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MANAGEMENT 18

CHAPTER 2
Job Order Costing
2.A
JOB ORDER VS. PROCESS be directly and conveniently
COSTING traced to the product.
 MANUFATURING OVERHEAD
 In chapter 1, we have learned includes all the other cost of
that the primary goal of producing a product other than
managerial accounting is to direct materials and direct
provide managers with relevant labor. It includes all of the
and timely information to help indirect costs that cannot be
them make decisions. directly or conveniently traced
 PROCESS COSTING is used by to a specific job.
the companies that make  JOB COST SHEET is where
standardized or homogeneous companies record these
products. Or products that are manufacturing costs on a
produced in a continuous document which provides a
manufacturing process detailed record of the costs
 PROCESS COSING FORMULA incurred to complete a specific
job.
 SOURCE DOCUMENTS for direct
costs, all that is needed to keep
 JOB ORDER COSTING is used in track of the costs of specific jobs
companies that offer is a set of records called.
customized or unique products  MATERIALS REQUISITION
or services. FORM is a form that lists the
 OPERATIONS COSTING is a quantity and cost of the direct
blend of process costing and job materials used on a specific job
order costing. before using. It is used to
control the physical flow of
materials out of inventory and
into production. It also provides
2.B information needed to record
ASSIGN MANUFACTURING the cost of raw materials in the
COSTS TO JOBS accounting system.
 PREDETERMINED OVERHEAD
 MANUFACTURING COST RATE FORMULA:
CATEGORIES are Direct
Materials, Direct Labor &
Manufacturing Overhead
 DIRECT MATERIALS are the  APPLIED MANUFACTURING
major material inputs that can OVERHEAD FORMULA:
be directly and conveniently
traced to each job
 DIRECT LABOR is the hands-on
work that goes into producing a
product, the cost of which can
2.C.
RECORD THE FLOW OF COST IN JOB
ORDER COSTING
 THE 3 INVENTORY ACCOUNTS on manufacturing related
that are used to record equipments.
manufacturing costs follow:
Raw Materials Inventory, Work
in Process Inventory and
Finished Goods Inventory
 RAW MATERIALS INVENTORY
represents the cost of materials
purchased from suppliers but
not yet used in production.
 WORK IN PROGRESS
INVENTORY represents the
total cost of jobs that are in
process at any given point in
time.
 FINISHED GOODS INVENTORY
represents the cost of jobs that
have been completed but not
yet sold.

2.D.
RECORD THE PURCHASE AND
ISSUE OF MATERIALS

2.E.
RECORD THE LABOR COST

2.F.
RECORD APPLIED
MANUFACTURING OVERHEAD

2.G.
TRANSFER COST TO FINISHED
GOODS INVENTORY AND COST
OF GOODS SOLD
2.H.
RECORD ACTUAL
MANUFACTURING OVERHEAD

 ACTUAL MANUFACTURING
OVERHEAD includes all
manufacturing related
expenses that cannot be traced
to specific jobs, including
indirect materials used at the
job site, site supervision,
depreciation, taxes, insurance

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