A standard cost system is one:
a. that provides a separate record of cost for each special-order product.
b. that uses predetermined costs to furnish a measurement that helps management make decisions regarding the efficiency of operations.
c. that accumulates costs for each department or process in the factory.
d. where costs are accumulated on a job cost sheet.
b
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Which of the following procedures would ordinarily be expected to best reveal improper cutoff of sales at the balance sheet date?
A. Trace payments received subsequent to the balance sheet date. B. Send accounts receivable confirmation requests. C. Apply gross profit rates to inventory disposed of during the period. D. Compare shipping documents with sales records.
How does location in an organization contribute to power?
What will be an ideal response?
Costs that vary among alternatives are irrelevant for decision making
Indicate whether the statement is true or false
Barone Inc. uses a job order costing system with manufacturing overhead applied to products at a rate of 100% of direct labor cost. Treating each case independently, find the missing amounts for a through l: ?Case #1Case #2Case #3Direct materials used$20,000e.$10,000Direct labor$20,000f.i.Manufacturing overhead applieda.$30,000j.Total manufacturing costsb.$80,000$30,000Beginning Work in Process$10,000g.$4,000Ending Work in process$12,000$5,000k.Cost of goods manufacturedc.$79,000$28,000Beginning Finished Goods$12,000$15,000l.Ending Finished Goods$9,000h.$15,000Cost of goods sold (unadjusted)d.$81,000$26,000
What will be an ideal response?