User Account

All Pages

Should rainking use the process costing or job-order costing

Assignment Help Accounting Basics
Reference no: EM131774481

Problem - Jeff Boyer, of Rainking company designs and installs custom lawn and garden irrigation systems for homes and businesses throughout the state; each job is different, requiring different materials and labor for installing the systems. Rainking estimated the following for the year:

Number of installations 250

Number of direct labor hours 5,000

Direct materials cost $60,000

Direct labor cost $75,000

Overhead cost $65,000

During the year, the following actual amounts were experienced:

Number of installations 245

Number of direct labor hours 5040

Direct materials used $59,350

Direct labor incurred $75,600

Overhead incurred $64,150

1. Should Rainking use the process costing or job-order costing? Explain.

2. If Rainking uses a normal costing system and overhead is applied on the basis of direct labor hours, what is the cost of an installation that takes $3,500 of direct material and 50 direct labor hours?

3. Explain why Rainking would have difficulty using an actual costing system?

Reference no: EM131774481

Questions Cloud

Calculate the per unit cost of jobs : During October, Johnson Company worked on the three jobs. Compute the ending balance in the work in process inventory account
Distortion the average risk of the pool : Pre-existing Conditions: Insurance companies do not like to cover pre-existing conditions without being able to rate the premium.
Discuss average costing method and two time periods : The production process has been automated, so the product can now be produced in one operation rather
Create balanced scorecard measures for hit-n-run food trucks : Hit-n-Run Inc. owns and operates 10 food trucks throughout metropolitan Los Angeles. Create balanced scorecard measures for Hit-n-Run Food Trucks.
Should rainking use the process costing or job-order costing : Should Rainking use the process costing or job-order costing? Explain. Explain why Rainking would have difficulty using an actual costing system
Sexual violence and the long civil rights movement : Discuss African-American women’s participation in the civil rights movement. Why did African-American women participate in the civil rights movement?
Discuss a sum equal to one-half the regular hourly pay rate : Jane is paid a sum equal to one-half the regular hourly pay rate multiplied by the number of overtime hours
Compute a predetermined overhead rate for mcdougal : McDougal Company uses a predetermined overhead rate to assign overhead to jobs. Compute a predetermined overhead rate for McDougal
What is convenience sampling in data collection : What is convenience sampling in data collection, and what are the risks in doing it?

Reviews

Write a Review

Accounting Basics Questions & Answers

  In what ways algorithm be said to possess power or authority

Does a combination of letters make a word? In what ways might algorithms be said to possess power or authority? Which are least effective?

  The sweetwater candy company would like to buy a new

the sweetwater candy company would like to buy a new machine that would automatically dip chocolates. the dipping

  Consolidated financial statements of jkl plc

You are the Chief Accountant of JKL plc, a UK company that has three wholly-owned overseas subsidiaries. Company A is located in Spain. The company assembles computer terminals from materials provided by JKL plc. Once assembled, the computer termin..

  Determine the break-even point

Determine the break-even point

  Leadership in energy and environmental design

Cypress Company enters into a fixed-fee contract to provide architectural services to the Gervais Group for $240,000.

  Discuss about self-employment income

Married taxpayers Otto and Ruth are both self-employed and file a joint return. Otto earns $432,600 of self-employment income and Ruth has a self-employment.

  Frank and maureen fantazzi invested 6700 in a savings

frank and maureen fantazzi invested 6700 in a savings account paying 8 annual interest when their daughter angela was

  What are the steps in the accounting cycle

What is the accounting cycle? What are the steps in the accounting cycle? What is one step that you feel is more critical in the accounting cycle? Explain your answer.

  Lance lawn services reports bad debt expense using the

lance lawn services reports bad debt expense using the allowance method. for tax purposes the expense is deducted when

  Discuss the contributions that can be made by the

in 2007 nike settled a class action lawsuit filed on behalf of 400 african american employees of the companys niketown

  Extend the trial balance to an eight-column work sheet

From the ledger accounts prepared for P15- 3, prepare a trial balance. Extend the trial balance to an eight-column work sheet like that shown in Table 15- 16 , and use the work sheet to prepare the following financial statements

  The first event is recorded as an example

Record each event in a horizontal statements model like the following one. The first event is recorded as an example.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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