Can a company lose money on a product using job

Assignment Help Accounting Basics
Reference no: EM133266721

Job order costing ("JOC") is the first cost accounting system covered in the course. JOC is used by both service companies and manufacturing companies as a method to accumulate client/product costs. JOC is appropriate when a service or production run has clear start and stop points. The gross profit of the job is calculated by subtracting the job costs from the revenue received from the job. The important concepts to remember are the flow of costs through the production process and the associated journal entries using T-accounts as a visual representation. Can a company lose money on a product using job order costing? Explain.

Reference no: EM133266721

Questions Cloud

How do time and cost estimates relate to successful project : HEALTHCARE 105 College of Health Care Professions, How do time and cost estimates relate to successful project management? Discuss how time and cost estimates
What is the central thesis of michelle alexander : What is the central thesis of Michelle Alexander's highly impactful book The New Jim Crow; Mass Incarceration in the Era of Colorblindness (2010)
Describe the importance of external market data : BBA 1503 Describe the importance of external market data when performing the external environmental analysis. Provide at least 4 examples of data
Toy industry association and consumer product safety : Unable to rely solely on its own factories, toy company PlayGo contracts with foreign-owned manufacturers. Despite its requirement that factories use materials
Can a company lose money on a product using job : Job order costing ("JOC") is the first cost accounting system covered in the course. JOC is used by both service companies and manufacturing companies as a meth
Explain the audit risk assessment : You are working on the audit of XYZ Ltd (XYZ) for the year ended 30 June 2022.
What are the top four medications : NURSING 330 University of Maine, What are the top four medications that are most commonly used to manage this problem (pericarditis0. Drug action and top two
Discuss the audit responsibility david g friehling : In 2009, Bernie Madoff was convicted of the largest Ponzi scheme in recent history. At the time, Madoff's auditor was David G. Friehling. He was accused of crea
What motivated women to join the workforce-patriotism : What motivated women to join the workforce-patriotism, government propaganda, feminism, or pure and simple opportunity

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine direct material and conversion cost per equivalent

Determine the direct materials and conversion costs per equivalent unit. The cost of direct materials transferred into the Rolling Department of Kraus Company

  Discuss the given trial balance of a sole trader

The following Trial Balance of a sole trader, although it adds up to the same total on both sides, is incorrect.

  Compute the markup percentage and target selling price

Compute the markup percentage and target selling price that will allow Vaughn Computer Parts to earn its desired ROI of 30% on this new component

  Part-1arthur bill christine and david are directors of

part-1arthur bill christine and david are directors of chance ltd a company whose business is wine bottling. given the

  Goltra clinic is considering investing in new heart

goltra clinic is considering investing in new heart monitoring equipment. it has two options option a would have an

  What is estimated change in company net operating income

What is the estimated change in the company's net operating income if it can increase sales volume by 550 units and total sales by $2,200

  How information technology has been employed

Discuss 5 instances in detail on how information technology has been employed to manage the COVID 19 pandemic within governments and businesses

  Amount of the interest expense

A borrower has two alternatives for a loan: (1) issue a $660,000, 90-day, 9% note or (2) issue a $660,000, 90-day note that the creditor discounts at 9%. Assume a 360-day year.

  What is the amount that kelly will credit

The bonds were later converted when the remaining unamortized premium was $1,000. What is the amount that Kelly will credit to Common Stock

  Determine the cost variance and efficiency variance

Using 43,600 yards at a cost of $7.55 per yard. Determine the (a) cost variance, (b) efficiency variance, and (c) overall direct material variance

  Calculate the total direct manufacturing labor mix

Calculate the total direct manufacturing labor mix and yield variances. How do these numbers relate to the total direct manufacturing labor efficiency variance?

  Prepare the journal entry to record depreciation on computer

The cost of these computers was $170,000. Prepare the journal entry necessary at the end of 2013 to record depreciation on the computers

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd