Chapter 16 Homework - Nicholas Kuras...

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Nicholas Kuras Q:1,3,5,8,10,16,17,19,20 | Ex:19,20 | P:7B 1) a) Process b) Process c) Job d) Job 3) Both are able to determine a product’s cost by figuring the amount of direct materials and labor used, and allocating overhead costs accordingly. They can also allocate overhead with a predetermined rate. 5) Storrer is incorrect. In job order cost the costs are figured on a per job basis. In process costs the costs are calculated based on time periods. 8) 1. Determine physical units to be assigned costs 2. Calculate equivalent units of production for job 3. Determine costs 4. Compute cost per unit 5. Assign costs 10) It means that you calculate the number of units based on the percentage of the work that is actually completed at that moment, as opposed to assuming that the job is done. 16) a) No. That report is used internally by the management. b) Quantities, costs, cost reconciliation schedule 17) It is used to show production quantity and cost data to management. 19)
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Chapter 16 Homework - Nicholas Kuras...

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