Assigning Manufacturing Costs to Work in Process

Assigning Manufacturing Costs to Work in Process -...

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ASSIGNING MANUFACTURING COSTS TO WORK IN PROCESS As Illustration  15-4  shows, assigning manufacturing costs to work in process results in the following  entries:  1.  Debits  made to Work in Process Inventory. 2.  Credits  made to Raw Materials Inventory, Factory Labor, and M An essential accounting record in assigning costs to jobs is a  job cost sheet , as shown in Illustration  15-5 . A  job cost sheet  is a form used to record the costs chargeable to a specific job and to determine  the total and unit costs of the completed job.     Illustration 15-5    Job cost sheet
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Unformatted text preview: typically maintain job cost sheets as computer files. Companies keep a separate job cost sheet for each job. The job cost sheets constitute the subsidiary ledger for the Work in Process Inventory account. A subsidiary ledger consists of individual records for each individual itemin this case, each job. The Work in Process account is referred to as a control account because it summarizes the detailed data regarding specific jobs contained in the job cost sheets. Each entry to Work in Process Inventory must be accompanied by a corresponding posting to one or more job cost sheets....
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This note was uploaded on 11/08/2011 for the course ACCOUNTING ac 202 taught by Professor - during the Fall '11 term at Montgomery.

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Assigning Manufacturing Costs to Work in Process -...

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