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14 Σεπ 2012 · This document discusses job order costing systems, including how they track costs by individual jobs rather than in batches like process costing, how the job order cost sheet accumulates actual direct and overhead costs for each job, and how standard costing compares actual costs to budgeted standards to evaluate performance and set prices.
Download presentation. Presentation on theme: "Job-Order Cost Accounting"— Presentation transcript: 1 Job-Order Cost Accounting. 3-1 Job-Order Cost Accounting Chapter Two Managers need to assign costs to products to facilitate external financial reporting and internal decision making.
4 Αυγ 2017 · The process involves the following steps: • Identification of the job • Tracing direct costs to the job • Identifying the indirect costs i.e. manufacturing overheads and finding the cost allocation base for each cost.
22 Νοε 2022 · Job order costing tracks costs for individual jobs or orders, while process costing tracks costs for an entire production process. There are three valuation methods for measuring product costs: actual costing uses actual costs incurred, normal costing uses standard costs for overhead, and standard costing uses predetermined standard costs for ...
The document then discusses how job order costing procedures track the costs of materials, labor, and overhead for individual jobs/orders and accumulate these costs on a job order cost sheet (next paragraphs).
Job order costing is one of two primary means of valuing inventory and cost of goods sold (COGS). In this system, costs are accumulated by job rather than continuously – as with a process costing system.
This document discusses job order costing systems, including how they differ from process costing systems, the primary documents used to track costs such as job cost sheets and time sheets, how costs are accumulated and assigned to jobs, the use of standard costs, and how information from job order costing supports management decision making.
