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You have two basic types of manufacturing processes- continuous and discrete or job shop. A job order cost is based upon the direct materials/components and direct labor associated with making this specific final product. You would tyoically add manufacturing overhead and profit to this cost (a build up) to get to fully loaded costing and pricing. A job order cost system can be standard cost based or an actual cost build-up (time and materials) if you are making custom units.
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Is a job order cost system most appropriate when a large volume of uniform products are produced?
yes
What systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?
Job Order Cost System
A job order cost accounting system would best fit the needs of a company that makes?
Custom Machinery
The entry to record direct labor costs into production in a job order cost accounting system is?
debit factory overhead, credit wages payable
Is Elmer's glue a job order cost or a process costing?
Process Costing
Is a job order cost system most appropriate when a large volume of uniform products are produced?
yes
What systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?
Job Order Cost System
A job order cost accounting system would best fit the needs of a company that makes?
Custom Machinery
What is job order accounting?
what is the cost accounting system used by a contract manufacturing a number of identical units for multiple customers
What cost system first traces cost to activities and then to products?
Job cost
In a process cost system who is a production cost report prepared for?
In a process cost system, a production cost report is prepared by management for management. The purpose is to determine the efficiency of the production operation and examine cost reducing alternatives. An example of a business that would use a process cost system would be a manufacturer that continuously produces a homogeneous product. For example, a soda bottling company produces the same product day after day. The costs associated with producing that product include the raw materials or ingredients, direct labor and factory overhead. This is contrasted with the cost system used by a printing company. In the latter case, the company would use a job order costing system. The job order costing system would specify the costs associated with producing a particular job order. In the example of a printing company, there would be a set-up charge that would depend on the work involved in preparing the job.
The entry to record direct labor costs into production in a job order cost accounting system is?
debit factory overhead, credit wages payable
Is Elmer's glue a job order cost or a process costing?
Process Costing
What is the cost accounting system that is used by a contractor manufacturing a number of specifically identifiable physical units and whose costs are normally accumulated under separate orders?
Job Order Accounting
When is a job order costing system more appropriate than a process costing system?
Job order costing is more appropriate than process costing when the product being produced is a custom product
What is job cost?
Job cost refers to the total expense incurred in completing a specific task or project, including direct labor, materials, and overhead costs. Tracking job costs helps businesses analyze profitability and make informed decisions about pricing, resource allocation, and process improvements.
How system contracting reduces cost?
LIC hosing finace limited is government job yes/no
