Listed next are several terms. Complete the following statements with one of the

Question

Listed next are several terms. Complete the following statements with one of these terms. You may use a term more than once, and some terms may not be used at all. Cost allocation Cost tracing Job cost record Materials requisition Cost driver Job costing Process costing is used by companies that produce unique services and products. b. Raw materials are stored in a storeroom until a is received requesting the transfer of materials to the production area. C. V is the assignment of direct costs to specific jobs. d. Indirect costs cannot be traced to specific products, so they are divided up using a process called e. A custom home builder would use a f. A 7aystem to determine product oost. is any activity that causes a cost to be incurred Y is used by companies that produce large numbers of identical units through a series of unform production steps or processes h. The is used to track and accumulate all of the costs for an individual job. i. PopsiCo produces Ruffles potato chips; it would use a V system to determine product cost.

Explanation / Answer

Q Solution Explanation A Job Costing Job Costing is used while performing a tailor made or customised jobs B Material Requisition Material Requisition is a document that requests the stores department to issue material to production department C Cost Tracing Cost Tracing is identification of Direct Cost D Cost Allocation All Indirect Costs are allocated basis a cost allocation method like Labor Hours, Machine Hours etc E Job Costing Job Costing is used while performing a tailor made or customised jobs F Cost Drivers Any Activity that causes a cost to be incurred G Process Costing Process Costing is used a similar product is produced with standard procedures H Job Cost Records Job Cost Record is document showing the use of resources by each Job I Process Costing Process Costing is used a similar product is produced with standard procedures. Since Pepsi Co produces a standard product and set processes are used

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