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m_a_m_a [10]
4 years ago
15

LO 4.1How do job order costing and process costing differ with respect to recording direct materials and direct labor?

Business
1 answer:
GaryK [48]4 years ago
4 0

Answer:

Reference : Cost Accounting Planning & Control ( Matz Usry )

Explanation:

Job order Costing procedure keeps the costs of various jobs or contracts separate during their manufacture or construction. this method is applicable in work in factories, workshops, construction engineers , printers etc.

Direct Materials, Direct Labor  ( Job Order Costing). Direct Materials are assigned by means of job order numbers. The cost of each  order produced for a given customer or the cost each lot to be placed in stock is recorded on a summary sheet called Job Order Cost Sheet.

Process Costing procedures are often termed continuous or mass production cost procedures. Process costing involves average costing for a particular period in order to obtain departmental and cumulative unit costs.the cost of a completed unit is determined by dividing the total cost of a period by the total units produced during the period.

Direct Materials need not be priced individually rather the cost is determined at the end of the production period through inventory difference procedure i.e adding purchases to beginning inventory and then deducting ending inventory.

Labor Costs are identified by and charged to departments in process costing, eliminating the detailed clerical work of accumulating labor costs by jobs.

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The simple interest formula:
I = P * r * t,
where:
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P - investment,
r - interest rate,
t - time ( in years )
P = $255.19,  r = 5% = 0.05,  t = 1
I = $255.19 * 0.05 * 1 = $12.7595 ≈ $12.76
Answer: The simple interest you would receive in 1 year is $12.76.
8 0
3 years ago
Individuals who are paid by someone in exchange for labor or service are referred to as:_____.
forsale [732]

Service providers are individuals who are paid by someone in exchange for labor or service  An organization that offers services to other organizations, such as consulting, legal, real estate, communications, storage, and processing, is known as a service provider (SP). A service provider is typically a third-party or outsourced supplier, though it is possible for it to be a member of the company it supports.

A organization might hire advisors, independent consultants, law companies, design studios, and investment banks as examples of prospective service providers. Service providers are people or businesses that offer services to businesses and other parties. They offer network, processing, and storage services.

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7 0
2 years ago
Uppose a price floor on sparkling wine is proposed by the Health Minister of the country ofVinyardia. What will be the likely ef
Gekata [30.6K]

Answer:

C) Quantity demanded will decrease, quantity supplied will increase, and a surplus will result

Explanation:

Price floor is the least amount a good or service can be sold. A price floor is usually set above equilibrium price.

When a price floor is enacted, it usually discourages demand because prices are usually set higher and encourages supply.

As a result, quantity demanded will decrease, quantity supplied will increase, and a surplus will result.

I hope my answer helps you.

6 0
3 years ago
Coca-Cola sells two different zero-calorie versions of Coke: Diet Coke and Coke Zero. It has chosen to attempt to appeal to men
skad [1K]

Answer:

The answer is market positioning.  

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Market positioning is defined as the method to appeal to a specific market segment through certain marketing efforts. It is clear from the explanation that Coke Zero is targeted towards male customers – unlike Diet Coke which is intended for female; as shown by the product name. The male customer targeting is apparent from their ad campaign choices, which is meant to appeal to men.  

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3 years ago
Tom is responsible for a group of manufacturing assembly workers who report to him. tom is a __________ manager.
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Tom is a First line manager. First line managers are managers who are supervising the people who are in the manufacturing field, example of first line managers are foreman and shift heads. Their role is directly coordinate to the workers by assigning tasks, checking the quality of employees’ works, and giving heads up information to executive managers of the success and problems that arise in the company.

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