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3 years ago

TP1. LO 4.1Can a company use both job order costing and process costing? Why or why not?

Business

1 answer:

Yakvenalex [24]3 years ago

7 0

Answer:

yes a company can use both job order costing and process costing

Explanation:

job order costing involve an a detailed accumulation of production cost, which is attributed to specific unit. an illustration can be in the construction of a well designed piece of furniture which would be accounted for with a job costing system. the coast of the labour for that piece of furniture will be recorded on a time sheet and compiled on a cost sheet for that job.

while process costing involves the accumulation of cost for a lengthy production run involving products that are indistinguishable from each other.

in a situation where a company has mixed production system, that produces large quantities but customizes it finished product before shipment, it is possible to adopt both job order costing and process costing which is formally known as hybrid costing.

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Let's suppose that the demand for allergists increases in california. assuming there is a perfectly competitive market for aller

densk [106]

Let's suppose that the demand for allergists increases in California. assuming there is a perfectly competitive market for allergists in California :

Allergists from other states (or countries) could move to California.

Surgeons, hematologists, and other doctors in California could become allergists after some retraining.

More people could enter medical school, specialize in allergies, and move to California.

A competitive market is an economic term that refers to a market in which there are a large number of buyers and sellers and no single buyer or seller can influence the market. A competitive market has no barriers to entry, many buyers and sellers, and homogeneous products.

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1 year ago

Hache Corporation uses the weighted-average method in its process costing system. Data concerning the first processing departmen

Greeley [361]

Answer:

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: d) $21,797

Explanation:

Calculation of Equivalent Units of Production

Materials

Units transferred to the next department (5,800 × 100%) = 5,800

Units in ending Work In process (1,850 × 50%) = 925

Total Equivalent Units of Production for Materials = 6,725

Conversion

Units transferred to the next department (5,800 × 100%) = 5,800

Units in ending Work In process (1,850 × 20%) = 370

Total Equivalent Units of Production for Conversion Costs = 6,170

Calculation of Cost per Equivalent units of Production

Materials

Cost per equivalent unit = Total Material Cost ÷ Total Equivalent Units of Production for Materials

= ($ 8,700 + $ 91,000) ÷ 6,725

= $14.825

Cost per equivalent unit = Total Material Cost ÷ Total Equivalent Units of Production for Materials

= ($ 8,500 + $ 126,300) ÷ 6,170

= $21.848

Calculation of cost of ending work in process inventory

Materials ( 925 × $14.825) = $13,713.12

Conversion Cost ( 370 × $21.848) = $8,083.76

Total = $21,796.88

Thus,

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: d) $21,797.

5 0

3 years ago

Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0. 42 per $100 of value and a deduc

harkovskaia [24]

The annual premium that would result in Stephanie's annual out-of-pocket expense that is about the same as her current plan is b. $0. 28 per $100 of value.

Data and Calculations:

Home value = $355,000

Annual premium rate = $0.42 per $100

Deductible $500

Total annual out-of-pocket expense = $1,991 ($355,000 x 0.0042 + $500)

New deductible = $1,000

New annual premium rate = $0.28

Total annual out-pocket expense based on the new premium rate = $1,994 ($355,000 x 0.0028 + $1,000)

Thus, the annual premium that would result in Stephanie's annual out-of-pocket expense that is about the same as her current plan is Option b.

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2 years ago

Tariq and Noelle work in the sales department at CTI Telecommunications. Tariq is the star salesman of the department and makes

larisa [96]

Answer:

D) She volunteers to do the mundane tasks others avoid, and she does things like buying birthday cards for co-workers and organizing parties.

Explanation:

Noelle is someone that is an average performer, so she will be open to doing mundane tasks since she is not overly worried about having a star performance.

She is also some one that spends more time than she should socializing with friends in other departments.

So she would be more prone to buying birthday cards for co-workers and organizing parties.

Noelle is an average performer with good social skills so she will be one that does not prioritise performing better than others

6 0

3 years ago

The primary benefit of a monetary system of exchange compared to a barter system is the increased

Bad White [126]

Answer:

D. Efficiency in arranging transactions.

Explanation:

in a barter system, it is difficult to determine how much something would cost. If I am raising corn and you are raising cabbage, how much corn equals one head of cabbage? It is difficult to come to fair trade terms. With a monetary system, it is much easier to set a price and make a trade because everyone is using a common trading instrument.

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3 years ago

Read 2 more answers