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List and discuss briefly the three standards of accountability. Discuss how establishing standards benefits the following management functions:
What do you understand about key factor in marginal cost. The response/answer should be typed, single spaced, in times new roman font,
What is the most appropriate cost estimating method for this situation?
What is operation costing? When is it used? The response/answer should be typed, single spaced, in times new roman font,
What is the difference between operations costing and a process costing system?
What is the difference between the average cost method and the first-in, first-out (FIFO) cost method?
What is the main factor for a company in choosing between the job order costing and process costing accounting systems?
What is the primary objective in accumulating costs by departments?
What is the usual method of handling the cost of losses that occur normally during processing?
What purposes are served by a production cost report?The response/answer should be typed, single spaced
Why is the cost per equivalent unit often determined separately for direct materials and conversion costs?
For the Assembly Department, compute the following: a. equivalent units of production for each cost component
What are the two main inventory methods used in process costing? What are the differences between these methods?
What is a hybrid costing system? In what circumstances are hybrid costing systems typically employed?
How much of the shrinkage is classified as normal? How is it treated for accounting purposes?
Compute the cost of EWIP and the cost of goods transferred out. Prepare a cost reconciliation.
Name three professional cost management organizations and explain their roles.
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Matco Steel Company are $55 and $12, respectively
The ending work in process inventory was 1,800 ounces (25% complete). What are the total equivalent units for conversion costs?
The focus in a job order costing system is the job or batch. Identify the main focus in process costing.
The following data appeared in the accounting records of Royale Manufacturing Company, which uses an average cost production system:
What is the cost of the goods completed during February? What is the cost of ending inventory at February 28, 2010?
Prepare a cost of production report, using the average cost method.
The ledger of Molindo Company has the following work in process account.
Determine the costs to be assigned to the units transferred out and in process.