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Cost and Management Accounting (Com704)


Job Order Costing
Chapter# 5
Definition: The job order cost procedure keeps the costs of
various jobs or contracts separate during their manufacture or
construction.
This method is applicable to job order work in factories,
workshops, and repair shops, work by builders, construction
engineers, shipbuilders, and printers.
The cost unit is the job, the work order or the contract, and the
records will show the cost of each.
Job Order Cost Sheets:
In job order costing, each job is an
accounting unit to which materials, labor and FOH costs are
assigned by means of job order numbers. The cost of each order
produced for a given customer or the cost of each lot to be placed
in stock is recorded on a summary sheet called Job Order Cost
Sheet of Cost Sheet.

Cost Sheet for a Non-departmentalized Plant

Delta Manufacturing Co

Job Order No. 978

For: Evans Construction Company

Date Ordered: 10/03/2011

Product: #14 Maple Drain Boards

Date Started: 14/03/2011

Specification: 12 x 20 x 1 Cleared Finished


Quantity: 10

Dates Completed: 20/03/2011

Materials
Date

Date Wanted: 22/03/2011

Amount
$

Direct Labor
Date

Amount
$

Applied FOH@125% of
D.Labor
Date
Amount
$

2
14/3/2011
19/3/2011
20/3/2011

420.00
78.00
62.00

Total

560.00

14/3/2011
17/3/2001
18/3/2011
19/3/2011
20/3/2011

78.00
56.00
56.00
24.00
30.00

20/3/2011

244.00

305.00

Materials

560.00

Selling Price

Direct Labor

244.00

Factory cost

Applied FOH

305.00

Marketing Exp

Total Factory Cost

305.00

$ 1,109.00

$1,850.00
$ 1,109.00
176.00

Admin Exp

125.00

Cost to make and sell


1,410.00
------------------------------------

$
Profit

$ 440.00

Cost Sheet for a Departmentalized Plant

Modern Furniture Company

Job Order No. 2706

For: Federal Department Store

Date Ordered: 22/09/2011

Product: #120-Recliners

Date Started: 21/11/2011

Specification: Attached drawings blueprints

Date Wanted: 10/12/2011

Quantity: 100
05/12/2011

Dates Completed:

Direct Materials
Date

Dept

Req #

Description

Quantity

Cost
unit

21/11/20
11

Cutting

2947
2948

100pieces
50 pieces

$ 10.80
7.00

$ 1080.00
350.00

Assembly

3080

Support lumber oak, 10


ft
Support lumber oak, 8
ft

500 no

3.00

1,500.00

Upholster
y

3407

Glue, pegs, and screws

1,000 yds

6.50

6,500.00

25/11/20
11
27/11/20
11

per

Total

Upholstery cloth

$
9,430.00

3
Total materials cost

Direct Labor
Date

Dept

Time Description
report
#

21/11/20
11

Cutting

867-901

Power saw cutting

20

$ 6.75

$ 135.00

Planning

11251130

Planning

50

7.50

375.00

Assembling frames

100

7.25

725.00

Padding

150

8.00

1,200.00

22/11/20
11

Assembly

Rate

Cost

13601397

23-2411/2011
2527/11/20
11

Hours

Upholster
y
14801505

Total labor cost

2435.00

Applied Factory overhead


Date

Dept

Basis

25/11/2011
25/11/2011

Cutting
Planning

per

27/11/2011
29/11/2011

Assembly
Upholstery

$
3
D.L.Hours
$
4
D.L.Hours
$
2
D.L.Hours
100%
D.L.Cost

per

Total
FOH

Hours

Rate

Cost

20
50

$ 3.00
4.00

$ 60.00
200.00

100
-

2.00
-

200.00
1200.00

per

1,660.00
of

App

Materials
$21,000.00

9,430.00

Selling Price

Direct Labor
13,525.00

2,435.00

Applied FOH

1,660.00

Total Factory Cost

$ 13,525.00

Factory cost
Marketing Exp

2,206.00

Admin Exp

1,905.00

Cost to make and sell


----------------------

17,636.00
Profit

-----------------------------

$3,364.00

Cost Accounting Procedure for Material


1) Recording the Purchase of Material
When materials are purchased
Material ----------------------- 25000
Accounts Payable ----------------------25000
Material returned to vendor
Accounts Payable ----------2000
Materials --------------------------------- 2000
2) Recording the issuance of Direct Material
Work in process--------------- 31000
Material --------------------------------- 31000
3) Recording the issuance of Indirect Material

FOH Control a/c-------------- 6000


Materials ------------------------------- 6000
WIP----------------------------- 6000
FOH Control a/c----------------------- 6000
Cost Accounting Procedure for Labor
Payroll------------------------- 17200
Tax Payable--------------------------- 2580
FICA Tax Payable--------------------- 1118
Accrued Payroll----------------------- 13502
Accrued Payroll ------------- 13502
Cash----------------------------------- 13502
Work in process------------ 17200
Payroll-------------------------------- 17200
Cost Accounting Procedure for FOH
Factory overhead is entered on the job order cost sheets on the
basis of a predetermined factory overhead rate based on direct
labor hours, direct labor cost, machine hours or other appropriate
base.
Work in process------------------------- 13200
Applied FOH

(600 D.L.Hours@Rs. 2.20)

------------ 13200

Applied FOH ------------------------------ 13200


FOH Control a/c----------------------------------- 13200
Accounting Procedures for Jobs Completed and Products
Sold
Finished Goods----------------------- 62180
WIP-Material----------------------------------- 26000
WIP-Labor--------------------------------------- 24300

WIP-FOH---------------------------------------- 11880
Cost of Goods Sold----------------- 52300
Finished Goods------------------------------- 52300
Accounts Receivable-------------- 88000
Sales------------------------------------------- 88000
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