1.Job costing in service firms uses recording procedures and accounts similar to those for manufacturing companies...

1.Job costing in service firms uses recording procedures and accounts similar to those for manufacturing companies except for those regarding:

Direct labor.

Overhead costs.

Direct materials.

Cost drivers.

2.The following are types of rework except:

		Rework on normal defective units common to all jobs.
		Rework on abnormal defective units not falling within the normal range.
		Rework on normal defective units for a particular job.
		All of these answer choices are types of rework, with no exception.

Solutions

Expert Solution

ekkarill92 answered 9 months ago

Next > < Previous

Related Solutions

PROBLEM ONE The Kitty Manufacturing Company uses a standard absorption costing job costing system. Manufacturing overhead...

PROBLEM ONE The Kitty Manufacturing Company uses a standard absorption costing job costing system. Manufacturing overhead is allocated to products on the basis of standard direct labor hours. At the beginning of 20xx, Kitty adopted the following standards for its manufacturing costs: Direct materials 3 lb. @ $5 per lb. Direct labor 5 hr @ $10 per hour Overhead: Variable $5 per direct labor hour Fixed $10 per direct labor hour The denominator level for total...

1. The Premier Manufacturing Company uses a job order costing system. The following data relate to...

1. The Premier Manufacturing Company uses a job order costing system. The following data relate to the month of May: a. Raw materials purchased with cash $80,000. b. Direct materials issued to production, $79,000. c. Indirect materials issued to production, $2,500. d. Direct labor cost incurred, $61,000. e. Additional actual manufacturing overhead costs totaled incurred $68,000 for the month (credit Accounts Payable). f. Overhead is applied on a basis of per machine-hour. Estimated total overhead is $80,000, and estimated total...

Happy Company is a manufacturing firm that uses job-order costing. At the beginning of the year,...

Happy Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's account balances were as follows: Cash 1,045,000 Accounts Receivable 8,000 RM Inventory 26,000 WIP Inventory 21,000 FG Inventory 39,000 Supplies 8,000 Prepaid Insurance 3,000 Equipment 528,000 Accumulated Depreciation-Equipment 48,000 Accounts Payable 26,000 Common Stock, par $10 1,500,000 Retained Earnings 104,000 Total 1,678,000 1,678,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the...

Vaden Company is a manufacturing firm that uses job-order costing. At the beginning of the year,...

Vaden Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company’s inventory balances were as follows: Raw materials $39,000 Work in process $49,000 Finished goods $10,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 22,000 machine-hours and incur $264,000 in manufacturing overhead cost. The following transactions were recorded for the year: i. Raw materials...

Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the year,...

Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials $ 24,800 Work in process $ 73,800 Finished goods $ 27,800 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 45,800 machine-hours and incur $183,200 in manufacturing overhead cost. The following transactions were recorded for the year:...

2) Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the...

2) Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials: $26,000 Work in process $47,000 Finished goods $133,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 31,000 machine-hours and incur $248,000 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw...

1. Benner Company uses a job-order costing system and applies manufacturing overhead to jobs using a...

1. Benner Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. Manufacturing overhead and direct labor hours were estimated at $66,000 and 22,000 hours, respectively. In June, Job #461 was completed. Materials costs on the job totaled $4,923 and labor costs totaled $2,325 at $7.50 per hour (310 hours worked on this job). At the end of the year, it was determined that the company worked 23,975...

1) Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were...

1) Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw Materials $14,000 $22,000 Work in Process 27,000 9,000 Finished Goods 62,000 77,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,000 machine-hours and incur $231,000 in manufacturing overhead cost. The...

Name one or more manufacturing companies that utilize job costing. Post a brief summary.

What are some of the ways that a supervisor’s job is similar to those of managers...

What are some of the ways that a supervisor’s job is similar to those of managers at other levels? What is the difference between product quality control and process control? Why would a supervisor avoid nepotism?

Subjects