Homework Answers
1. The company which is most likely to use a job-order costing system: D. SHIPBUILDING
- Job costing is applicable to works consisting of separate jobs authorized by specific order or contract, Each job is considered separately for costing purposes.
- Process costing system is used by industries where the materials pass through many processes before converted into the final product.
2. A job cost sheet is used to accumulate costs charged to a job: TRUE
- Under this method, costs are collected and accumulated for a particular job.
- All costs related to a job are recorded separately using a cost sheet.
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