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Job costing

by: Nikita Hendricks

Job costing 2304

Nikita Hendricks


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About this Document

Managerial Accounting
Prof. Stuebs
Class Notes
Managerial Accounting Notes
25 ?




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This 3 page Class Notes was uploaded by Nikita Hendricks on Sunday September 25, 2016. The Class Notes belongs to 2304 at Baylor University taught by Prof. Stuebs in Fall 2016. Since its upload, it has received 3 views. For similar materials see Managerial Accounting in Accounts at Baylor University.


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Date Created: 09/25/16
MANAGERIAL ACCOUNTING Job Order Costing Direct materials  those materials that can be directly traced to, or easily identified with, the final product.  Direct labor  the costs are the wages (and possibly benefits) paid to the workers who transform direct  materials into a finished product.  Direct labor hours  the time the workers spend working on a particular product  Overhead Costs  the indirect product costs that arise in the manufacturing process and that cannot easily be traced  to a unit of product.  Indirect materials  supplies used in in supporting the production process, which may or may not be apart of the final product.  Indirect Labor  includes the labor cost of all the workers who support the production process. Examples: Janitors who clean, supervisors, and guards to enforce security.  period cost or nonmanufacturing cost  associated with the selling of products and the administration of the business.  Selling Costs  costs that are associated with the storage, sale, and delivery of finished goods.  general and administrative costs  a category that includes all the costs associated with the general management of the company.  Product Costs  DM, DL, Electricity, Indirect materials, machine depreciation, factory rent, production manager's salary.  Period Costs  Sales commission, packaging for delivery, depreciation on delivery trucks, marketing vice  president's salary, Advertising.  Raw Materials Inventory  when the company purchases raw materials for use in the production process, the costs of those  materials is recorded in raw materials inventory.  Supplies Inventory  record the cost of indirect materials and direct materials.  Work in process inventory  account records the costs of all products that have been started but are not yet complete. DL and  manufacturing overhead are recorded in Work in process inventory.  Finished goods  the final inventory. Records all the production costs of completed products.  Ending Balance equation  Ending Balance=Beg. balance+ costs added during the period­Costs removed during the period.  Costs of goods manufactured  the cost of everything that is finished during the period, whether or not it was started during the  period.  Total manufacturing costs  incurred during the period­the direct materials used in the production, direct labor incurred, and  manufacturing overhead incurred.  Total Manufacting Cost Equation  Total Manufacturing Cost=DMused +DL+MOH  Cost of Goods Manufactured Equation  Cost of Goods Manufactured=Total Manufacturing costs+WIPbeg.+WIPend.  Job Order Costing System  products are manufactured in batches or jobs, and product costs are accumulated for each batch  or job.  Job cost sheet  accumulates and summarizes all the costs incurred during the job.  Applied overhead equation Applied Overhead=Predetermined overhead rate * Actual amount of application base  Underapplied overhead not enough overhead cost was charged to products as they were made.  Overapplied overhead more overhead was recorded in the WIP inventory account than was actually incurred during the  period.  Predetermined Overhead rate Equation Predetermined overhead rate= (Budgeted total manufacturing overhead/Budgeted level of  application base) 


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