Two Costing Systems: Job-Order Costing - Produces custom products for specific customers or small batches of similar products. Provides a "Product Cost" for each QUANTITY of product manufactured - a "Job". Job-Order costing also applies to the service industry (examples: architects, law firms, hospitals). Process Costing - Produces products that are indistinguishable, using a continuous process. Provides a "Product Cost" for each manufacturing DEPT or PROCESS. Determine the type of costing each company below would use: Construction Company BLANK-1 Coca-Cola BLANK-2 Law Firm BLANK-3 Petroleum Refining BLANK-4 MGM Studios BLANK-5 Madison Company Practice Activity. Provide the Ending Balance for Each T-Account Raw Materials Inventory BLANK-1 DEBIT Work in Process Inventory BLANK-2 DEBIT Manufacturing Overhead BLANK-3 CREDIT Finished Goods Inventory BLANK-4 DEBIT Accounts Receivable BLANK-5 DEBIT Accumulated Depreciation BLANK-6 CREDIT Accounts Payable BLANK-7 CREDIT Salary Payable BLANK-8 CREDIT Sales Revenue BLANK-9 CREDIT Cost of Goods Sold BLANK-10 DEBIT Overhead Rate Applied - Jobs Actual Hours Overhead Rate Overhead applied McDonalds 1,050 $200 BLANK-1 Tunnel 2,900 $200 BLANK-2 Target 6,000 $200 BLANK-3 Stadium 40,120 $200 BLANK-4 BLANK-1 Add your answer BLANK-2 Add your answer BLANK-3 Add your answer BLANK-4 Add your answer Two Costing Systems: Job-Order Costing - Produces custom products for specific customers or small batches of similar products. Provides a "Product Cost" for each QUANTITY of product manufactured - a "Job". Job-Order costing also applies to the service industry (examples: architects, law firms, hospitals). Process Costing - Produces products that are indistinguishable, using a continuous process. Provides a "Product Cost" for each manufacturing DEPT or PROCESS. Determine the type of costing each company below would use: Construction Company BLANK-1 Coca-Cola BLANK-2 Law Firm BLANK-3 Petroleum Refining BLANK-4 MGM Studios BLANK-5 Madison Company Practice Activity. Provide the Ending Balance for Each T-Account Raw Materials Inventory BLANK-1 DEBIT Work in Process Inventory BLANK-2 DEBIT Manufacturing Overhead BLANK-3 CREDIT Finished Goods Inventory BLANK-4 DEBIT Accounts Receivable BLANK-5 DEBIT Accumulated Depreciation BLANK-6 CREDIT Accounts Payable BLANK-7 CREDIT Salary Payable BLANK-8 CREDIT Sales Revenue BLANK-9 CREDIT Cost of Goods Sold BLANK-10 DEBIT Overhead Rate Applied - Jobs Actual Hours Overhead Rate Overhead applied McDonalds 1,050 $200 BLANK-1 Tunnel 2,900 $200 BLANK-2 Target 6,000 $200 BLANK-3 Stadium 40,120 $200 BLANK-4 BLANK-1 Add your answer BLANK-2 Add your answer BLANK-3 Add your answer BLANK-4 Add your