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The two common methods for determining unit product costs are ______ costing.
job order and process
When many different jobs or products are worked on each period, the most likely costing system used is ______.
Process costing produces ______ units.;
True or false: The flow of costs through manufacturing accounts is basically the same for job-order costing and process costing.
Process costing accumulates costs by
process OR department OR operation
Work is performed on products, and materials, labor, and overhead costs are added to products in a ___ department.
processing OR operating OR assembly
Job-order costing is used for ______.
many different products with unique production requirements
The activity in a processing department is performed ______.
uniformly on all units
When using process costing, a separate ______ account is maintained for each processing department.
work in process
Similarities between job-order costing and process costing include the ______.
basic purpose to assign and compute product costs, flow of costs through the manufacturing accounts, manufacturing accounts used
A product requires processing in two departments, A and B. Products start in Dept. A. Costs transferred out of Dept. A will be transferred to ______.
Work in Process - Dept B
Differences between job-order and process costing include that process costing ______.
accumulates cost by department, is used for indistinguishable products
True or false: When using process costing, labor and overhead can be added in any department, but materials can only be added in the first processing department.
false because they can all be added in any processing department
A processing department is an organization unit ______.
where work is performed on a product, and materials, labor, and overhead are added
The journal entry to record direct materials costs in processing Department #1 is debit ______.
work in process department 1 and credit raw materials
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