Step 1: Job order costing systemJob order costing system is a system that take place when customers order small, unique batches of goods produced by the companies. Printing shops, caterer, etc., use the job order costing system. Show Step 2: Process costing systemProcess costing system are used in the manufacturing industries to determine the total production cost for each unit of products. Paint manufacturer, yacht builder, soft drink bottler, etc., use the process costing system. Which of the following businesses would most likely use a Job Order cost system (compared to a Process cost system). Group of answer choices b) A swimming pool installer d) A business that manufactures chlorine  Q: For each of the companies listed below, note which costing method would be more appropriate: Job… A: Job order costing system, which is defined as the system usually used through companies that… Q: Which of the following production operations would most likely to employ a job order costing system?… A: Solution: All of the given examples of products are homogeneous productions and use process costing… Q: Which of the following firms use Job-order costing? A. Law Firms B. Refinery C. Consulting Firms… A: Click to see the answer Q: In each of the following situations, determine whether job costing or process costing would be more… A: Process costing is a system in which production cost are allocated to individual production stages… Q: In each of the following situations, determine whether job costing or process costing would be more… A: The costing system in which the costs are to be apportioned on the basis of the each job distinctly… Q: Distinguishing between job order costing and process costing Would the following companies most… A: Job order costing is one of the methods of cost accounting under which cost is collected and… Q: Which of the following manufacturing costs is an indirect cost of producing a product? a.commissions… A: Indirect cost refers to the expenses which are unrelated to the production of goods or services… Q: For which of the following industries would job-order costing most likely not be appropriate? a.… A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is… Q: Which of the following statements is true of costing systems? O A. An accounting firm would likely… A: Cost accounting is the one that is used by the management to implement an effective cost control… Q: Which type of cost system, process or job order, would be best suited for each of the following:(a)… A: Cost Accounting Systems Cost accounting systems are used to measure, record, and report product… Q: Distinguishing between job order costing and process costing Would the following companies most… A: Basic difference between job order costing system and process costing system. Q: Which one of the following firm is likely to use job costing? A. Courier firm B. Insurance company… A: Job Costing Under this system,job card is separately prepared for each unit of output and Cost is… Q: Indicate whether the following costs of P r oct er & Gamb le , a maker of consumer products, would… A: Click to see the answer Q: For which of the following products would a job-order costing system be appropriate? O a. steel… A: JOB ORDER COSTING IS A SYSTEM FOR DETERMINING THE COST OF EACH INDIVIDUAL PRODUCT A COMPANY PROVIDES… Q: Provide an example of a manufacturing business that generally would use a job order cost system? A: Job order costing is a method of costing which is specific job order driven. Job Order costing… Q: Indicate whether each of the following costs associated with production would be classified as… A: Direct material cost is that costs which is related to the direct use of the materials. Direct… Q: Which of the following costs is a direct cost for a manufactured product? A) Depreciation Expense… A: The direct cost is expense that can be directly traceable to specific product. Q: Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether the following costs of… A: The cost applied in production can be classified as Direct materials, direct labor and factory over… Q: Distinguishing between job order costing and process costing Following is a list of cost system… A: Click to see the answer Q: Discuss the reason why companies use predetermined (factory) overhead rates rather than actual… A: Actual Overhead expenses are the genuine expenses acquired and ordinarily incorporate things like… Q: Which of the following statements related to job cost sheets is TRUE? Job cost sheets normally… A: Job costing is one of the method of costing used to determine cost of particular /specific job. All… Q: Which of the following industries would typically use job order costing, and which would typically… A: Cost Accounting Systems Cost accounting systems are used to measure, record and report product… Q: Which of the following statements related to job cost sheets is TRUE? O a. Ajob cost sheet includes… A: In question 1 The correct answer is option d. Actual manufacturing overhead.... Q: Which one of the following best describes a job cost sheet? a. It is a form used to record the costs… A: Job cost sheet: It refers to the compilation of all the actual costs related to a job. Q: For all Exercises, assume the weighted-average method is to be used unless you are told otherwise.… A: Soft drinks - Process Costing Automobile repairs - Job order Costing Customized furniture - Job… Q: For all Exercises, assume the weighted-average method is to be used unless you are told otherwise.… A: Job order costing: Job order costing is the process of assigning cost to particular product or… Q: Which of the following statements is not applicable for defining job order costing: a. Used when… A: Under job order costing cost associated with a specific batch of products are accumulated. Q: Which of the following statements is not applicable for defining job order costing: a. Used when… A: Costing is defined as a process in which the costs incurred by the business are classified, and then… Q: Which of the following statements is not applicable for defining job order costing: a. Used when… A: Job costing system is used when the costs are to be determined for individual projects or different… Q: Compare and contrast job order costing with one other type of cost accounting system. Then,… A: It is the system of assigning and accumulating manufacturing costs of an individual unit of… Q: Choose the most likely used costing system for the industries listed below. choose either process… A: Process Costing: Process costing is a method of cost accounting, which is used when the production… Q: which of the following is not among the features of Job-order costing system Select one: O a. Work… A: Job-order costing system: A Job-order costing system is one of the costing systems which is used to… Q: following products and services, indicate whether it is more likely produced in a processoperation… A: Job operations: Job operations mean manufacturing the product or providing the services according… Q: Which of the following costs would not be part of productinventory costs for a manufacturer such as… A: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the… Q: A job order cost accounting system accumulates and records product costs by jobs. The resulting… A: Accounting is a process of recording financial transactions of a business. It is a complete summary… Q: Which of the following is not classified as a factory overhead cost? a. Electricity to run factory… A: Factory overhead are those costs which are incurred at Factory premises during manufacturing… Q: Which of the following statements related to job cost sheets is TRUE? O a. Ajob cost sheet includes… A: The correct option is D. JOB cost sheet do not normally include the selling price of the job… Q: Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for an automobile… A: Prime cost: Prime cost refers to a cost which is directly involved in the process of manufacturing… Q: Some companies use labor cost to apply factory overhead to jobs. Identify another factor (or base) a… A: The overheads or the indirect cost must be allocated to the respective departments in order to find… Q: Which of the following statements is true? (You may select more than one answer.)a. The… A: Click to see the answer Q: For each of the following statements, circle (T) or (F) to indicate whether the statement is true or… A: Job Order Costing:- it is a costing method, which is used to determine the cost of the product at… Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Following is a list of manufactured products. For each product, would a job order or a process cost system be used to account for the costs of production? a. lumber b. buildings c. airplanes d. gasoline e. cereal f. textbooks g. paint h. jeans Which type of cost system, process or job order, would be best suited for each of the following: (A) TV assembler, (B) building contractor, (C) automobile repair shop, (D) paper manufacturer, (E) custom jewelry manufacturer? Give reasons for your answers. Alvarez Manufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc. uses the cost information from the job sheets to assess cost performance. Information on the total cost, product type, and quantity of items produced is as follows: a. Develop a graph for each product (three graphs), with Job Number (in date order) on the horizontal axis and Unit Cost on the vertical axis. Use this information to determine Alvarez Manufacturing Inc.s cost performance over time for the three products. b. What additional information would you require in order to investigate Alvarez Manufacturing Inc.s cost performance more precisely? Job-Order Costing versus Process Costing a. Auto manufacturing b. Dental services c. Auto repair d. Costume making Required: CONCEPTUAL CONNECTION For each of the given types of industries, give an example of a firm that would use job-order costing. Then, give an example of a firm that would use process costing. Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost. Wages of administrative staff Shipping costs on merchandise sold Wages of workers assembling computers Cost of lease on factory equipment Insurance on factory Direct materials used in production of lamps Supervisor salary, factory Advertising costs Property taxes, factory Health insurance cost for company executives Rent on factory In a team of two or three students, interview the manager/owner of a local business. In this interview, ask the manager/owner the following questions: A. Does the business collect and use cost information to make decisions? B. Does it have a specialist in cost estimation who works with this cost data? If not, who is responsible for the collection of cost information? Be as specific as possible. C. What type of cost information does the business collect and how is each type of information used? D. How important does the owner/manager believe cost information is to the success of the business? Then, write a report to the instructor summarizing the results of the interview. Content of the memo must include date of the interview, the name and title of the person interviewed, name and location of the business, type of business (service, merchandising, manufacturing) and brief description of the goods/services provided by the business, and responses to questions A-D. SEE MORE QUESTIONS Recommended textbooks for you Principles of Cost Accounting ISBN:9781305087408 Author:Edward J. Vanderbeck, Maria R. Mitchell Publisher:Cengage Learning Principles of Accounting Volume 2 ISBN:9781947172609 Author:OpenStax Publisher:OpenStax College Managerial Accounting: The Cornerstone of Busines... ISBN:9781337115773 Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Managerial Accounting ISBN:9781337912020 Author:Carl Warren, Ph.d. Cma William B. Tayler Publisher:South-Western College Pub Survey of Accounting (Accounting I) ISBN:9781305961883 Author:Carl Warren Publisher:Cengage Learning Principles of Cost Accounting ISBN:9781305087408 Author:Edward J. Vanderbeck, Maria R. Mitchell Publisher:Cengage Learning Principles of Accounting Volume 2 ISBN:9781947172609 Author:OpenStax Publisher:OpenStax College Managerial Accounting: The Cornerstone of Busines... ISBN:9781337115773 Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger Publisher:Cengage Learning Financial And Managerial Accounting ISBN:9781337902663 Author:WARREN, Carl S. Publisher:Cengage Learning, Managerial Accounting ISBN:9781337912020 Author:Carl Warren, Ph.d. Cma William B. Tayler Publisher:South-Western College Pub Survey of Accounting (Accounting I) ISBN:9781305961883 Author:Carl Warren Publisher:Cengage Learning Is oil refinery a process costing?Process costing is an important product costing method for manufacturing companies that mass produce a large volume of similar products or units of output. Process costing is widely used in industries such as oil refining, food production, chemical processing, textiles, glass, cement and paint manufacture.
Which of the following businesses is most likely to use process costing system?The correct answer is option C.
an accounting firm, B. a law firm, and D. a construction company are all incorrect. Service firms, in general, use a job order cost system rather than a process cost system.
What companies use process costing system?Examples of companies that use process costing include Chevron Corporation (petroleum products), the Wrigley Company (chewing gum), and Pittsburgh Paints (paint). A job costing system2 is used by companies that produce unique products or jobs.
Which of the business will likely to use process cost system?A process costing system is used by companies that produce similar or identical units of product in batches employing a consistent process. A job costing system is used by companies that produce unique products or jobs.
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Which of the following businesses is most likely to use a process costing system an oil refinery?
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