Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
اسلاید 1: Chapter 4Job Order CostingCost AccountingFoundations and EvolutionsKinney, Prather, Raiborn
اسلاید 2: Learning Objectives (1 of 3)Contrast the job order and process costing systems and their valuation methodsDefine what the term ‘job’ meansExplain the purpose of the documents used in a job order costing system
اسلاید 3: Learning Objectives (2 of 3)List the journal entries used to accumulate costs in a job order costing systemIdentify how technology impacts the gathering and use of information in job order costing systems
اسلاید 4: Learning Objectives (3of 3)Explain how standard costs are used in a job order costing systemDescribe how job order costing information supports management decision makingExplain how losses are treated in a job order costing system
اسلاید 5: Job Order or Process CostingJob OrderSmall quantitiesBatches of identifiable, tailor-made productsUser-specific servicesTracks costs by jobProcessLarge quantitiesHomogeneous goodsTracks costs by batch of goods by department
اسلاید 6: Job Order CostingA job is a single unit or group of units identifiable as being produced to distinct customer specificationsA job can be aClientEngagementProject Contract
اسلاید 7: Methods of Product CostingCost Accumulation System definescost object method of assigning costs to productionValuation Method specifieshow product costs will be measured
اسلاید 8: Six PossibilitiesJob OrderActualNormalStandardProcess ActualNormalStandardVAL MU EA TT HI OO DNCOSTING SYSTEM
اسلاید 9: Job Order Costing SystemEach job is a cost objectCosts are accumulated for each job A job can consist of one or more units of outputThere is a subsidiary ledger for each job
اسلاید 10: Job Order Costing SystemWIP ControlJob 2Job 1Job 3Job 1 + Job 2 + Job 3 = WIP ControlWIP Subsidiary Ledger=Job 1 100Job 2 200Job 3 500Total 800100200500
اسلاید 11: Material Requisition FormTracks who is responsible for materialsVerifies flow of materials from warehouse to department to job
اسلاید 12: Job Order Cost SheetAll financial information about a jobdirect material (from material requisition)direct labor (from time sheets or labor tickets)applied overheadbudgeted cost information When job is complete, use job order cost sheet to analyze actual costs to budgeted costs
اسلاید 13: Employee Time SheetTime worked on each job
اسلاید 14: Job Order Costing and Technology Automate data collection and data entryAccounting software includes job costing modulesShare information using intranet
اسلاید 15: IntranetRestricted network for sharing information and delivering data from corporate databases to local-area network (LAN) desktops
اسلاید 16: Standard Cost SystemActual costNormal costStandard costPredetermined norms (or standards) for materials, labor, and overheadCompare actual costs to standard costs - difference is a variance
اسلاید 17: Management Use of Job Order Costing SystemsEstimate future job costsEstablish realistic bids and selling pricesDevelop budgets and standardsCompare actual costs to estimated costsDetermine which jobs are profitableManage inventory
اسلاید 18: Product and Material LossesShrinkage EvaporationLeakageOxidationProduction errorsDefects can be economically reworkedSpoilage cannot be economically reworked
اسلاید 19: Product and Material LossesNormal Loss – expected during productionAbnormal Loss – exceeds that expected during production
اسلاید 20: Product and Material LossesNormalLossAbnormalLoss Loss for most jobsLoss identifiedwith a specific jobIn overheadratePeriod costCharge tospecific jobPeriod cost
اسلاید 21: QuestionsWhat is the difference between job order and process costing systems?How do actual, normal, and standard costing valuation methods differ?How is the job order cost sheet used?
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