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The document summarizes key aspects of a job order costing system used by manufacturing companies. It discusses how raw material inventory, work in progress inventory, and finished goods inventory accounts are used to track costs. Manufacturing overhead costs like repairs and property taxes are recorded periodically and allocated to jobs. Time tickets and job order sheets are source documents used to assign direct labor and material costs to specific jobs.
The document summarizes key aspects of a job order costing system used by manufacturing companies. It discusses how raw material inventory, work in progress inventory, and finished goods inventory accounts are used to track costs. Manufacturing overhead costs like repairs and property taxes are recorded periodically and allocated to jobs. Time tickets and job order sheets are source documents used to assign direct labor and material costs to specific jobs.
The document summarizes key aspects of a job order costing system used by manufacturing companies. It discusses how raw material inventory, work in progress inventory, and finished goods inventory accounts are used to track costs. Manufacturing overhead costs like repairs and property taxes are recorded periodically and allocated to jobs. Time tickets and job order sheets are source documents used to assign direct labor and material costs to specific jobs.
summarizes the detailed data (Sub ledger) regarding specific inventory accounts in the subsidiary ledger.
Cost assign each job 0or atch; to
compute cost per job
Job Order Cost Mftg. Cost- WIP Invtry- FG Invtry- COGS
System- Manufacturing Cost MOH records daily ex. machinery repairs, inDM/DL Records periodically- property taxes, deprn insurance; Controlled Acct. Job Order Sheet-specific job, total & Unit cost IF assigned in WIP; Debit to WIP Inty; Credit to completed; Summarize Jost complted (transferred to RM, FL, MOH FG to await sale) & not completed at the end of acctg. period Documents Source Material Requisation Slip-authorisation issue RM Source documents posting Job Cost sheet & WIP Inty