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Overview of Job Order Costing

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Overview of Job Order Costing - PowerPoint PPT Presentation


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Materials Inventory. Direct Labor. Direct Labor. Work in Process Inventory. Cost of goods manufactured. Factory Overhead. Factory Overhead. Finished Goods Inventory. Overview of Job Order Costing. Costs & Expenses. Product Costs. Balance Sheet. Materials Purchases. Materials

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Presentation Transcript
slide1

Materials

Inventory

Direct

Labor

Direct

Labor

Work in

Process

Inventory

Cost of goods manufactured

Factory Overhead

Factory Overhead

Finished

Goods

Inventory

Overview of Job Order Costing

Costs & Expenses

Product Costs

Balance Sheet

Materials

Purchases

slide2

Materials

Inventory

Direct

Labor

Direct

Labor

Work in

Process

Inventory

Factory Overhead

Factory Overhead

Cost of

Goods Sold

Selling and

Administrative

Overview of Job Order Costing

Costs & Expenses

Product Costs

Balance Sheet

Materials

Purchases

Period costs flow directly to the income statement

Income Statement

Finished

Goods

Inventory

Period Costs

Selling and

Administrative

slide3

DM

Flow of Manufacturing Costs - 1

Materials

Work in Process

Finished Goods

DM

Materials

Purchased

Cost of Goods Sold

Factory Overhead

Payroll Control

Total

Wages

DM

Direct materials used in production

slide4

IM

Flow of Manufacturing Costs - 2

Materials

Work in Process

Finished Goods

DM

DM

Materials

Purchased

IM

Cost of Goods Sold

Factory Overhead

Payroll Control

Total

Wages

IM

Indirect materials used in production

slide5

Flow of Manufacturing Costs - 3

Materials

Work in Process

Finished Goods

DM

DM

Materials

Purchased

DL

IM

Cost of Goods Sold

Factory Overhead

Payroll Control

IM

DL

Total

Wages

DL

Direct labor used in production

slide6

Flow of Manufacturing Costs - 4

Materials

Work in Process

Finished Goods

DM

DM

Materials

Purchased

DL

IM

Cost of Goods Sold

Factory Overhead

Payroll Control

IM

DL

Total

Wages

IL

IL

IL

Indirect labor used in production

slide7

OFOH

Flow of Manufacturing Costs

Materials

Work in Process

Finished Goods

DM

DM

Materials

Purchased

DL

IM

Cost of Goods Sold

Factory Overhead

Payroll Control

IM

DL

Total

Wages

IL

IL

OFOH

Other factory overhead (OFOH) costs incurred during production

slide8

Based on predetermined overhead rate

Flow of Manufacturing Costs - 5

Materials

Work in Process

Finished Goods

DM

DM

Materials

Purchased

DL

IM

FOHA

Cost of Goods Sold

Factory Overhead

Payroll Control

IM

DL

FOHA

Total

Wages

IL

IL

OFOH

FOHA

Factory overhead applied (FOHA) to work in process

slide9

COGM

Flow of Manufacturing Costs - 6

Materials

Work in Process

Finished Goods

COGM

DM

DM

Materials

Purchased

DL

IM

FOHA

Cost of Goods Sold

Factory Overhead

Payroll Control

IM

DL

FOHA

Total

Wages

IL

IL

OFOH

COGM

Cost of goods manufactured and transferred to finished goods

slide10

SOLD

Flow of Manufacturing Costs - 7

Materials

Work in Process

Finished Goods

COGM

COGM

SOLD

DM

DM

Materials

Purchased

DL

IM

FOHA

Cost of Goods Sold

Factory Overhead

Payroll Control

IM

DL

FOHA

Total

Wages

IL

IL

OFOH

SOLD

Finished goods sold

slide11

Cost of Services

Job Order Systems for Professional Service Businesses

Payroll Control

Work in Process

Direct labor

Completed jobs

xxx

xxx

xxx

Indirect labor

Supplies

Overhead

Used xxx

xxx

Applied xxx

Purchased xxx

xxx

Other costs xxx

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