1 answer

Please answer each one individually thanks 2-1 What is job-order costing? 2-2 What is absorption costing?...

Question:

2-1 What is job-order costing? 2-2 What is absorption costing? 2-3 What is normal costing? 2-4 How is the unit product cost o
please answer each one individually thanks
2-1 What is job-order costing? 2-2 What is absorption costing? 2-3 What is normal costing? 2-4 How is the unit product cost of a job calculated? 2-5 Explain the four-step process used to compute a predetermined overhead rate. 2-6 What is the purpose of the job cost sheet in a job-order costing system? 2-7 Explain why some production costs must be assigned to products through an allocation process. 2-8 Why do companies use predetermined overhead rates rather than actual manufacturing overhead costs to apply overhead to jobs? 2-9 What factors should be considered in selecting an allocation base to be used in computing a predetermined overhead rate? 2-10 If a company fully allocates all of its overhead costs to jobs, does this guarantee that a profit will be earned for the period? 2-11 Would you expect the amount of applied overhead for a period to equal the actual over- head costs of the period? Why or why not? What is underapplied overhead? Overapplied overhead? 2-13 What is a plantwide overhead rate? Why are multiple overhead rates, rather than a plant- wide overhead rate, used in some companies? 2-12

Answers

Solution to Question 2-1

Job order costing : It is a system that takes place when customers order small, unique batches of products. Basically, job order costing is a system for assigning and accumulating manufacturing costs of an individual unit of output. Job order costing is used in situations where the company delivers a unique or custom job for its customers. Every customer is treated uniquely and delivered products to specifically suit their individual needs.

Solution to Question 2-2

Absorption Costing : Absorption costing is a costing method that includes all manufacturing costs — direct materials, direct labor and both variable and fixed manufacturing overhead in the cost of a unit of product.

Solution to Question 2-3

Normal Costing : Normal costing is cost allocation method that assigns costs to products based on the materials, labor, and overhead used to produce them. In other words, it’s a way to find the price of an item that is being produced using three different cost factors which make up the product cost.

Solution to Question 2-4

Calculation of unit product cost of a job :

It is calculated by adding together total direct materials costs, total direct labor costs and total manufacturing overhead costs incurred during the period to determine total product costs.

Divide the result by the number of products manufactured during the period to determine product cost per unit

.

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