For each of the following statements, indicate whether the statement applies to Job Order Costing Systems (JO) or Process Costing Systems (PC)
JO or PC
The company manufactures homogeneous products through a series of uniform steps or processes.
Cost transfers are made when each job is completed.
There are separate Work-in-Process Inventory accounts for each department.
A job sheet is prepared for each job.
Cost transfers are made at the end of the accounting period.
What will be an ideal response
Answer JO or PC
The company manufactures homogeneous products through a series of uniform steps or processes. PC
Cost transfers are made when each job is completed. JO
There are separate Work-in-Process Inventory accounts for each department. PC
A job sheet is prepared for each job. JO
Cost transfers are made at the end of the accounting period. PC
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