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1) What is a JOB ORDER system, how we determine our valuations of the product? 2)...

1) What is a JOB ORDER system, how we determine our valuations of the product?

2) What is a JOB ORDER system, how we determine our valuations of the product

3) What is the major difference between the two?

4) Can there be some products that a hybrid of both, i.e. start with process go to job order, or start with job order and go to process, can you give examples?

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Answer #1

As per policy, only one question is allowed to answer, so answering 1 :

1)

The job order system is the costing system which are used to value the products that are made based on specific customer orders and the costs are tracked by job. Here all the costs are brought to the job to work on. For example, services provided by financial planner towards creation of a finance plan.

The valuations of the product under the Job Order is through the (i) tracking of the job number, (ii) customer information, (iii) job information, (iv) individual cost information for materials used, labor, and manufacturing overhead, and (v) the total job cost summary.

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