Chapter 16 Job Costing Appendix A_1

Chapter 16 Job Costing Appendix A_1 - Chapter 16 Appendix A...

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Copyright © 2009 School of Accountancy, Arizona State University Chapter 16 Appendix A Job Costing – Continued Recording Transactions
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Copyright © 2009 School of Accountancy, Arizona State University Cost Systems-Review Job costing Assigns costs to each specific unit or small batch of products that pass through production as a distinct identifiable job Each job is a separate cost object Examples: building construction, custom furniture, accounting firms, health care, mail order catalogs Process costing Assigns costs to large numbers of identical units Track costs by departments or processes Examples: Production of batches of chocolate, manufacture of yoga mats, etc.
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Copyright © 2009 School of Accountancy, Arizona State University Work in Process Cost of Goods Sold Labor Materials Indirect Finished Goods Factory Overhead Direct Direct Allocate Cost Flow for Job Cost Components The job’s cost becomes the basis for valuing inventory and cost of goods sold
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Copyright © 2009 School of Accountancy, Arizona State University Raw Materials Material Purchases Direct Direct Material Material Direct Direct Material Material Accounting for Materials Actual Overhead Costs Indirect Material Overhead Control Work in Process
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Copyright © 2009 School of Accountancy, Arizona State University JEs for Materials
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This note was uploaded on 01/07/2012 for the course ACC 241 taught by Professor Karengeiger during the Fall '08 term at ASU.

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Chapter 16 Job Costing Appendix A_1 - Chapter 16 Appendix A...

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