Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 3, Problem 10QC
To determine
To identify: Find out the true statement from the given options
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Think about a service you have been involved with and describe how job-costing might be implemented by that service provider, including overhead and stating where costs would fall.
Please read Chapter 2 and then answer the following question
Describe how a job order cost system can be used for professional service businesses.
Why should an employee have some understanding of costing if they are not in the accounting department?
Explain how the method of costing used will impact the company with: (A) the quoting of customer jobs and (B) gross margin/profit on the Income statement
Chapter 3 Solutions
Managerial Accounting (5th Edition)
Ch. 3 - (Learning Objective 1) For which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 3) The amount of manufacturing...Ch. 3 - (Learning Objective 4) Which of the following is...Ch. 3 - (Learning Objective 5) Which of the following is...Ch. 3 - (Learning Objective 5) Assuming the amount of...Ch. 3 - Prob. 8QCCh. 3 - Prob. 9QCCh. 3 - Prob. 10QC
Ch. 3 - Identify product costs, period costs, and product...Ch. 3 - Decide on product costing system (Learning...Ch. 3 - Determine the flow of costs between inventory...Ch. 3 - Understanding key document terms in a job cost...Ch. 3 - Compute a professional billing rate (Learning...Ch. 3 - Prob. 3.6SECh. 3 - Continuation of S3-6: compute total allocated...Ch. 3 - Continuation of S3-7: determine over- or under...Ch. 3 - Prob. 3.9SECh. 3 - Calculate job cost and billing at appliance repair...Ch. 3 - Calculating overallocated or underallocated...Ch. 3 - Prob. 3.12SECh. 3 - Record manufacturing labor costs (Learning...Ch. 3 - Prob. 3.14SECh. 3 - Prob. 3.15SECh. 3 - Understanding key terms (Learning Objectives 1, 2,...Ch. 3 - Identify type of costing system (Learning...Ch. 3 - Prob. 3.18AECh. 3 - Determine the cost of a job and use it for pricing...Ch. 3 - Compute a predetermined overhead rate and...Ch. 3 - Prob. 3.21AECh. 3 - Prob. 3.22AECh. 3 - Determine the cost of a job (Learning Objectives...Ch. 3 - Compare bid prices under two different allocation...Ch. 3 - Analyze manufacturing overhead (Learning...Ch. 3 - Record manufacturing overhead (Learning Objectives...Ch. 3 - Record journal entries (Learning Objectives 2, 3,...Ch. 3 - Analyze T-accounts (Learning Objectives 2, 3, 5, ...Ch. 3 - Job cost and bid price at a consulting firm...Ch. 3 - Record journal entries (Learning Objectives 2, 3,...Ch. 3 - Identify type of costing system (Learning...Ch. 3 - Understand the flow of costs in a job cost shop...Ch. 3 - Prob. 3.33BECh. 3 - Prob. 3.34BECh. 3 - Prob. 3.35BECh. 3 - Sustainability and job costing (Learning...Ch. 3 - Determine the cost of a job (Learning Objectives...Ch. 3 - Compare bid prices under two different allocation...Ch. 3 - Analyze manufacturing overhead (Learning...Ch. 3 - Record manufacturing overhead (Learning Objectives...Ch. 3 - Record journal entries (Learning Objectives 2, 3,...Ch. 3 - Analyze T-accounts (Learning Objectives 2, 3, 5, ...Ch. 3 - Prob. 3.43BECh. 3 - Record journal entries (Learning Objectives 2, 3,...Ch. 3 - Analyze Manufacturing Overhead (Learning...Ch. 3 - Use job costing at an advertising agency (Learning...Ch. 3 - Use job costing at a consulting firm (Learning...Ch. 3 - Prepare job cost record (Learning Objectives 2, 3,...Ch. 3 - Determine and record job costs (Learning...Ch. 3 - Determine flow of costs through accounts (Learning...Ch. 3 - Analyze Manufacturing Overhead (Learning...Ch. 3 - Use job costing at an advertising agency (Learning...Ch. 3 - Use job costing at a consulting firm (Learning...Ch. 3 - Prepare job cost record (Learning Objectives 2, 3,...Ch. 3 - Determine and record job costs (Learning...Ch. 3 - Determine flow of costs through accounts (Learning...Ch. 3 - Job costing or process costing for wedding...Ch. 3 - Discussion Questions 1. Why would it be...Ch. 3 - Unwrapped or How Its Made Go to www.YouTube.com...Ch. 3 - Ethics involved with choice of cost driver...Ch. 3 - Prob. 3.61ACTCh. 3 - Issues with cost of job (Learning Objectives 2, 3,...
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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.Similar questions
- What factors would you consider in deciding whether to use direct labor dollars or direct labor hours in charging overhead to jobs in a service firm?arrow_forwardIn 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.arrow_forwardJob costing vs process costing. Example, select a company of your choice and explain when they might use job costing and when they might use process costing. Cited you work and include sufficient details.arrow_forward
- Which of the following is not a characteristic of job costing? Group of answer choices It is possible to compare actual costs with estimated costs. Job cost data are used for setting prices and bids. Identical units are produced on an ongoing basis. Each job is distinguishable from other jobs.arrow_forwardPlease create a study/cheat sheet on these concepts in managerial accounting: 1. Managerial Accounting Concepts and Cost Flows 2. Cost Accounting Systems: Job Order Costing 3. Cost Accounting Systems: Process Costing 4. Activity-Based Costing Just include formulas and include when to use them (what types of problems). Also any rules.arrow_forwardJob costing is defined by cost accumulation and cost measurement that support the strategic role of costing and cost flows. Managing costs is a main duty of a cost accountant. Discuss how the concepts of cost accumulation and cost measurement apply to direct, indirect, and manufacturing overhead costs when using job costing. Include an example of your thinking.arrow_forward
- APPLY THE CONCEPTS: Determine the costs for Work in Process and Finished Goods Job 1 Job 2 Job 3 Job 4 Materials $550 $400 $315 $411 Labor 818 525 475 623 Overhead 325 258 126 164 $ $ Total Complete the table and determine the following account Work in Process $ Finished Goods $arrow_forwardWhat is a job order cost system? Describe a situation in which you would use job order cost information. What type of information is useful in making your decision?arrow_forwardQ4. Referring to the concept of job costing in the manufacturing sector, identify how you will record the following journal entries: a)When raw materials are received. b)When raw materials are sent to the factory floor. c)When labor costs are incurred. d)When a job is completed. e)When a job is shipped to a customer. Note: You must assume significant values for each transaction of your own and prepare the journal entries for each case.arrow_forward
- O estion 2: Explain with examples how does the Job Characteristic Model (JDM) helps in achieving job satisfaction?arrow_forwardi. What are the costs and benefits to be taken into consideration when managers choose between applying predetermined overhead rates or actual overhead rates.ii. Explain why management accountants allocate indirect cost to responsibility centres.arrow_forwardIdentify the best description of job order costing. A practice of substituting an expected cost for an actual cost in the accounting records. A method of costing used mainly in manufacturing where units are continuously mass-produced through one or more process. A costing system of assigning the cost of production to a specific manufacturing job and will be used when each output is different from others. A method of calculating the cost of a product or enterprise by considering indirect expenses as well as the direct costs.arrow_forward
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