Job Costs

Related BrainMass Solutions

• Relevant cost: job costing and process costing.

  Examples are given of relevant costs in job costing, process costing, direct costs and indirect costs.

• Four cost-allocation bases that a manufacturing company

  If direct labor costs incurred for Job B are $8000, then factory overhead allocated to Job B is $40000. 4. Total Direct costs: Total direct costs include direct material and direct labor.

• Similarities & Dissimilarities of Job and Process Costing

  In process costing, costs are accumulated by the departments or processes .However, in job costing; costs are accumulated by each job. 3.

• Job order cost and process cost systems

  Job-order costing systems use job cost sheets to accumulate costs.  Process costing systems compute unit costs by department.

• Job-cost and Process-cost systems

  Product costs will be higher if it costs more or lower if part of the job can be reduced in cost.

• Elite Manufacturing: overhead rates, manufacturing costs, journal entries

  Post all costs to the job cost sheets as necessary. (e) Total the job cost sheets for any job(s) completed during the month. Prepare the journal entry (or entries) to record the completion of any job(s) during the month.

• Cost Accumulation to get a Project Started

  There is little problem in assigning the direct costs to a job as direct costs needs to be traced for each job. Hence, judgment is used to decide which direct costs will be traced.

• Job costing in service vs. manufacturing

  In a manufacturing business, the jobs will contain direct materials and direct labor attributed to the job and then some portion of factory overhead that is applied to it. The direct costs can be assigned using actual or standard costs.

• Job Costing and Process Costing

  A job cost sheet of Battle Company is given below. a. Answer the following questions. 1. What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? 2.

• Job Order Cost Sheet

  number 10-110 to the job, record the costs incurred, and complete the job order cost sheet.