21 - Class Exercises - departments: Cooking and Bottling....

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ACC212 NVCC – Annandale Mitchell Chapter 21 – Class Exercises 1. Describe the types of products manufactured when a company would implement a process cost accounting system. 2. List the benefits of ABC costing. 3. What two assumptions must be met in order to obtain accurate product costs under ABC? 4. List four differences between a process cost system and job order cost system. 5. List three similarities between a process cost system and a job order cost system. 6. Happy Harry’s Hotcakes manufactures pancake syrup through two production
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Unformatted text preview: departments: Cooking and Bottling. In each process, materials and conversion costs are incurred evenly throughout the process. For the month of March, the works in process accounts show the following debits: Cooking Bottling Beginning work in process $0 $4,138 Materials 21,487 6,356 Labor 8,806 6,495 Overhead 29,240 25,202 Costs transferred in 53,215 Instructions: Journalize the March transactions....
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