Why is it necessary to treat previous process cost as a separate element of cost in a

Question:

Why is it necessary to treat ‘previous process cost’ as a separate element of cost in a process costing.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Management and Cost Accounting

ISBN: 978-1473748873

10th edition

Authors: Colin Drury

See More Books

Question Posted: Feb 07, 2020 10:53 AM

See More Questions

Why is it necessary to define advertising objectives?
Why is it necessary to count inventory when a perpetual inventory control system is used? Explain. Why is it necessary to count inventory when a periodic inventory control system is used? Explain.
Why is it necessary to calculate a weighted-average contribution margin ratio for a multiproduct company when calculating the break-even point for that company? Why cant all of the products...
If a large chilled water plant has 6 chillers and 5 of them are operating at 1 0 0 % , when the operator starts the 6 th chiller, to what percent do the first 5 chillers unload? What formula do you...
The reaction of thiocyanogen (NPCS±SCPN) with cis-cyclooctene proceeds by anti addition. A bridged sulfonium ion is presumed to be an intermediate. Write a stepwise mechanism for this...
What are the two sections of the Quantity Schedule in a cost of production report? LO.1
How does perception depend on a persons knowledge about characteristics of the environment? (63)
Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended...
At year-end, Chief Company has a balance of $21,000 in accounts receivable of which $2,100 is more than 30 days overdue. Chief has a credit balance of $210 in the allowance for doubtful accounts...
Cary Company manufactures two models of industrial componentsa Standard model and an Advanced Model. It has provided the following information with respect to these two products: Standard Advanced...
Distinguish between normal and abnormal losses and explain how their accounting treatment differs.
Explain the distinguishing features of a batch/operating costing system.
Write an equation for the preparation of each of the following compounds, using a nucleophilic substitution reaction. In each case, label the nucleophile, the substrate, and the leaving group. a....
A corporation issues 13 %, 15-year bonds with a par value of $570,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 11%, which implies a selling price...
You are working in the C++ Care Unit. As the patients come in you need to first calculate their BMI with your BMI Machine before they make the appointment. Your scale gives weight in KG but you can...
University Printers has two service departments (Maintenance and Personnel) and two operating departments (Printing and Developing). Management has decided to allocate maintenance costs on the basis...
In 2026, Blossom Company purchased the net assets of Ayayai Corporation for $2226400. On the date of the transaction, Ayayai had $607200 of liabilities. The fair value of Ayayai's assets when...
Financial statement data for the years ending December 31, 20Y3 and 20Y2, for Lawson Company follow: Sales Total assets: Beginning of year End of year 20Y3 $1,400,000 610,000 790,000 20Y2 $1,026,000...
The accountants for a city are attempting to determine the proper reporting for a new transaction so that financial statements will be in conformity with U.S. generally accepted accounting...
A company pledges their receivables so they may Multiple Choice Charge a factoring fee. Increase sales. Recognize a sale. Collect a pledge fee. Borrow money. Failure by a promissory notes' maker to...
A distraught employee, Guy Pirault-Manne, put a torch to a manufacturing plant on a blustery day, 26 February. The resulting blaze completely destroyed the plant and its contents. Fortunately,...
Aran Sweaters Ltd designs and markets wool jumpers to many retailers and distributors around Europe. Its corporate headquarters are situated in Dublin, Ireland. Manufacturing is done by a...
Describe how a given cost item can be both a direct cost and an indirect cost.
This is the solved part A. Just need help in solving the next questions from 1-6. These four pages are interconnected one by one as i posted. First part was solved as I uploaded the picture...
WHEN INVESTORS PREFER SHORT TERM INVESTMENTS THIS IS CALLED
You have been advised that the cost of ordinary equity is 8%, preference shares are 10% and pre-tax cost of debt is 7%. The weights of preference shares is 25% and ordinary shares are 45%. The tax...

Why is it necessary to treat previous process cost as a separate element of cost in a

Question:

Step by Step Answer:

Process costing is an important product costing method for ...View the full answer

Management and Cost Accounting

Students also viewed these Business questions