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- Which company is least likely to use a process costing system? a. Paper manufacturer b. Soft drink bottler c. Accounting firm d. Petroleum processorWhich of the following would be most likely to use process costing? Oa. lawn fertilizer manufacturer Ob. auto body repair shop Oc. law firm Od. custom furniture manufacturerYuzu: Cost Manac X Q companies using X Process Costing S X a Search Are firms that pro x + 333/epubcfi/6/42[%3Bvnd.vst.idref%3Dchapter06]!/4/38/64/28/2[E6-29]/4/3:5[he%20... A 6-29 Process Costing in Sugar Manufacturing The food-processing industry, like most process industries, is a common user of process costing. Consider, for example, the sugar manufacturing industry. The processes in sugar manufacturing can differ depending on the agricultural product used to produce sugar. When sugar cane is used, the sequence of processes looks something like this: * First: Cane shredding The sugar cane is shredded into small pieces to facilitate its movement through the milling machine. Second: Milling The shredded cane is crushed between the rollers in the milling machine to produce the cane juice. Third: Heating and adding lime In this step, the cane juice is heated to concentrate the juice, and lime is added to reduce acidity. Fourth: Clarifying Impure elements are removed from the juice.…
- 10. Which of the following statements are true?, I. The weighted-average method of process costing is computationally simpler than the FIFO method of process costing. II. Manufacturing companies that use process costing would usually have more products than manufacturing companies that use job-order costing. III. The production report prepared by companies using process costing will indicate the cost and quantity of materials purchased during the period. hos len 2 balo а. I only b. П only c. I and III only d. II and III only e. I, II, and IIIChapter 3 discusses job costing. Process costing was briefly discussed. Which company listed below would most likely use process costing. A. Engineering firm B. Law firm C. custom jewelry maker D. soda pop manufacturerAnswer the question Question 3 Company A uses a traditional system in costing its products. Using this system, the company allocates all indirect production costs to products in proportion to their direct labour costs. However, recently the company has been contemplating in switching to an Activity-Based Costing (ABC) system. www Three products are produced: X, Y and Z. Direct costs, indirect costs and cost-driver activity for each product for a recent month are as follows: Y Z Direct-materials cost RM20,000 RM 4.000 50,000 RM45,000 RM120,000 RM 1,000 RM 3,000 150,000 Direct-labour cost Vo ww Kilowatt hours 200,000 Number of inspections 13 5 Cost Driver Activity Materials handling Quality inspection Electricity energy Total indirect production costs Indirect production cost RM10,000 RM20,000 RM20,000 RM50,000 Direct-materials cost Number of inspections Kilowatt hours Required: (a) Compute the total indirect production cost allocated to X, Y and Z using the current traditional costing…
- 8. I Process Costing is used to calculate a products manufacturing cost in: B. product. DA most industries. industries that have a continuous production process of the same the construction industry. a industry that can uniquely identify the product. I □C Question 1 of 5 Process costing would be used in all of the following industries except: Truck tire manufacturing Petroleum refining Automobile repair O Chemicals O Wood pulp productionA process cost system would be appropriate for a a. custom cabinet builder b. natural gas refinery c. catering business Od. jet airplane builder
- Question 1 XYZ Ltd. currently make and sells four products. They provide you with their details and relevant information for one period in the following table. As you have recently just learnt about activity-based costing (ABC) you decide to experiment by applying the principles of ABC to the four products. Product Outputs in Units Cost per unit Direct material Direct labour Machine hours (per unit) 4 A B C D 120 100 80 120 (£) (£) (£) (£) 40 50 30 60 28 21 14 21 3 2 3 The four products are similar and are usually produced in production runs of 20 units and sold in batches of 10 units. The production overhead is currently absorbed by using a machine hour rate, and the total of the production overhead for the period has been analysed as follows: Machine department costs (rent, business rates, depreciation and supervision) Set-up costs Stores receiving Inspection/Quality control Material handling and dispatch £10,430 £5,250 £3,600 £2,100 £4,620 Question continues on next page You have…TB MC Qu. 1-72 The cost of lubricants ... The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n): Multiple Choice indirect material cost. direct material cost. period cost. opportunity cost.Question 2 A. B. C. How does Activity-Based Costing differ from traditional costing? Identify any TWO (2) advantages and any TWO (2) limitations of Activity-Based Costing. (4 marks) McNish Enterprise manufactures and sells two products, Standard and Premium. The company uses the activity-based costing system to allocate its overhead costs. The following information has been collected relating to the SIX (6) overhead activities: Activity Purchase Orders Quality Control Material Handling Setup Cost Cost $ 400 500 $ 275 000 $ 150 000 $ 50 000 $ 125 000 $ 240 000 $1240 500 The activity-based usage quantities for each product are as follows: Production Scheduling Procurement Number of Setups Orders 900 1 600 (2 marks) Number of Inspection 500 500 Number of Orders Executed Standard 300 750 Premium 200 1 250 Total 500 2.500 2 000 1 000 The company produces 5 000 units of Standard and 4 000 units of Premium calculated in (i.) above. iii. Calculate the unit cost for each product. Required: i.…