Grade Details – All Questions Page: 1 2 Question 1. Question:( TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below.
5. Frozen cranberry juice processor ii. Custom boat builder iii. Concrete block manufacturer iv. Winery that produces a number of specialty wines v. Aluminum refiner that makes aluminum ingots from bauxite ore vi. External auditing firm For each company, indicate whether the company is most likely to use job-order costing or process costing. Question 2. Question:( TCO B) Job 728 was recently completed. The following data have been recorded on its job cost sheet. Direct materials $ 89,925 Direct labor hours 1,220 labor hours Direct labor wage rate $ 15 per labor hour Machine hours 1,550 machine hours Number of units completed 4,500 units The company applies manufacturing overhead on the basis of machine hours. The predetermined overhead rate is $ 18 per machine hour. Compute the unit product cost that would appear on the job cost sheet for this job. Question 3. Question:( TCO B) Harmon Company uses the weighted average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November. Units Percent complete with respect to materials Percentage complete with respect to conversion Work in process, November 1 10,000 100 % 80 % Units started 28,000-----------------------------------------------------------------------------