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ACC 310 ASH Week 3 DQ 1 Job and Process Costing

by: Cindy Fdez

ACC 310 ASH Week 3 DQ 1 Job and Process Costing 310

Marketplace > Ashford University > Accounting > 310 > ACC 310 ASH Week 3 DQ 1 Job and Process Costing
Cindy Fdez
ACC 310

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Job and Process Costing Complete Questions 7-8 and 8-4. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explai...
ACC 310
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This 1 page Study Guide was uploaded by Cindy Fdez on Tuesday November 18, 2014. The Study Guide belongs to 310 at Ashford University taught by unknown in Winter2013. Since its upload, it has received 470 views. For similar materials see ACC 310 in Accounting at Ashford University.


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Date Created: 11/18/14
Job and Process Costing Complete Questions 78 and 84 Remember to complete all parts of the problems and report the results of your analysis Do not forget to show the necessary steps and explain how your attained that outcome Respond to at least two of your classmates postings Question 78 Why do most companies use normal or standard costing After all actual costing gives the actual cost so the firm could just wait until it knows what the cost will be Most companies use normal or standard costing instead of actual costing essentially for the purpose of speed and convenience Lanen Anderson amp Maher 2011 Actual costing compels management to wait until actual costs are recognized but when the costs are recognized provides more uptodate information Lanen Anderson amp Maher 2011 The information delay or wait to get actual costs is generally short for direct materials and direct labor but is considerably longer for manufacturing overhead Lanen Anderson amp Maher 2011 In order to demonstrate how actual costing works the text book offers the example of how the costs of energy estimated for a particular day39s activities will not be known until the utility bill is received Even then allocating a section of the utility bill to a specific day of the month and to a particular piece of equipment is difficult if not impossible Lanen Anderson amp Maher 2011 Normal costing is a practical compromise that uses estimates only for indirect costs Lanen Anderson amp Maher 2011 Question 84 What is the distinction between equivalent units under the FIFO method and equivalent units under the weightedaverage method Weighted average costing includes beginning inventory work done in a previous period in computing both equivalent units and unit costs FIFO costing excludes beginning inventory in computing equivalent units and unit costs Lanen Anderson amp Maher 2011 Reference Lanen WN Anderson SW amp Maher MW 2011 Fundamentals of Cost Accounting 339 39 ed New York McGraw Hill Irwin ISBN 9780073527116


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