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5 -1

CHAPTER

Job-Order
Costing

5 -2

Objectives
1. Describe theAfter
differences
between
studying
this job-order
costing and chapter,
process costing,
and
identify
the
you should
types of firms that
use each method.
be would
able to:
2. Identify and set up the source documents used
in job-order costing.
3. Describe the cost flows associated with joborder costing.
4. Appendix: Prepare the journal entries
associated with job-order costing.

5 -3

Comparison of Job-Order and


Process Costing
Process or joborder costing?

5 -4

Characteristics of Job-Order Costing


Wide-variety of services

or products that are quite


distinct from each other
Cost accumulated by job
Unit cost computed by

dividing total job costs


by units produced on that
job

BEAT
SOUTH
HIGH

5 -5

Characteristics of Process Costing


Produce large quantities of

similar or homogeneous
products
Cost accumulated by process or

department for a given period


of time
Unit cost computed by dividing

process costs of period by the


units produced in the period

5 -6

Process or
job-order
costing?

Exxon oil refinery

Process

Coca Cola plant

Process

Custom home builder Job order


Shop for customizing vans Job order
Television repair shop

Job order

Campbell soup plant Process

Advertising agency
Law firm

Job order

Job order

5 -7

Job-Order Costing
Job 425

Job 426

Job 427

Total

Beginning balance $58,600 $51,300 $


0 $109,900
Current costs:
Direct materials
4,800 3,600 23,500 31,900
Direct labor
6,000 9,000 10,000 25,000
Applied overhead 2,400 3,600
4,000 10,000
Total
$71,800 $67,500 $37,500 $176,800

This information is used to determine the total


cost of goods manufactured.

5 -8

Johnson Leathergoods

5 -9

Job-Order Cost Sheet

Job Cost Sheet


Direct Materials

July 1
3

100 lbs. @ $ 0.25 = $ 25


75 oz. @ $1.40 =

105

Direct Labor

July 1
3

3 hrs. @ $10.00 = $ 30
7 hrs @ $10.00 =

70

Factory Overhead

July 7 10 dlh x $2

$ 20

A job-cost sheet is a
document used to
accumulate the cost for
a specific job in a jobcost system

5 -10

Johnson Leathergoods
Unit Cost

Direct materials
Direct labor
Applied Overhead

Total cost
number of units
Unit cost

$1,000
1,080
240

$2,320
20
$ 116

5 -11

Johnson Leathergoods
Date
Department
Job
Description

Material Requisition
Number 12

January 11, 2004


Assembly
Briefcase
Quantity

Buckles

10

Authorized Signature

Cost/Unit

Total Cost

$30

$300

Jim Lawson

Material Requisition Form

5 -12

Johnson Leathergoods
Employee Number 4
Name
Ed Wilson
Date
January 12, 2003

Job Time Ticket


Number 8

Start Time Stop Time Total Time Hourly Rate Amount Job Number

8:00
10:00
11:00
1:00

10:00
11:00
12:00
5:00

Authorized Signature

2
1
1
4

$9
9
9
9

Jim Lawson
Department Supervisor
Job Time Ticket

$18
9
9
36

Backpacks
Briefcases
Backpacks
Backpacks

5 -13

Through the Accounts


Johnson Leathergoods

5 -14

Summary of Materials Cost Flows


Materials Account
Beginning balance
Purchases
Direct material used
Ending balance
Job Order Cost Sheet
Job: 20 Backpacks
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$0
2,500
1,500
1,000

1,000

20

Job Order Cost Sheet


Job: 10 Briefcases
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$500

10

5 -15

Summary of Direct Labor Cost Flows


Wages Payable
Direct hours
x wage rate
Total direct labor
Job Order Cost Sheet
Job: 20 Backpacks
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

170
x $9
$ 1,530

$ 1,000
1,080

20

Job Order Cost Sheet


Job: 10 Briefcases
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$ 500
450

10

Accounting for Overhead


Actual overhead costs are never
assigned directly to jobs.
Overhead is applied using a
predetermined overhead rate.
$9,600
Estimated
Overhead
Overhead rate =
Estimated
4,800Direct
Labor Hours
= $2 per direct labor hour
Functional Approach

5 -16

Accounting for OverheadUsing ABC


Estimated Overhead ($)
for Each Driver

Expected Demand for


Each Driver

Purchasing

$3,000 Purchase orders

100

Machining

4,200 Machine hours

2,800

Other

2,400 Direct labor hours

4,800

$3,000 100 = $30 per purchase order


$4,200 2,800 = $1.50 per machine hour
$2,400 4,800 = $0.50 per direct labor hour

5 -17

Accounting for OverheadUsing ABC


Backpacks:
Purchase orders
Machine hours
Direct labor hours

3
60
120

Briefcases:
Purchase orders
Machine hours
Direct labor hours

1
30
50

5 -18

Accounting for OverheadUsing ABC

Purchasing:
3 orders x $30
1 order x $30
Machining:
60 hours x $1.50
30 hours x $1.50
Other:
120 DLH x $0.50
50 DLH x $0.50
Total overhead applied

$ 90
$30
90
45

60
$240

25
$100

5 -19

5 -20

Summary of Overhead Cost Flows


Actual Overhead
Lease
$200
Utilities
50
Equipment depreciation
100
Indirect labor
65
Total actual overhead
$415

Applied Overhead
Direct labor hours
170
Overhead rate
x $2
Total applied overhead $340

Job Order Cost Sheet


Job: 20 Backpacks
Direct materials
$1,000
Direct labor
1,080
Overhead applied
240
Total cost
Number of units
120 x $2
Unit cost

Job Order Cost Sheet


Job: 10 Briefcases
Direct materials
$500
Direct labor
450
Overhead applied
100
Total cost
Number of units
50 x $2
Unit cost

5 -21

Summary of Overhead Cost Flows


Actual Overhead
Lease
Utilities
Equipment depreciation
Indirect labor
Total actual overhead
Job Order Cost Sheet
Job: 20 Backpacks
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$200
50
100
65
$415

$1,000
1,080
240
20

Applied Overhead
Direct labor hours
Overhead rate
Total applied overhead

Job Order Cost Sheet


Job: 10 Briefcases
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$170
x $2
$340

$500
450
100
10

5 -22

Summary of Finished Goods Cost Flows


Job Order Cost Sheet
Job: 20 Backpacks
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$1,000
1080
240
$2,320
20
$116

Finished Goods Account


Backpacks

$2,320

Job Order Cost Sheet


Job: 10 Briefcases
Direct materials
Direct labor
Overhead applied
Total cost
Number of units
Unit cost

$500
450
100
$1,050

Johnson Leathergoods
Schedule of Cost of Goods Manufactured
For the Month Ended January 31, 2004
Direct materials:
Beginning raw materials inventory
$
0
Purchases of raw materials
2,500
Total raw materials available for use
$2,500
Ending raw materials
1,000
Total raw materials used
Direct labor
Overhead:
Lease
$ 200
Utilities
50
Depreciation
100
Indirect labor
65
$ 415
Continued

5 -23

$1,500
1,530

5 -24

Less: Underapplied overhead


Overhead applied
Current manufacturing costs
Add: Beginning work in process
Total manufacturing cost
Less: Ending work in process
Cost of goods manufactured

$ 415
75
340
$3,370
0
$3,370
1,050
$2,320

5 -25

Statement of Cost of Goods Sold


Beginning finished goods inventory

Cost of goods manufactured


Cost of goods available for sale
Less: Ending finished goods inventory

Normal cost of goods sold


Add: Underapplied overhead
Adjusted cost of goods sold

2,320
$2,320
0

$2,320
75
$2,395

5 -26

Johnson Leathergoods
Income Statement
For the Month Ended January 31, 2004

Sales
Cost of goods sold
Gross margin
Less selling and administrative expenses:
Selling expenses
Administrative expenses
Net operating income

$3,480
2,395
$1,085
$200
550

750
$ 335

5 -27

Journal Entries
Associated With JobOrder Costing
Johnson Leathergoods

5 -28

Johnson Leathergoods
1 Materials

2 500 00

The receiving report and the invoice are


Accounts Payable
used to record the receipt of the
merchandise and to control the payment.

1. Materials costing $2,500 were


purchased on account.

2 500 00

5 -29

Johnson Leathergoods
2 Work in Process

1 500 00

The receiving report and the invoice are


Materials
1
used to record the receipt of the
merchandise and to control the payment.

2. Materials costing $1,500 were


requisitioned for use in production.

500 00

5 -30

Johnson Leathergoods
3 Work in Process

1 530 00

The receiving report and the invoice are


Wages Payable
used to record the receipt of the
530 00
merchandise and to control the payment.

3. Direct labor costing $1,530 was


recognized.

5 -31

Johnson Leathergoods
4 Work in Process

340 00

The receiving report and the invoice are


Overhead Control
used to record the receipt of the
merchandise and to control the payment.

340 00

4. Overhead was applied to production at the


rate of $2 per direct labor hour. A total of
170 direct labor hours were worked.

5 -32

Johnson Leathergoods
5 Overhead Control

415 00

The receiving report and the invoice are


Lease Payable
used to record the receipt of the
Utilities Payable
merchandise
and to control the payment.
Accumulated Depreciation
Wages Payable

5. Actual overhead costs of $415 were


incurred: lease, $200; utilities, $50;
depreciation, $100; accrued wages, $65.

200 00
50 00
100 00
65 00

5 -33

Johnson Leathergoods
6 Finished Goods

2 320 00

The receiving report and the invoice are


Work in Process
used to record the receipt of the
merchandise and to control the payment.

2 320 00

6. The backpacks were completed and transferred


to finished goods.

5 -34

Johnson Leathergoods
7 Cost of Goods Sold

2 320 00

The receiving report and the invoice are


Finished Goods
used to record the receipt of the
merchandise and to control the payment.

7 Accounts Receivable

2 320 00

3 480 00

Sales Revenue

7. The backpacks were sold at


cost plus 50 percent.

3 480 00

5 -35

Johnson Leathergoods
8 Cost of Goods Sold

75 00

The receiving report and the invoice are


Overhead Control
used to record the receipt of the
merchandise and to control the payment.

8. Underapplied overhead was closed to cost of


goods sold.

75 00

5 -36

Johnson Leathergoods
Materials
(1)

2,500

(1) Purchased of materials

5 -37

Johnson Leathergoods
Materials
(1) 2,500 (2) 1,500

(2) Issue of materials

Work in Process

(2) 1,500

5 -38

Johnson Leathergoods
Work in Process

Wages Payable

(2) 1,500
(3) 1,530

(3) Incurrence of direct labor cost

(3) 1,530

5 -39

Johnson Leathergoods
Work in Process
(2) 1,500
(3) 1,530
(4)
340

Overhead Control
(4)

340

(4) Estimated overhead applied to Work in


Process

5 -40

Johnson Leathergoods
Overhead Control

Work in Process
(2) 1,500
(3) 1,530
(4) 340

(5)

(5) Actual overhead recorded

415 (4)

340

5 -41

Johnson Leathergoods
Finished Goods

Work in Process
(2) 1,500 (6)
(3) 1,530
(4) 340

2,320

(6)

2,320

(6) Transfer of Job 1 to finished goods

5 -42

Johnson Leathergoods
Finished Goods
(6)

2,320 (7)

2,320

Accounts Receivable
(7)

Cost of Goods Sold


(6)

2,320

Sales Revenue

3,480

(7) Cost of goods sold for Job 1 and


revenue from sale on account

(7)

3,480

5 -43

Johnson Leathergoods
Overhead Control
(5)

415

(4)
(8)

340
75

Cost of Goods Sold


(7)
(8)

2,320
75

(8) Underapplied overhead closed

5 -44

Chapter Five

The End

5 -45

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