Job Order Costing
Short Description
Download Job Order Costing...
Description
Õ
m
Two Types of Costing Systems Õ ã ã
Õ ã
É É É É
Õ
!
ow of Costs ë
mourna EntriesŹRaw Materia s ë " # $ %# &
! !
mourna EntriesŹRaw Materia s ë & " # % $ %# &
!
% ë & ë & # %#
'!
!
'!
mourna actory Labor and Overhead Labor % # #) % $ ) %
('! '! * !
Note: if more than one Job is being debited, then subsidiary ledgers for Each job will be debited also. For example if the work in process consisted of $20,000 of payroll going into Job 1 and $5,000 going into job 2, then you would also Debit Job 1 WIP $20,000, and Job 2 WIP $5,000. The work in process and Finished goods are control accounts.
mourna ŹTransfer from Work in Process to inished Goods $ &% % )
+! +!
mourna ŹTransfer from inished Goods To COGS $ )
'!
" # ë $ )
,!-'
'!
,!-'
Overhead "
# ã $ # " #
# # # # #
Three Overhead Categories
" ã # ã % & "
! " ã Õ # ã $
" ã "
" ' (
Overhead Rate ormu a ë) " *
" "
ã ã ã ã % ã !
Overhead Examp e ' (
" ! #
6udget )+,,,,, " )-+,,,,,, " )+,,,,,,*+,,,,,)-+,
àctua
Data Year End
! ()../,, ! "
)-+,0,,,,
Overhead àpp ied $ ! ( "
../,,-+,)-../,,, "
Overhead àccount and Work in Process àccounts # #) ! ( !
++'!
++'!
Overhead àccount and Work in Process àccounts # #) ! ( !
++'!
++'!
('!
"# %%. # %% ('!
Overhead àccount and Work in Process àccounts # #)
! ( !
('!
++'! ('!
#/ % # %% &# 0%) &# && 1
6rief Exercise Three Ê #ë# 1#2
-.,,3 -+0,,3 -4,, # -5,, #3 # j
6rief Exercise our $ # ë# 1#
" 060 #( # -/,,, ã +-+0,, ã 0-+5,, ã 7-+8,, ã ! # -9,,
#3 #
#
Genera mourna j
Entry
6rief Exercise Six 2 Õ #
" -9,,,,, "# ã -/,,,,, ã /,,,, ã +,,,,,
Õ "
"#
6rief Exercise Six " -9,,,,,*-/,,,,,)-+ 5,
: +5,;< -9,,,,,*/,,,,)-+5 -9,,,,,*+,,,,,)-9
Exercise 22 3
# #+ # ( " # -70,, 3 ã 80.-0,,, ã 87,-+0,,
Ê #
Source Documents ë3# %
$&$
80.
-0/,,
-+.,,
87,
7/,,
7,,,
87+
88,,
45,,
=
-+,8,,
-+0/,,
>%
9,,
+0,,
-++0,,
-+74,,
m 2
Miller applies overhead to jobs at an overhead rate of 80% of direct labor cost. Job 429 is completed during the month.
Prepare Summary mourna s to Record 2 ( "
3 3 80. ( " 3
To Record Materia s and Labor ' ( " #
"
+,8,, 9,, ++0,,
ë " #
' ( " #
" $ #
+0/,, +0,, +74,,
To Record Overhead and inished Goods Inventory ' ( " #
+,,,,
"
+,,,,
:-+0/,,? 9,;<
$ " # ' ( " # :-0,,,@-0/,,@-+.,, @+/0,<
4.0, 4.0,
Work in Process Inventory àccount
#+ 70,,
#7++,8,,
#7++0/,,
#7++,,,, 09+9,
#7+4.0,
mob Cost Sheets
'Ê
A
87,
+0,,
7/,,
7,,,
08,,
+,+,,
88,,
45,,
5,9,
+9,9,
4.,,
+,5,,
989,
09+9,
87+ +0,,
Ú ! "
Remaining Prob ems to 6e Worked on Exce or on 6oard
View more...
Comments
