identify each costing system characteristic as job identify each costing system
ID: 2556296 • Letter: I
Question
identify each costing system characteristic as job identify each costing system characteristic as job identify each costing system characteristic as job Identily each costing system characteristic as job order costing or process costing a. One Work -in- Process Inventory account b. Production cost reports c Cost accumulated by process d. Job cost sheets e. Manufactures homogenous products through a series of uniform steps Multiple Work-in-Process Inventory accounts g. Costs transferred at end of period h. Manufactures batches of unique products or provides specialized services Job order costing oose from any drop-down list and then continue to the next questionExplanation / Answer
a) job costing -because job costing have one WIP inventory account wheras process inventory account has WIP for each process.
b) process costing-because in process costing production cost report is prepared and in job costing job cost sheet is prepared.
c)process costing-because in process costing cost is accumlated by process and in job costing cost is accumlated by job.
d) job costing- because in job costing job cost sheet is prepared and in process costing production cost report is prepared.
e) process costing-because in process costing homogeneous products are produced through a series of uniform steps and in job costing batches of unique products or specialised services are manufactured.
f) process costing-because job costing have one WIP inventory account wheras process inventory account has WIP for each process.
g) process costing - because in process costing costs are calculated at the end of accounting period whereas in job costing cost of a job is calculated when job is completed.
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