciation Expenses. Accumulated Depreciation. Manufacturing Overhead.
Sales Travel Expense. Manufacturing overhead is overapplied for the year. The entry to close it out to cost of goods sold is as follows:. Hello, thanks so much for providing these exercises. I enjoyed completing them. For your information, Exercise 5 contains a couple of errors. These are small issues in an otherwise great series of exercises, and I hope you find my comment helpful.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. There is no opening or closing WIP. The total cost of a completed unit is: A. Vare produces various inks at its Normanton factory. The equivalent units of production for materials in the period are: A. I would really appreciate if you can help me on how to tackle these parts if possible with some explanation as well as the way to get the answer.
For Q1, are you sure that you have typed the question completely correctly because I am not sure that the answer is correct — does your book not give the answer together with workings? Concerning the Q1, the question was from Kaplan! I got the workings but I could not sorta find a logic behind the calculation!
This topic has 3 replies, 2 voices, and was last updated 2 years, 8 months ago by John Moffat. Viewing 4 posts - 1 through 4 of 4 total. July 11, at pm yptheboss Participant. July 12, at am John Moffat Keymaster. July 25, at pm yptheboss Participant. Thank you Sir, your explanation for the Q2 was really helpful. I successfully passed my F2 exam! I will be seeking your help for F5 from now on! Thanks once again!
Job Order Costing System Exercises and Problems
The Fine manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. The balances of raw materials, work in process WIP , and finished goods at the beginning of were as follows:. It is shown as follows:. Journal entry to close the balance in manufacturing overhead account disposition of over or under applied manufacturing overhead :.
Process Costing System Segment Reporting and a. Meat k. Pianos Transfer Pricing. Sugar l. Steel m. Leather Variable Costing System d. Breakfast cereal n.
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. At the beginning of the May, two jobs were in process:.
i) Closed the under/overapplied overhead for the year. Solution #2 a) Raw materials. , Accounts payable. , b) Work in process.
Job Order Costing Examples, Practical Problems and Solutions
Required: Prepare Cost of production report. The cost department collected following figures for department 2: Unit cost for units transferred in from department 1 Labor cost in department 2 Applied factory overhead Required: A cost of production report for department 2 for December. Cost of Production Report: Brooks Inc. Required: The cost of production report for Department 2 for April. Materials are added in the beginning of the process in department B.
Job-order costing accumulates costs by jobs, and process costing accumulates costs by processes. Job-order costing is suitable for operations that produce custom-made products that receive different doses of manufacturing costs. Process costing, on the other hand, is suitable for operations that produce homogeneous products that receive equal amounts of manufacturing costs in each process. Job-order costing is appropriate for many service firms.
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