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Overview of Job Order Costing

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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Overview of Job Order Costing

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  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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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