For all Short Exercises, assume the weighted-average method is to be used unless you are told otherwise. Comparing job order costing versus process costing Identify each costing system characteristic...

For all Short Exercises, assume the weighted-average method is to be used unless you are told otherwise.

Comparing job order costing versus process costing

Identify each costing system characteristic as job-order costing or process costing.

• One Work-in-Process Inventory account


• Production cost reports


• Cost accumulated by process


• Job cost sheets


• Manufactures homogenous products through a series of uniform steps


• Multiple Work-in-Process Inventory accounts


• Costs transferred at the end of a period


• Manufactures batches of unique products or provides specialized services