1. (TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below.
i. Brick manufacturer
ii. Contract printer that produces posters, books, and pamphlets to order
iii. Natural gas production company
iv. Dairy farm
v. Coal mining company
vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)
For each company, indicate whether the company is most likely to use job-order costing or process costing.
(Points : 15)
Direct labor hours
1,220 labor hours
Direct labor wage rate
$15 per labor-hour
1,520 machine hours
Number of units completed
|Work in process. Jan. 1 (80% complete with respect to conversion costs)||100,000||$100,000||$157,500|
|Units started into production||500,000|
|Costs added during the year|
|Units completed during the year||450,000|
(TCO F) Weisinger Corporation has provided the following data for the month of January.
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form.
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