Question 1 In January, Reyes Tool & Dye requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600.


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Question 1 In January, Reyes Tool & Dye requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,400, and general factory use $800. Prepare the job cost sheets for each of the three jobs. (If answer is zero, please enter 0, do not leave any fields blank. Document Preview: Question 1 In January, Reyes Tool & Dye requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,400, and general factory use $800. Prepare the job cost sheets for each of the three jobs. (If answer is zero, please enter 0, do not leave any fields blank.) Job 1 Date Direct Materials Direct Labor 1/31 1/31 Job 2 Date Direct Materials Direct Labor 1/31 1/31 Job 3 Date Direct Materials Direct Labor 1/31 1/31 Show Work is REQUIRED for this question; access the WhiteBoard application by clicking this link Question 2 Doc Gibbs has prepared the following list of statements about process cost accounting. Identify each statement as true or false. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion._x000B_ A process cost system is used when each finished unit is indistinguishable from another. _x000B_ Companies that produce soft drinks, motion pictures, and computer chips would all use process cost accounting. _x000B_ In a process cost system, costs are tracked by individual jobs. _x000B_ Job order costing and process costing track different manufacturing cost elements. _x000B_ Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead. _x000B_ Costs flow through the accounts in the same basic way for both job order costing and process costing. _x000B_ In a process cost system, only one work in process account is used. _x000B_ In a process cost system, costs are summarized in a job cost sheet. _x000B_ In a process cost system, the unit cost is total manufacturing costs for the period divided by the units produced during the period._x000B_ Click here if you would like to Show Work for this question Question 3 Peter Catalano’s Verde Vineyards in Oakville,… Attachments: WileyPLUS.doc

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