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When are companies likely to use a job costing system or process costing system?
Describe the specific characteristics of each system and provide several examples (i.e. at least two) from companies in your community for each system (i.e. at least four companies should be described).
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A job-costing system is used when many different types of products are produced each period. It is most suited method when goods or services are customized and most of the costs can be traced to individual product unit. Here, direct manufacturing costs and direct labor costs are traced to individual jobs and production overhead is allocated. Companies that use job costing system include aircraft builders, custom motorcycle and automobile manufacturers, custom designed jewelers, etc. This method is also used in service industries like in hospitals, accounting firms, and repair shops.
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 cost system uses basic ...
The cost accumulation to get a project started is determined.