Which of the following are the two main types of cost accounting systems for manufacturing operations quizlet?

Compute conversion costs given the following data: Direct Materials, $352,700; Direct Labor, $196,300; Factory Overhead, $177,600.
Answers:
A. $549,000
B. $726,600
C. $373,900
D. $530,300

Inhaltsverzeichnis Show

Which of the following are the two main types of cost accounting systems for manufacturing operations a job order cost and process cost systems?
What are the 2 main type of cost?
What are the 4 types of cost accounting?
What is cost accounting in manufacturing?

Which of the following is the correct flow of manufacturing costs?
Answers:
A. Raw materials, work in process, finished goods, cost of goods sold
B. Raw materials, finished goods, cost of goods sold, work in process.
C. Work in process, finished goods, raw materials, cost of goods sold
D. Cost of goods sold, raw materials, work in process, finished goods.

The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from work in process to finished goods.
Answers:
A. Finished Goods 337,000
Work in Process 337,000
B. Finished Goods 400,000
Work in Process 400,000
C. Work in Process 400,000
Finished Goods 400,000
D. Work in Process 337,000
Finished Goods 337,000

A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 45,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 46,000. The entry to apply the factory overhead costs for the year would include a
Answers:
A. debit to factory overhead for $360,000.
B. credit to factory overhead for $368,000.
C. debit to factory overhead for $377,200.
D. credit to factory overhead for $360,000

Sets with similar terms

Selected accounts with some debits and credits omitted are presented as follows:

Work in Process
Jan. 1 Balance 275,000 Jan. 31 Goods finished 1,030,000
31 Direct materials ?
31 Direct labor 450,000
31 Factory overhead ?

Factory Overhead
Jan. 1-31 Costs incurred 145,000 Jan. 1 Balance 15,000
31 Applied ?

If the balance of Work in Process at Jan. 31 is $220,000, what was the amount debited to Work in Process for direct materials in January, assuming a factory overhead rate of 30% of direct labor costs?
a. $525,000
b. $170,000
c. $390,000
d. $580,000

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Which of the following are the two main types of cost accounting systems for manufacturing operations a job order cost and process cost systems?

The correct answer is option d. job order costs and process cost systems.

What are the 2 main type of cost?

Fixed and Variable Costs The two basic types of costs incurred by businesses are fixed and variable. Fixed costs do not vary with output, while variable costs do. Fixed costs are sometimes called overhead costs. They are incurred whether a firm manufactures 100 widgets or 1,000 widgets.

What are the 4 types of cost accounting?

Types of cost accounting include standard costing, activity-based costing, lean accounting, and marginal costing.

What is cost accounting in manufacturing?

Cost accounting is a facet of management accounting that determines the actual cost associated with manufacturing a product or providing a service by looking at all expenses within the supply chain. It is done for the purpose of budget preparation and profitability analysis.