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1. Which of the following statements is correct concerning job-order costing? A.Job order costing whould be appropriate for a textbook publisher. B.All the cost appearing on a job cost sheet are actual costs. C.Indirect materials are charged to a specific job. D.Job order costing is mainly used in firms with homogeneous products such as oil refineries.
2. Job-order costing is used in manufacturing companies and process costing is used in service companies. True or False
3. A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than process costing. True or False
4. Which of the following types of companies would typically use process costing rather than job-order costing? A.A small appliance repair shop. B.A manufacturer of commercial passenger aircraft. C.A specialty equipment manufacturer. D.A breakfast cereal manufacturer.
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In the month of May, a department had no units in beginning work in process. During May, 80,000 units were started into production department. At the end of May there were 8,000 units in ending work in process that were 65% complete. Materials are ad..
At the beginning of the year, Logan Comapny's assets are $200,000 and its equity is $150,000. During the year, assets increase $70,000 and liabilities increase $30,000. What is the equity at the end of the year?
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