1-Job cost systems ?be used n mannfactming companies well as service a True b. F
ID: 2523544 • Letter: 1
Question
1-Job cost systems ?be used n mannfactming companies well as service a True b. False. A roduct's cost should remain an the Balance Sheet until the product is sold a True. b. False. In a job arder cost system, the sum of debits to the Work in Process controlling accoumt dhuring a Overhead particular period is equal to each of the following axcept a The total of debits to the Materials Irventory, Direct Labor, and Mam?facturing accounts during the period b The total of direct materials, direct labor, and mamufacturing overhead costs applied to jobs during the period. The total of amounts entered on job cost sheets dhring the period c d The total of credits to the Materials Inventory, Direct Labar, and Mam?facturing Overhead accounts during the period. 6:In a gren de artment the begmnmg mentory of 6 000 units was 60% con lete as to material lab r, and overhead. A total of 7,000 units were started and completed dhuring the period, and the ending inventory of 8,000 units was 40% complete as to material, labor and equivalent production for the period in umits is: a 13,400. b 12,600. ? 15,400. d 17,400.Explanation / Answer
Question3: True
Because job costing prepares costing accounting of job locations of any industry,however it is manufacturing or service organisation.
Question4:False
Because product cost means an inventory , which have to be posted as assets side of balance sheet
Not in income statement as cost of goods sold until it's sold.
Question5: A
Because all amounts in job work process control equals to credited to each item and what actually in job cost sheets.
Question6: B
.Beginning inventory 6000*40%= 2400 units
.Started inventory 7000*100%= 7000 units
.Ending inventory 8000*40% = 3200 units
TOTAL 12600 units
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