Job Order Costing

• The job cost procedure keeps the cost of various jobs or contract separate during their manufacture or construction
• What is the cost unit in job order costing?

  each job
• What sheet accumulates product costs of specific units or small batches of units for both product costing and control purposes?


  Job-Order Cost Sheet
• What does the file of job-order cost sheet for uncompleted jobs serves as?

  perpetual book inventory and the subsidiary ledger for WIP
• What is the subsidiary for WIP Control?

  Job-cost sheet
• What sheet records the perpetual book inventory of costs and quantities of materials on hand and a file of this for unused materials serves as subsidiary ledger for materials control?

  Materials Stockcard
• What records serve as the perpetual book inventory of cost and quantities of completed goods held for sale and serves as as subsidiary ledger of Finished Goods Control (unsold)

  Finished Goods Stockcards
• What records accumulate detailed manufacturing overhead costs by department and a subsidiary ledger for FOH control?

  FOH control cost record
• What account is used for accumulating the total overhead charged to production during the period?

  Manufacturing Overhead Applied
• What do you call to a controlling account used to record the flow of the elements of cost through the factory during a given period?

  WIP
• What is the controlling account used to record the flow of the cost of goods completed and transferred to the finished goods storeroom during the period?

  Finished Goods
• Accounting procedures for labor may be divided into two distinct phases;

  1. collection of payroll data, computation of earnings, calculation of payroll taxes, and payment of wages
  2. distribution and allocation of labor costs to jobs, departments, and other cost classifications