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Job Order Costing

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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Jan Lumakad
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29 views11 pages

Job Order Costing

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.

Uploaded by

Jan Lumakad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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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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