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Homework answers / question archive / 1) Costs are summarized in a job cost sheet in a job order cost system (Differences")
1) Costs are summarized in a job cost sheet in a job order cost system (Differences"). In a process cost system
1. total costs are determined when the job is completed
2. costs are summarized in a job cost sheet.
3. only one work in process account is used.
4. the unit cost is total manufacturing costs for the period divided by the units produced during the period.
2. This is the last section of the production cost report ("Illustration 21-23"). The production cost report has all of the following sections except
1. quantities.
2. cost reconciliation schedule.
3. costs.
4. all of these options are sections.
Answer:
1. Option 4 is correct.
Because in process cost system, total cost is not determined on completion of job. Costs are not summarised on job cost sheet rather process accounts are prepared. There are more than one process accounts are prepared.
2. Option 2 is correct
Because production cost report provides for quantity and costs but it does not provide for cost reconciliation schedule.
