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  • Job Order Costing

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    Jan Lumakad
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    Job order costing assigns materials, labor, and factory overhead costs to individual jobs using a job order number. Costs are tracked using documents like cost sheets, material stockcards, finished goods stockcards, and factory overhead control records. Materials, labor, and overhead costs are accounted for separately with materials costs coming from material requisitions and stock cards, labor costs from payroll and time tickets, and overhead applied from overhead control records. Key outputs include work in process and finished goods inventories per job and cost of goods sold.

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    ppt file for job order costing

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    Job order Costing

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    Job order costing assigns materials, labor, and factory overhead costs to individual jobs using a job order number. Costs are tracked using documents like cost sheets, material stockcards, finished goods stockcards, and factory overhead control records. Materials, labor, and overhead costs are accounted for separately with materials costs coming from material requisitions and stock cards, labor costs from payroll and time tickets, and overhead applied from overhead control records. Key outputs include work in process and finished goods inventories per job and cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views11 pages

    Job Order Costing

    Uploaded by

    Jan Lumakad
    Job order costing assigns materials, labor, and factory overhead costs to individual jobs using a job order number. Costs are tracked using documents like cost sheets, material stockcards, finished goods stockcards, and factory overhead control records. Materials, labor, and overhead costs are accounted for separately with materials costs coming from material requisitions and stock cards, labor costs from payroll and time tickets, and overhead applied from overhead control records. Key outputs include work in process and finished goods inventories per job and cost of goods sold.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 11

    Job Order Costing

    Midterm
    Job order costing
    Each job is an accounting unit to which materials,
    labor, and FOH (applied) costs are assigned by means
    of job order number.
    Cost Sheet
    Material Stockcard
    Finished Goods Stockcard
    Factory Overhead Control Cost Record (Actual Costs)
    Materials Requisition, Time ticket
    Review of Accounting for costs of Materials
    Recording of Purchases – Materials
    Monitoring thru – Material Stock Card
    Issuance of Direct Materials to Production units
    Material stock Card
    Issuance of Indirect Materials to Production units
    Materials Requisition Form/Slip- going to Warehouse
    Accounting for labor
    Recording of Payroll
    Reclassification or allocation of labor costs to
    production units or departments ( direct and indirect).
    Basis – Time ticket
    Accouting of FOH
    FOH-Control
    Recording of actual cots of indirect labor, materials, etc.
    FOH-Applied
    Closing of over and under applied FOH
    Take note of
    WIP per Job
    Finished Goods per Job
    COGS
    Cost Sheet JOB 101
    Materials Labor Overhead (applied)
    xxx xxx xxx

    JOB 102
    Materials Labor Overhead (applied)
    xxx xxx xxx

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