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MU / Physics / PHY 242 / Name the 2 types of manufacturing of cost accounting systems.

Name the 2 types of manufacturing of cost accounting systems.

Name the 2 types of manufacturing of cost accounting systems.

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Chapter 17 Job Order Costing If you want to learn more check out Is matter composed of tiny atoms?

Cost accounting systems: Measure, record, and report product costs

 

  • 2 main types for manufacturing
  • job order cost systems
  • process cost systems

  • a job order cost system: provides product costs for  each quantity of product that is manufactured
  •  a job: each quantity of product that is manufactured
  • these systems are often used by companies that Manufacture custom products for customers or batekes of similar products.

  • a job shop: Manufactures that use a job order cost system (Sometimes the definition)
  • a process cost system provides product costs for Teach manufacturing department or process
  • often used by companies that manufacture units of a product that are indistinguishable from each other  and are manufactured using continuous production process

  • JOCS (job order cost system)  records/summarizes manufacturing costs by jobs
  • While jobs are still in the production process, they part of Work in Process Inventory
  • as jebs are completed, Hey become part of Finished Goods Inventory
  •  When the finished goods are sold to customers, their costs become part of lost of goods sold

  • in a JOC accounting system perpetual inventory controlling accounts and subsidiary ledgers are maintained or materials work in process, and finished goods inventories

  • The materials accent in the general ledger is a controlling account
  • materials ledger: a separate account for each type o of material is maintained in this subsidiary Ledger
  • increases (debits) are based on receiving reports
  • decreases (credits) are based on materials requisitions for particular jobs

  •  receiving reports prepared when materials that have been ordered are received and inspected
  • the quantity received and the condition of the materials are entered on the receiving report
  • when the suppliers invoice is received, it's compared to the receiving report
  • if no discrepancies, a journal entry is made to record the purchase
  • the entry increases (debits) Materials and increases (credit] Accounts Payable

If you want to learn more check out Are all reactions in bio chemistry reversable?

  • Materials requisition when received, the storeroom releases materials to use in a job
  • the materials requisitions for each job serve as the basis for recording materials used
  • for direct materials, quantities and amounts from the materials requisitions are posted to job cost sheets
  • job cost sheets: make up the work in process subsidiary ledger

  • a summary of the materials requisitions is used as a basis for the journal entry recording the materials used for the month for
  •  direct materials, the entry increases (debits)
  • Work in Process and decreases (credits) Materials

  • time tickets: are used when employees work on an individual job, to record the aniontoftine they worked on a specific job
  • a summary of the time tickets is used as the basis for the journal entry recording direct labor for the month
  • the entry increases (debits) Work in Process and creases (credits) Wages Payable

  • Factory overhead includes all manufacturing costs except direct materials and direct labor. Factory overhead costs come from a variety of sources

  • Factory overhead is different from direct labor and direct materials in that it is indirectly related to the jobs. Factory overhead costs cannot be identified with/or traced to specific jobs for this reason factory overhead costs are allocated to jobs.

Don't forget about the age old question of identify the four postulates of natural selection.
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