Question

What is the purpose of the job cost sheet in a job order costing system?

What is the purpose of the job cost sheet in a job order costing system?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The job cost sheet is used to maintain the record of each job in a job-order costing system. It also serves as a subsidiary ledger in the job-order costing system. The job cost sheet maintains record of the direct materials, direct labor and overheads assigned to a particular cost.

Job order costing or job costing is a system for assigning and accumulating manufacturing costs of an individual unit of output. The job order costing system is used when the various items produced are sufficiently different from each other and each has a significant cost.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Why is the job cost sheet important in a job order costing system? How is it...
Why is the job cost sheet important in a job order costing system? How is it used in determining a product’s cost?
Job-Order Costing versus Process-Costing 1. Job-order costing and process costing have the same basic purpose.What is...
Job-Order Costing versus Process-Costing 1. Job-order costing and process costing have the same basic purpose.What is this purpose? 2. Explain under what conditions it would be appropriate to use a job-order costing system, and under what conditions would it be appropriate to use a process costing system. In your answer, include an example of a company (industry) that would use job-order costing, and a company (industry) that would use process costing. 3. The major difference between job-order costing and process...
- Discuss similarities and differences between job-order costing systems and process costing systems. - What is...
- Discuss similarities and differences between job-order costing systems and process costing systems. - What is the purpose of a costing system?
Job order costing accumulates and records costs by job and assists managers in evaluating actual and...
Job order costing accumulates and records costs by job and assists managers in evaluating actual and expected costs related to direct materials, direct labor, and factory overhead costs. Select a company that would employ a job order costing system. Research the company and discuss why a job order costing system is the 'correct' fit for that organization. Discuss a product the company sells and discuss what direct and indirect costs would be included on the job cost sheet.
1.A process cost system and a job order cost system both use a predetermined overhead rate...
1.A process cost system and a job order cost system both use a predetermined overhead rate to apply estimated manufacturing overhead costs to work in process. true or false 2. Under job-order costing, the actual direct material, actual direct labor, and estimated overhead costs are recorded on the job cost sheet. true or false 3. In a job-order cost system, the inventory accounts generally are maintained on a perpetual basis. true or false 4. Process costing is used for products...
Which one is incorrect regarding cost flows through a job-order costing system. a. Costs are averaged...
Which one is incorrect regarding cost flows through a job-order costing system. a. Costs are averaged for all jobs produced within a department b. product costs are accumulated separately by job. c. the job-order costing system is patterned after the physical flow of products as they move through the production process. d. the three inventory accounts used are maintained on a perpetual basis
Why is cost accumulation easier with a process costing system compared with a job costing system?
Why is cost accumulation easier with a process costing system compared with a job costing system?
Which one of the following statements is false? In a job order costing system, individual jobs...
Which one of the following statements is false? In a job order costing system, individual jobs use different quantities of production resources. In a process-costing system, each unit uses approximately the same amount of resources. An organization that manufactures several types of cereal would use a job order costing system. A corporation whose sole business activity is processing the customer deposits of several banks would use a process-costing system.
Sneffy Company has a job-order costing system and uses a predetermined overhead rate based on direct...
Sneffy Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Manufacturing overhead cost and direct labor hours were estimated at $100,000 and 25,000 hours, respectively, for the year. In July, Job #334 was completed at a cost of $5,000 in direct materials and $2,500 in direct labor. The labor rate is $5 per hour. By the end of the year, Sneffy had worked a total of 45,000...
Carlon, Inc. uses a job-order costing system and applies overhead based on direct labor dollars. Job...
Carlon, Inc. uses a job-order costing system and applies overhead based on direct labor dollars. Job 316 was started in July and incurred the following costs in July: Direct materials $950 Direct labor $1,050 Applied overhead $1,260 The job was completed in August with an additional $2,100 in direct material cost and $1,400 in additional direct labor cost. What was the total cost of Job 316 at the end of August?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT