Chapter 17 Quiz - Cost

Chapter 17 Quiz - Cost - Cost Accounting 3063A Fall 2011...

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Fall 2011 Chapter 17 Quiz Due Date: Monday 11.07.11 Name: Saikat Mitra Score: / 20 Answer the following showing your calculations where applicable:- 1. Describe the differences between process costing and job costing. Discuss some typical products which would be more likely to use process costing as compared to some which would be more likely to use job costing. Process costing are costs that are incurred throughout the manufacturing process, such as wood, if you were manufacturing tables. Job costing are costs that are incurred throughout the manufacturing process as well, but they are costs that are specific. If customers want something specific and customize their product then the cost of the extra items to make things specific becomes a process cost. Some things that are more likely to be job costing are customized team shirts, airplanes etc. Some things that are more likely to be process costing are things like plates that are mass produced, or socks, etc. 2. Lexington Company produces baseball bats and cricket paddles. It has two
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This note was uploaded on 12/12/2011 for the course ACCT 123 taught by Professor Mahajibril during the Fall '11 term at Newman.

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Chapter 17 Quiz - Cost - Cost Accounting 3063A Fall 2011...

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