Answer ONE of the following questions below (1 or 2 or 3) based on research on internet website that I can access (CITE your resources) by using relatable accounting terms:
1. Is job-order costing as applicable to service companies as it is to manufacturing companies? If so, give an example of a service company that might use job-order costing and explain how the company uses this costing method.
2. On the balance sheet, inventory costs of a manufacturing firm are broken up into three sub-accounts: raw materials, work in process inventory, and finished goods inventory. Explain why this is done. As a potential investor, how would you use this information? If you were a banker, about to give Boeing a loan for raw materials, how would you use this information when making a decision whether or not to make a loan?
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3. Discuss modern manufacturing practices and how they affect product costing. Include at least one of the three major changes in manufacturing practices: just-in-time production, computer controlled manufacturing, and total quality management. Provide examples of the changes for at least one company.