What is the difference between the term unit cost as commonly used in a process cost system

Question:

What is the difference between the term unit cost as commonly used in a process cost system and the term job cost as commonly used in a job order cost system?

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

Step by Step Answer:

Related Book For book-img-for-question

Principles of Cost Accounting

ISBN: 978-1305087408

17th edition

Authors: Edward J. Vanderbeck, Maria Mitchell

See More Books

Question Posted: Mar 31, 2015 11:37 AM

See More Questions

Term Structure what is the difference between the term structure of interest rates and the yield curve?
What is the difference between fixed order inter1vahorder up to level model and fixed order quantity/reorder point model? When would each be preferred?
What is the difference between process and project work? Why is there often resistance to IS project implementations?
Jobs A, B, and C are waiting to be started on Machine Center X. When they are finished at this center, they must be moved to Machine Center Y for final processing. Machine capacity for both centers...
The numbers of hours some college students spend watching television during the summer are described by the density histogram in Fig. 94. a. Compute the area of each of the five bars in the density...
In what type of situations do you think a single, integrated pay structure would be appropriate? Where would such a pay structure be inappropriate? What are the most likely management problems in...
What is the difference between the current and non-current items in the balance sheets?
The Green Company produces chemicals in a perfectly competitive market. The current market price is $40; the firms total cost is C = 100 + 4Q + Q2. a. Determine the firms profit-maximizing output....
FURNITURE STORE Income Statement Units sold Price per unit Total Cost per Unit Sold 790,121 $ 850.00 $ 502.55 Revenue Cost of Goods Sold Gross Profit (Margin) Operating Expenses Marketing Sales Rent...
XYZ Company is considering a new project with a cost of $25,000 and a life of 5 years. The projects yearly pretax operating cash revenues and expenses are $20,000 and $9,000, respectively. The...
What are the two basic systems of cost accounting, and under what conditions may each be used advantageously?
What would be the effect on the unit cost of finished goods if an estimate of the stage of completion of work in process was: too high? too low?
The following information was taken from the Pillows Unlimited sales budget, found in Summary Problem 1: The companys collection history indicates that 75% of credit sales is collected in the month...
Verify the results of Eq. (14.48) for the properties of the chiral projection operators. Data from Eq. 14.48 P = P+ P+ + P = 1 P_P+ P+P = 0 Py" = y P
Prove that the estimating equations in (11.13) are unbiased under MCAR, but are generally biased without the stringent MCAR assumption. (x) [y - f (xt;)] = 0, i=1 (11.13)
Refer to Figure 11.5: Which is the most expensive subcontract for this project? How much were the costs for the general contractor's crews for item 4? Figure 11.5 Division 1 2 3 4 5 6 7 Work Gen'l...
a. Using observations on the change in consumption $D C_{t}=C_{t}-C_{t-1}$ and the change in income $D Y_{t}=$ $Y_{t}-Y_{t-1}$ from 1959Q3 to 2015Q4, obtained from the data file cons_inc,...
Water at $20^{\circ} \mathrm{C}$ flows by gravity from a large reservoir at a high elevation to a smaller one through a 35-m-long, 5-cm-diameter cast iron piping system that includes four standard...
Which item is out of pjamllel? We made our audit by: a. Observing receipts. b. Examining the documentation. c. Reviewing the receiving register. d. Interviewing of the inspectors. e. b. and d. above.
Whats the difference between an ordinary annuity and an annuity due? What type of annuity is shown below? How would you change the time line to show the other type of annuity?
Reconsider the National Football League data from Problem 3.1. Fit a model to these data using only $x_{7}$ and $x_{8}$ as the regressors. Data From Problem 3.1 Consider the National Football League...
What are the arguments for and against backflush costing?
A manufacturing process may produce a considerable quantity of scrap material because of the nature of the product. What methods can be used to account for the sales value of scrap material?
After a product is inspected, some units may be classified as spoiled and others as defective. What distinguishes a product as being spoiled or defective?
management accounting Gallop Corporation prepared the following report for the first quarter of this year Sales ( $2,700 per unit) Less: Cost of goods sold Gross margin Less: Selling expenses...
A. Tmbe Limited manufactures various components. One of the components is EX which pass through two production cost centres (Filtering and Mixing) and several service cost centres. The prime cost of...
What is astrochemistry? a ) The study of chemical reactions on Earth b ) The study of chemical reactions in space c ) The study of chemistry in biology d ) The study of chemical engineering in space...

What is the difference between the term unit cost as commonly used in a process cost system

Question:

Step by Step Answer:

The term unit cost refers to the average cost of pr...View the full answer

Principles of Cost Accounting

Students also viewed these Managerial Accounting questions