job order costing

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chapter 19 - job order costing chapter 3 job order costing * learning objectives distinguish between job order costing and process costing record materials and labor costs in a job order costing system calculate the predetermined overhead allocation rate and allocate overhead costs record the completion and sales of finished goods adjust for over allocated and under allocated overhead cost 17-* why product costing ?? 17-* managers need to know how must it costs to provide goods and services in order to determine the sales price that will generate profits. exhibit 17-1 illustrates that cost accounting systems are not just for manufacturing companies. managers of merchandising and service organizations need to know how must it costs to provide goods and services in order to determine the sales price that will generate profits. * why product costing ? product costs are accumulated in cost accounting systems. knowing unit costs help managers: …

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e specialized services is used when different types of products, jobs, or batches are produced, typically over a rather short period of time as per the customer's specifications. as a result, each job is different and the cost-accounting procedures are designed to assign costs to each job. then the costs assigned to each job are averaged over the units of production in the job to obtain an average cost per unit. examples of industries using job-order costing include printing presses, construction, automobile repairs, office and household furniture, etc there are two types of traditional cost accounting systems: job order costing and process costing. job order costing is used by businesses that produce unique products or provide specialized services. costs are accumulated for each batch, or job. examples of the types of companies that use job order costing are accounting firms, music studios, health care providers, building contractors, and custom furniture …

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ing firms soft drink and alcohol factories cement factory soaps manufacturing firms steel manufacturing firms paper manufacturing firms pharmaceutical firms * accounting for job order costing in a job-order costing system, direct materials costs and direct labor costs are usually "traced" directly to jobs. overhead cost is applied/allocated to jobs using a predetermined rate. actual overhead costs are not "traced" to jobs rather accumulated until year end and compared against applied overhead cost. therefore, job costs consist of actual direct materials costs, actual direct labor costs, but applied/allocated overhead costs. . 17-* accounting for job order costing financial reporting of business occurs periodically but completion of jobs generally does not occur at the end of a reporting period, thus, job cost accounting must reflect the value of jobs at interim points before they are completed. therefore, there are two inventory accounts in which costs of jobs are accumulated. work-in process …

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in a job costing system 17-* job cost sheet. in a job order costing system, we maintain a job cost sheet for each job. each job sheet breaks the costs down in terms of direct materials, direct labor, and manufacturing overhead assigned to individual jobs. the job cost sheet will have job code(number), customer name, quantity, delivery date and will contain spaces to collect costs of materials, labor, and overhead. 17-* 17-* learning objective 2 record materials and labor costs in a job order costing system 17-* direct materials and labor costs of a job 17-* exhibit 17-2 shows the flow of product costs through a job order costing system. a job order costing system tracks costs as raw materials move from the storeroom to the production floor, where they are converted into finished products. a job cost record is a document that shows the direct materials, direct labor, and …

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corded for the entire year rather than showing each individual purchase to simplify the recording process. * b. using materials the production department requests materials for the job order by filling out a materials requisition a materials requisition is a request to transfer materials from store to the production floor. the material requisition form will be filled in three copies copy1: to store to request the material transfer copy2: to cost department for accounting purpose( to enter the material cost data on the job sheet. copy3: will remain on the pad. 17-* when smart touch started job 27 on january 14, 2018, the production team requested materials for the job by filling out a materials requisition, as shown in exhibit 17-4. a materials requisition is a request for the transfer of raw materials to the production floor. note that the subsidiary ledger previously shown in exhibit 17-3 records the materials …

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chapter 19 - job order costing chapter 3 job order costing * learning objectives distinguish between job order costing and process costing record materials and labor costs in a job order costing system calculate the predetermined overhead allocation rate and allocate overhead costs record the completion and sales of finished goods adjust for over allocated and under allocated overhead cost 17-* why product costing ?? 17-* managers need to know how must it costs to provide goods and services in order to determine the sales price that will generate profits. exhibit 17-1 illustrates that cost accounting systems are not just for manufacturing companies. managers of merchandising and service organizations need to know how must it costs to provide goods and …

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