September 2023 Write a 50 word minimum peer responses each to of the two answers Those
2024 Two peer responses. Assignment Help
Write a 50 word minimum peer responses each to of the two answers Those 2023
Write a 50 word minimum peer responses each to of the two answers. Those answers are for the question: ” Why is cost accumulation simpler in a process costing system thanit is in a job-order costing system?” ____________ Answer 1. The cost accumulation is a simpler process in a costing system than a job-order system because process costs should be assigned to departments, and job-order cost systems often keep track of the costs of hundreds or thousands of jobs, Most companies have a small processing department. Job-order and process cost can be similar because their same basic purpose is to assign materials, labor and overhead costs to products, they have the same basic manufacturing accounts, and costs flow through the accounts. Some appropriate conditions to use a costing system would be when a homogeneous product is is produced on a continuous basis. In summary process cost is used when there is mass production of similar products where the cost associated with individual units of output cannot be differentiated from each other. In other words the cost of each product is assumed to be the cost of every other product. Under this concept costs are accumulated over a fixed period of time. ********* Answer 02. Both the process costing system and the job-order costing system use the same basic principles and same basic manufacturing accounts. The flow of cost through the manufacturing accounts are also basically the same. There are three major differences between these two methods. First, process costing is used when a continuous flow of units that are indistinguishable from one another are produced, where as job-order costing system is used with a company that has many different jobs that have unique production requirements. Second, where there is a continuous flow of virtually identical units, it makes no sense to assign material, labor and overhead costs in the process costing system. Third, Process costing system is used to compute unit costs by department and job-order costing are computed by job on the job cost sheet. So these differences make it easier to use the process cosing system than the job-ordering system. Process costing system is usually the same costs over and over, where the job-order costing system is assigning cost per specific job. ———- Each responses should be written separately.
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