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individual units or batches.
Job-Order Costing Basic Records
Job-cost record Materials requisitions
Labor time cards
Process Costing Compared With Job Costing
Basic Costing Terminology…
• Several key points from prior chapters:
– Cost Objects - including responsibility centers, departments, customers, products, etc.
Direct materials Direct labor
Indirect resource cost
Job 100
Finished goods
JoБайду номын сангаас 101
Cost of goods sold
Job costing, process costing In each of the following situations, determine whether job costing or process costing would be more appropriate.
• Job-Costing: system accounting for distinct cost objects called Jobs. Each job may be different from the next, and consumes different resources
– Wedding announcements, aircraft, advertising, auditing
upon which to build a systematic method of distributing indirect costs.
– For example, let’s say that direct labor hours cause indirect costs to change. Accordingly, direct labor hours will be used to distribute or allocate costs among objects based on their usage of that cost driver
Costing Systems
• Process-Costing: system accounting for mass production of identical or similar products. Continuous production. Such as :
– Oil refining, orange juice, Bao Steel
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Job costing, process costing
i) A flour mill j) A paint manufacturer k) A medical care facility l) A landscaping company m) A cola-drink-concentrate producer n) A movie studio o) A law firm p) A commercial aircraft manufacturer q) A management consulting firm r) A breakfast-cereal company s) A catering service t) A paper mill u) An auto repair shop
Distinction Between Job-Order Costing and Process Costing
Process costing averages costs over large numbers of nearly identical products.
Job-order costing allocates costs to products that are identified by
Direct materials Direct labor
Indirect resource cost
Process A
Process B
Assembly
Finished goods
Cost of goods sold
Process Costing Compared With Job Costing
– Direct costs and tracing – materials and labor – Indirect costs and allocation - overhead
…logically extended
• Cost Pool – any logical grouping of related cost objects • Cost-allocation base – a cost driver is used as a basis
a) A CPA firm b) An oil refinery c) A custom furniture
manufacturer d) A tire manufacturer e) A textbook publisher f) A pharmaceutical company g) An advertising agency h) An apparel manufacturing
plant
Job costing Process costing Job costing
Process costing
Job costing
Process costing
Job costing
Job costing (some proceP©sea2sr0s)0on9
Prentice
Hall. All
