Kế toán, kiểm toán - Chapter 19: Job order cost accounting
Process
Costing
Job
Costing
Used for production of large, unique, or
high-cost items.
Built to order rather than mass produced.
Many costs can be directly traced to each job
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Chapter 19JOB ORDER COST ACCOUNTINGProcess CostingJob Costing Used for production of large, unique, or high-cost items. Built to order rather than mass produced. Many costs can be directly traced to each job.COST ACCOUNTING SYSTEMS Chapter 20C 1Process CostingJob Costing Typical job order cost applications: Special-order printing Building construction Also used in service industry Hospitals Law firms Chapter 20JOB ORDER PRODUCTIONC 1Receive order from customer.Predict cost to complete job.Negotiate a sales price and decide whether to pursue the job.Schedule production of the job.EVENTS IN JOB ORDER COSTINGC 1 Goods in ProcessCost of Goods SoldLaborMaterialsIndirectIndirectFinished GoodsFactory OverheadDirectDirectAllocate JOB ORDER PRODUCTION ACTIVITIESC 1JOB COST SHEETP 3 Road Warriors uses a predetermined overhead rate (POHR) based on direct labor cost to apply overhead to jobs.Estimated total manufacturing overhead cost for the coming periodEstimated total direct labor costs for the coming periodPOHR =POHR = = 160% of direct labor $$200,000$125,000PREDETERMINED OVERHEAD RATEP 3Materials Ledger CardsMaterials Ledger CardsMaterials Ledger CardsMaterials RequisitionDirect materialsThe materials requisition indicates the cost of direct materials to charge to jobs and the cost of indirect materials to charge to overhead.Indirect materialsJob Cost SheetsJob Cost SheetsJob Cost SheetsJob Cost SheetsFactory Overhead AccountMaterial Cost Flows and DocumentsP 1Employee time tickets indicate the cost of direct labor to charge to jobs and the cost of indirect labor to charge to overhead.Job Cost SheetsFactory Overhead AccountJob Cost SheetsJob Cost SheetsJob Cost SheetsDirect LaborIndirect LaborEmployee Time TicketEmployee Time TicketEmployee Time TicketEmployee Time TicketLabor Cost Flows and DocumentsP 2MaterialPurchasesDirect MaterialDirect MaterialActual Overhead CostsIndirect Material Dr Cr Dr Cr Dr CrSummary of Cost FlowsP 1IncurredDirect Material Actual Applied factory factory overhead overhead=/an adjustment is needed. We will look at how to accomplish this later.WhenDirect LaborDirect LaborIndirect Labor Actual Overhead CostsOverheadOverhead Applied to Work in Process Dr Cr Dr Cr Dr CrSummary of Cost FlowsP 2P 3Direct Material Direct Labor OverheadCost of Goods Mfd. Cost of Goods Mfd. Cost of Goods Sold Cost of Goods Sold Dr Cr Dr Cr Dr CrSummary of Cost FlowsP 3OVERHEAD APPLICATIONOverhead is not incurred uniformly during the year.Actual overhead rate might vary from month to month.Predetermined rate makes it possible to estimate job costs sooner.Reasons for using a POHR (predetermined overhead rate)P 4Overhead is overapplied.Overhead applied to Work in Process(POHR × Activity)Actual overhead costs incurredADJUSTMENT OF OVERAPPLIED OR UNDERAPPLIED OVERHEADP 4Overhead is underapplied.Actual overhead costs incurredOverhead applied to Work in Process(POHR × Activity)ADJUSTMENT OF OVERAPPLIED OR UNDERAPPLIED OVERHEADP 4Adjusting Cost of Goods Sold for underapplied or overapplied overheadADJUSTMENT OF OVERAPPLIED OR UNDERAPPLIED OVERHEADP 4END OF CHAPTER 19
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