CH 3 Cost

Cost & Management Accounting I Chapter 3 Job – Order 2015
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CHAPTER THREE
JOB-ORDER COSTING SYSTEM

3.1 Overview of Costing System
Before the cost of products can be computed, a determination must be made about the product costing
system and the valuation method to be used. The product costing system defines the cost object and the
method of assigning costs to production. The valuation method specifies how product costs will be
measured. A primary role for cost accounting is to determine the cost of an organization’s products or
services. Just as various methods (first-in, first-out; last-in, first-out; average; specific identification) exist
AKU, CBE, Department of Accounting & Finance
Page 1 of 70AKU, CBE, Department of Accounting & Finance
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to determine inventory valuation and cost of goods sold for a retailer, different methods are available to
value inventory and calculate product cost in a manufacturing or service environment. The method chosen
depends on the product or service and the company’s conversion processes. A cost flow assumption is
required for processes in which costs cannot be identified with and attached to specific units of production.
3.2 Building-Block Concepts of Costing Systems

Ω Cost assignment is a general term for assigning costs, whether direct or indirect, to a cost object.
Ω Cost tracing is a specific term for assigning direct costs;
Ω Cost allocation specifically refers to assigning indirect costs.
The relationship among these three concepts can be graphically represented as follows:

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3.3 Introduction to Costing System

In computing the cost of a product or a service, managers are faced with a difficult problem. Many costs
(such as rent) do not change much from month to month, whereas production may change frequently, with
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production going up in one month and then down in another. In addition to variations in the level of
production, several different products or services may be produced in a given period in the same facility.
Under these conditions, how is it possible to accurately determine the cost of a product or service? In
practice, assigning costs to products and services involves averaging across time and across products. The
way in which this averaging is carried out depends heavily on the type of production process. There are
two basic systems used by manufacturers to assign costs to their products:
(1) Job-order costing
(2) Process costing
1. Job-Order Costing System- is a type of cost system that provides for a separate record of the cost
of each particular quantity of product that passes through the factory and used by companies with

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products that are unique and divisible.

 The record-keeping and cost assignment problems are more complex when a company sells many
different products and services than when it has only a single product. Since the products are
different, the costs are typically different. Consequently, cost records must be maintained for each
distinct product or job.
 Businesses that use job-order costing includes construction companies, furniture manufacturers,
repair shops, printing firms, garages, service giving organization, garages etc.
3.4 Essentials of a Good Costing System
For availing of maximum benefits, a good costing system should possess the following characteristics.

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Costing system adopted in any organization should be suitable to its nature and size of the business and
its information needs.
A costing system should be such that it is economical and the benefits derived from the same should be
more than the cost of operating of the same.
Costing system should be simple to operate and understand. Unnecessary complications should be
avoided.
Costing system should ensure proper system of accounting for material, labor and overheads and there
should be proper classification made at the time of recording of the transaction itself.
Before designing a costing system, need and objectives of the system should be identified.

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The costing system should ensure that the final aim of ascertaining of cost as accurately possible should
be achieved.
3.5 Features of Job order costing System
 The production is always against customer’s order and not for stock. Each job has its own
characteristics and needs special treatment. Job is taken as separate cost unit and a separate job account
is opened for each job in Work-In-Progress ledger.
 On the receipts of order, the production planning department prepares a suitable design for each product
or job. It works out the requirements of materials for order and plans the list of operations.
 A job order, containing instructions to various departments to execute the job, is prepared. It contains
detail information regarding the quantity to be manufactured, time required for the job etc.

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 The costing department allots a distinct number to each job and opens a job cost sheet. A job cost sheet
is made separately for each job regardless of the time taken for its completion. As costs are incurred in
respect of a job, entries are made in this sheet. As the job proceeds with each department, the labor
costs as well as the materials costs are entered on the job cost sheet; overhead costs are also charged to
each job according to predetermined overheads rate.
 On the completion of the job, the job account as kept in Work-In-Progress ledger is closed by transfer
to the finished goods ledger.
Advantages of Job Order Costing System

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 It provides a detail analysis of costs of materials, labour, and overheads. These costs are available daily,
weekly or as often as required. This helps the management to know the trend of costs and to control the
efficiency of operation.
 It enables the management to detect which job is more profitable than other, which are less profitable
and which are incurring losses.
 It provides a basis for estimating the cost of similar jobs taken up in future. It also helps in future
production planning.
 The adoption of predetermined overhead rate in job costing necessitates the application of a system of
budgetary control of overheads with all its advantages.

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 Spoilage and defective work can be easily identified and responsibility may be fixed on department or
individuals. This helps the management to take effective steps in reducing these to the minimum.
 If estimates have been prepared in advance, actual can be compared with estimates for controlling
costs.
Limitation of Job Order Costing System
Ω It involves a great deal of clerical work in recording daily the cost of materials issued, cost of labour
engaged and overheads chargeable to each job. This adds to the cost and becomes quite expensive.
Ω With increasing in clerical work, the chance of error also increase.
Ω Job costing is an actual costing or historical costing method. It does not provide for the control of costs
unless it is used with estimated or standard costing system.

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Ω Determination of predetermined overhead rates may involve budgeting of overheads expenses. But the
scheme of budgetary control may not be complete as it may not be extended to labour, materials and
selling and distributing expense.
2. Process Costing System is used in situations where the company produces many units of a single
product for long periods.
 Process costing systems accumulate costs in a particular operation or department for an entire
period (month, quarter, or year) and then divide this total cost by the number of units produced
during the period. The basic formula for process costing is:
Unit product cost = Total manufacturing cost

Total units produced
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Since one unit of product is indistinguishable from any other unit of product, each unit produced
during the period is assigned the same average cost. This costing technique results in a broad,
average unit cost figure that applies to homogeneous units flowing in a continuous stream out of the
production process.
Companies that use processes costing are cement factory, petroleum refineries, flour companies,
beer factories, textile factories etc.
3.6 Similarities & Differences between Job-Order & Process Costing Systems
Their similarities:

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& Both deals with assigning materials, labor, overhead to product as a way to calculate the unit
product cost.
& Both systems use Raw Materials Inventory, Work in Process Inventory, and Finished Goods
Inventory.
& The flow of costs is similar, but not exactly the same, in the two systems.
& Both systems use identical journal entries.

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Their Differences:

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Base of Job-order Costing System Process Costing System

Comparison
Type of Many products are produced during A single product is produced for a long period
product the period (Heterogeneous products). of time (Homogeneous product).
Cost Costs are accumulated by individual Costs are accumulated by departments or cost
accumulation jobs for specified number of units. center for a specified period of time.
Cost per unit Unit costs are computed by job on a Unit costs are computed by department on
job cost sheet as follows: production report as follows:
Unit cost = Cost of each job Unit cost = Total manufacturing costs
Units produced during the yr.
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Units produced for the job
Reporting By job By cost center or department

Tracing Traces manufacturing costs to a Traces manufacturing costs to processes,
specific job order departments, or work cells and then assigns the
costs to products manufactured
Measurement Measures the cost of each completed Measures costs in terms of units completed
s unit during a specific period
WIP Uses a single WIP inventory account Uses several WIP inventory account, one for
to summarize the cost of all job each process, department or work cell

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orders
Note: Most companies have costing system that are neither pure job costing nor pure process costing,
rather they combine elements of both job costing & process costing. This is called hybrid costing system.
3.7 Source of Documents for Job Order Costing
Source document are the original record that supports journal entries in accounting system. The key source
of document in job order costing system is job cost sheet (job cost record) this document records and
accumulates all the cost (direct material, direct labour, and MOH cost) assigned to a specific job.
Job Order Cost Sheet

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Customer Name _____________ Job order name ___________

Product ___________________ Date started ______________
Quantity ___________________ Date completed ___________
Direct material Direct labor Factory overhead

Date Type Amount Date Hours Amount Date Amount
Source document also exist for individual items in a job.
A materials requisition form is used to authorize the use of materials on a job. The materials requisition
form is a detailed source document that specifies the type and quantity of materials to be drawn from the
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storeroom and identifies the job that will be charged for the cost of the materials. The form is used to
control the flow of materials into production and also for making entries in the accounting records.
Material Requisition Record

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Record No ________________
Job No ___________________
Date ____________________
Number Description Quantity Unit Cost Total Cost

1 XX1 100 Br. 4 Br. 400
2 ZZ4 20 10 200
3 YY5 70 5 350

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Labor Time Record (Employees time ticket or time card): Workers use time tickets to record the time
spent on each job. A completed time ticket is an hour-by-hour summary of the employee’s activities
throughout the day.
Labour Time Record (Time Tickets)
Record No _____________ Employee No __________
Employee _____________ Job No _______________
Date _________________ Work description ________
Number Description Quantity Unit Cost Total Cost

1 XX1 100 Br. 4 Br. 400
2 ZZ4 20 10 200
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3 YY5 70 5 350
Approved by: ____________________
 At the end of the day, the time tickets are gathered and the Accounting Department enters the direct
labor-hours and costs on individual job cost sheets. The daily time tickets are source documents that
are used as the basis for labor cost entries into the accounting records.
Measuring Manufacturing Overhead Costs
Overhead costs can be substantial in manufacturing and service organizations. The ability to estimate and
correctly apply overhead is a major factor in the relative success of custom producers. Actual overhead

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incurred during production is included in the Manufacturing Overhead control account. If actual overhead
is applied to jobs, the cost accountant will wait until the end of the period and divide the actual overhead
incurred in each designated cost pool by a related measure of activity or cost driver. Actual overhead would
be applied to jobs by multiplying the actual overhead rate by the actual measure of activity associated with
each job. More commonly, overhead is applied to jobs using one or more annualized predetermined
overhead application rates. Overhead is assigned to jobs by multiplying the predetermined rate by the
actual measure of the activity base that was incurred during the period for each job. This method is called
normal costing. Many companies modify actual cost systems by using predetermined overhead rates rather
than actual overhead costs. This combination of actual direct materials and direct labour costs with
predetermined overhead rates is called a normal cost system. If the predetermined rate is substantially

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equivalent to what the actual rate would have been for an annual period, its use provides acceptable and
useful costs. An alternative to an actual cost system is a normal cost system, which uses actual direct
material and direct labor costs and a predetermined overhead (OH) rate or rates.
Allocation base: is a measure such as direct labour hours (DLH) or machine hours (MH) that is
used to assign overhead costs to products and services. In job cost systems, each job has its own
overhead allocation; that allocation can be anything management finds relevant.
Predetermined Overhead Rate: A rate used to charge overhead cost to jobs in production; the
rate is established in advance for each period by use of estimates of total manufacturing overhead
cost and of the total allocation base for the period. It is a budgeted and constant charge per unit of

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activity that is used to assign overhead cost from an Overhead Control account to Work in Process
Inventory for the period’s production or services.
Three primary reasons exist for using predetermined overhead rates in product costing. First, a
predetermined rate allows overhead to be assigned during the period to the goods produced or services
rendered. Thus, a predetermined overhead rate improves the timeliness (though it reduces the precision) of
information. Second, predetermined overhead rates compensate for fluctuations in actual overhead costs
that are unrelated to activity. Overhead may vary monthly because of seasonal or calendar factors. Third,
predetermined overhead rates overcome the problem of fluctuations in activity levels that have no impact
on actual fixed overhead costs. Even if total production overhead were the same for each period, changes in
activity would cause a per-unit change in cost because of the fixed cost element of overhead.

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Predetermined overhead rate: Estimated manufacturing overhead costs

Estimated direct labour Hrs (machine Hrs)
Overhead Application: The process of charging manufacturing overhead cost to job cost sheets and to the
Work in Process account. Note that the predetermined overhead rate is based on estimated rather than
actual figures. This is because the predetermined overhead rate is computed before the period begins and is
used to apply overhead cost to jobs throughout the period. The process of assigning overhead cost to jobs is
called overhead application. The formula for determining the amount of overhead cost to apply to a
particular job is:
Overhead applied to = Predetermined X Amount of the allocation
a particular job overhead rate base incurred by the job
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Example: The Company has estimated its total manufacturing overhead costs to be Br. 820,000 for the year
and its total direct labour-hours to be 40,000.direct labour cost is considered as allocation base. Its
predetermined overhead rate for the year would be Br. 20.5 per direct labour-hour, as shown below:
Predetermined = Estimated manufacturing overhead costs
Overhead rate Estimated direct labour Hrs (machine Hrs)
=Br. 820,000 = Br. 20.5/Direct Labor Hour
40,000DLH
Assume the company’s job cost sheet indicates that 200 direct labour hours were charged to job 2D57.
Therefore, the total overhead cost applied to the job is:

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Overhead applied to = Predetermined X Amount of the allocation

Job 2D57 overhead rate base (DLH) charged to job 2D57
=Br. 20.5/DLH X 200
= Br. 4,100
This amount of overhead has been entered on the job cost sheet. Note that this is not the actual amount of
overhead caused by the job. There is no attempt to trace actual overhead costs to jobs—if that could be
done, the costs would be direct costs, not overhead. The overhead assigned to the job is simply a share of
the total overhead that was estimated at the beginning of the year. When a company applies overhead cost
to jobs is done, by multiplying actual activity times the predetermined overhead rate—it is called a normal
cost system.

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The overhead may be applied as direct labour-hours are charged to jobs, or all of the overhead can be
applied at once when the job is completed. The choice is up to the company. If a job is not completed at
year-end, however, overhead should be applied to value the work in process inventory.
Example: different companies may use different basis in computing their predetermined overhead rate,
from the following data compute the predetermined rate to be used by each company.
Company
A B C
Machine Hours 103,000 212,000 125,000
Direct labour hours 52,000 48,000 39,000
Manufacturing O.H cost $780,000 816,000 695,000

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Solution
Basis for determine predetermine overhead rate:
Company A: M.O.H cost 780,000 = 15/hr
D.L hours 52,000
Company B M.O.H cost 816,000 = 3.85/hr
Machine hours 212,000
Company C M.O.H cost 695,000 = 5.56/hr
Machine hours 125,000
The Need for a Predetermined Rate

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Instead of using a predetermined rate, a company could wait until the end of the accounting period to
compute an actual overhead rate based on the actual total manufacturing costs and the actual total units in
the allocation base for the period. However, managers cite several reasons for using predetermined
overhead rates instead of actual overhead rates:
1. Managers would like to know the accounting system’s valuation of completed jobs before the end
of the accounting period. Suppose, for example, company waits until the end of the year to compute
its overhead rate. Then there would be no way for managers to know the cost of goods sold for job
until the close of the year, even though the job was completed and shipped to the customer. The
seriousness of this problem can be reduced to some extent by computing the actual overhead more
frequently, but that immediately leads to another problem.

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2. If actual overhead rates are computed frequently, seasonal factors in overhead costs or in the
allocation base can produce fluctuations in the overhead rates. Managers generally feel that such
fluctuations in overhead rates serve no useful purpose and are misleading.
3. The use of a predetermined overhead rate simplifies record-keeping. To determine the overhead cost
to apply to a job, the accounting staffs simply multiplies the direct labour-hours recorded for the job
by the predetermined overhead rate direct labour-hour. For these reasons, most companies use
predetermined overhead rates rather than actual overhead rates in their cost accounting systems
Note: Different companies use different basis in computing their predetermined overhead rate.
Steps for costing a job: The following are the steps for costing a job;
1. Identify the job(cost object)

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2. Identify the direct cost of job

3. Identify the indirect cost pool
4. Select the cost allocation base(machine hour, labour hour etc)
5. Develop the rate per unit of allocation base
6. Assign cost to the cost object by adding direct cost and indirect cost
Under Applied and Over Applied Overhead
Since the predetermined overhead rate is established before a period begins and is based entirely on
estimated data, there generally will be a difference between the amount of overhead cost applied to Work in
Process and the amount of overhead cost actually incurred during a period. The difference between the
overhead cost applied to Work in Process and the actual overhead costs of a period is termed either under

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applied or over applied overhead. What the cause is for under applied or over applied overhead? The
basic problem is that the method of applying overhead to jobs using a predetermined overhead rate assumes
that actual overhead costs will be proportional to the actual amount of the allocation base incurred during
the period. If, for example, the predetermined overhead rate is $20.5 per machine-hour, then it is assumed
that actual overhead costs incurred will be $20.5 for every machine-hour that is actually worked. There are
at least two reasons why this may not be true. First, much of the overhead often consists of fixed costs.
Since these costs are fixed, they do not grow as the number of machine-hours incurred increases. Second,
spending on overhead items may or may not be under control. If individuals who are responsible for
overhead costs do a good job, those costs should be less than were expected at the beginning of the period.
If they do a poor job, those costs will be more than expected.

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Example: The information given below has been taken from the costing record of an engineering work in
respect of job number 404.
Material cost...................................................................... birr 4010
Wages .........................................department A 60@ Br 3
Wages .........................................department B 40@ Br 2
Wages .........................................department C 20@ Br 5
Overhead costs for these departments were estimated as follows:
Department A Br 5000 for 5000 labour hours
Department B Br 3000 for 1500 labour hours
Department C Br 2000 for 500 labour hours

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Fixed overheads estimated at Br 20,000 for 10,000 normal working hours.

Required: calculate the total manufacturing cost of job number 404 and the price to give profit of 25% on
selling price.
Solution: Job cost sheet
Job order number 404 total cost (Br)
Direct materials.............................................................................. 4010
Direct labour: Department A: 60 Hr * 3 = 180
B: 40 Hr * 2 = 80
C: 20 Hr * 5 = 100 360
Manufacturing Overheads:

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Variable overheads:
Department A: 60 Hr * 1 = 60
B: 40 Hr * 2 = 80
C: 20 Hr * 4 = 80 220
Fixed overheads: = 20,000/10,000 = 2/hr
Department A: 60 Hr * 2 = 120
B: 40 Hr * 2 = 80
C: 20 Hr * 2 = 40 240
Total manufacturing cost 4830
100% selling price = 75% total cost

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? 4830
4830/75% *100% = 6440 sales
Sales 6440
Less: cost 4830
Profit 1610
ACCOUNTING PROCEDURES FOR JOB ORDER COSTING

Major accounting procedures in job order costing system are:
Receive job order & purchase of raw materials
Transfer raw materials to WIP
Recording labour to WIP
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Recording actual MOH cost incurred

Allocating MOH cost to WIP
Transferring WIP to Finished Goods
Transferring Finished Goods to Customers.
ILLUSTRATION:
Hogle Corporation is a manufacturer that uses job-order costing. On January 1, the beginning of its fiscal
year, the company’s inventory balances were as follows:
Raw materials . . . . . . . . . . . . $20,000
Work in process . . . . . . . . . . $15,000
Finished goods . . . . . . . . . . . $30,000

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The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the
company estimated that it would work 75,000 machine-hours and incur $450,000 in manufacturing
overhead cost. The following transactions were recorded for the year:
a) Raw materials were purchased on account, $410,000.
b) Raw materials were requisitioned for use in production, $380,000 ($360,000 direct materials and
$20,000 indirect materials).
c) The following costs were accrued for employee services: direct labor, $75,000; indirect labor,
$110,000; sales commissions, $90,000; and administrative salaries, $200,000.
d) Sales travel costs were $17,000.
e) Utility costs in the factory were $43,000.

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f) Advertising costs were $180,000.

g) Depreciation was recorded for the year, $350,000 (80% relates to factory operations, and 20%
relates to selling and administrative activities).
h) Insurance expired during the year, $10,000 (70% relates to factory operations, and the remaining
30% relates to selling and administrative activities).
i) Manufacturing overhead was applied to production. Due to greater than expected demand for its
products, the company worked 80,000 machine-hours during the year.
j) Goods costing $900,000 to manufacture according to their job cost sheets were completed during
the year.

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k) Goods were sold on account to customers during the year for a total of $1,500,000. The goods cost
$870,000 to manufacture according to their job cost sheets.
Required:
1) Prepare journal entries to record the preceding transactions.
2) Post the entries in (1) above to T-accounts (don’t forget to enter the beginning balances in the
inventory accounts).
3) Is Manufacturing Overhead under applied or over applied for the year? Prepare a journal entry to
close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Do not allocate
the balance between ending inventories and Cost of Goods Sold.
4) Prepare an income statement for the year.

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Job Order Costing- Cost Flow

 Purchase of Row Materials: when a manufacturing company purchase raw materials to be used for
production purpose; the journal entry required is
Raw materials………..xxx
Account payable/cash…….xxx
Example; On April 1, Rand Company had $7,000 in raw materials on hand. During the month, the
company purchased an additional $60,000 in raw materials.
Raw Materials . . . . . . . . . . . . . . . . . . . 60,000
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . ... 60,000

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As explained above, Raw Materials are an asset account. Thus, when raw materials are purchased, they are
initially recorded as an asset—not as an expense.
 Issuance of Raw Materials: When material is issued, its cost is released from Raw Material Inventory,
and if direct to the job, is sent to Work in Process Inventory. If the Raw Material Inventory account also
contains indirect material, the costs of these issuances are assigned to Manufacturing Overhead. When
a company issues both direct and indirect materials from the storeroom using the material requisition
form for use in the production, then journal entry will be:
Work in Process Inventory (if direct)….. XXX
Manufacturing overhead (if indirect)…… XXX
Raw Material Inventory………… XXX

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Work-in-process (manufacturing) account is used to accumulate the costs of goods that have been placed
in production but have not yet been completed.
Example; During April, $52,000 in raw materials were requisitioned from the storeroom for use in
production. This amount included $50,000 of direct materials used on Job #245 and the remaining $ 2000
of raw materials issued during April was indirect materials.
Work in Process . . . . . . . . . . . . . . . . . . . . 50,000
Manufacturing Overhead . . . . . . . . . . . . . . 2,000
Raw Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000

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The materials charged to Work in Process represent direct materials for specific jobs. As these materials are
entered into the Work in Process account, they are also recorded on the appropriate job cost sheets. Where
$28,000 of the $50,000 in direct materials is charged to job A’s cost sheet and the remaining $22,000 is
charged to job B’s cost sheet. The $2,000 charged to Manufacturing Overhead in entry represents indirect
materials used in production during April. Observe that the Manufacturing Overhead account is separate
from the Work in Process account. The purpose of the Manufacturing Overhead account is to accumulate
all manufacturing overhead costs as they are incurred during a period.
Issue of Direct Materials Only- Sometimes the materials drawn from the Raw Materials inventory
account are all direct materials. In this case, the entry to record the issue of the materials into production
would be as follows:

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Work in Process . . . . . . . . . . XXX

Raw Materials . . . . . . . . . . . . . . . . . . XXX
 Labor Costs: Company may incur both direct and indirect labor cost during the production process.
Time spent on the job is multiplied by the employee’s wage rate, and the amounts are summed to find
total direct labor cost for the period. The summation is recorded on the job order cost sheet. Time sheet
information is also used for payroll preparation; the journal entry to record such information is
Work in Process Inventory (if direct)……… XXX
Manufacturing Overhead (if indirect) ………XXX
Salaries and Wages Payable………… XXX

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Example: The January time sheets and payroll summaries for production were used to trace direct and
indirect labor. Total labor cost for the production for April was $75,000. During April, $40,000 of direct
labour cost was charged to job A and the remaining $20,000 was charged to job B. thus, out of $75,000
total labor cost, $60,000 assigned to direct labor cost ( job A & B) combining the two biweekly pay
periods in April and the indirect labor cost for the month totalled $15,000.
Work in Process . . . . . . . . . . . . . . . . . . . . . . . 60,000
Manufacturing Overhead . . . . . . . . . . . . . . . . 15,000
Salaries and Wages Payable . . . . . . . . . . . . . . . . . . 75,000
Only direct labour is added to the Work in Process account i.e. amounted to $60,000 for April. At the same
time that direct labour costs are added to Work in Process, they are also added to the individual job cost

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sheets. The labour costs charged to Manufacturing Overhead represent the indirect labour costs of the
period, such as supervision, janitorial work, and maintenance.
 Manufacturing Overhead Costs: Recall that all costs of operating the factory other than direct
materials and direct labour are classified as manufacturing overhead costs. These costs are entered
directly into the Manufacturing Overhead account as they are incurred. To illustrate, assume that Rand
Company incurred the following general factory costs during April: Utilities (heat, water, and power)
$21,000, Rent on factory equipment $16,000, Miscellaneous factory costs $3,000
The following entry records the incurrence of these costs:
Manufacturing Overhead . . . . . . . . . . . . . . . . . . 40,000
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . 40,000

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In addition, let us assume that during April, Rand Company recognized $13,000 in accrued property taxes
and that $7,000 in prepaid insurance expired on factory buildings and equipment. The following entry
records these items:
Manufacturing Overhead . . . . . . . . . . . . . . . . . . 20,000
Property Taxes Payable . . . . . . . . . . . . . ………13,000
Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . 7,000
Finally, let us assume that the company recognized $18,000 in depreciation on factory equipment during
April. The following entry records the accrual of this depreciation:
Manufacturing Overhead . . . . . . . . . . . . . . . . . . . 18,000
Accumulated Depreciation . . . . . . . . . . . . . . . . . 18,000

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In short, all manufacturing overhead costs are recorded directly into the Manufacturing Overhead account
as they are incurred day by day throughout a period. It is important to understand that Manufacturing
Overhead is a control account for many—perhaps thousands— of subsidiary accounts such as Indirect
Materials, Indirect Labour, Factory Utilities, and so forth. As the Manufacturing Overhead account is
debited for costs during a period, the various subsidiary accounts are also debited. In the example above
and also in the assignment material for this chapter, we omit the entries to the subsidiary accounts.
 Applying Overhead to Production- The predetermined overhead rates are used throughout the year to
apply overhead to Work in Process Inventory. Overhead may be applied as production occurs, when
goods or services are transferred out of Work in Process Inventory, or at the end of each month.
Applied overhead is the amount of overhead assigned to Work in Process Inventory as a result of

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incurring the activity that was used to develop the application rate. Application is made using the
predetermined rate(s) and the actual level(s) of activity. Overhead can be recorded either in separate
accounts for actual and applied overhead or in a single account. If actual and applied accounts are
separated, the applied account is a contra account to the actual overhead account and is closed against it
at year-end. The alternative, more convenient, recordkeeping option is to maintain one general ledger
account that is debited for actual overhead costs and credited for applied overhead. When
predetermined rates are used, overhead is applied at the end of the period or at completion of
production, whichever is earlier. Overhead is applied at the end of each period so that the Work in
Process Inventory account contains costs for all three product elements (direct material, direct labor,

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and overhead). Overhead is applied to Work in Process Inventory at completion so that a proper product
cost can be transferred to Finished Goods Inventory. The journal entry to apply overhead follows.
Work in Process Inventory….. XXX
Manufacturing Overhead…. XXX
Example: Assume that Rand Company has used machine-hours in computing its predetermined overhead
rate and that this rate is $6 per machine-hour. Also assume that during April, 10,000 machine-hours were
worked on job A and 5,000 machine-hours were worked on job B (a total of 15,000 machine-hours). Thus,
$90,000 in overhead cost (15,000 machine-hours x $6/machine hour =$90,000) would be applied to Work
in Process. The following entry records the application of Manufacturing Overhead to Work in Process:
Work in Process . . . . . ... 90,000

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Manufacturing Overhead . . . . . . . . .90, 000

 Non-manufacturing Costs- In addition to manufacturing costs, companies also incur marketing and
selling costs. As explained in Chapter 2, these costs should be treated as period cost and charged
directly to the income statement. Non-manufacturing costs should not go into the Manufacturing
Overhead account. To illustrate the correct treatment of non-manufacturing costs, assume that Rand
Company incurred the following selling and administrative costs during April: Top-management
salaries $21,000 and other office salaries 9,000. The following entry records these salaries:
Salaries Expense . . . . . . 30,000
Salaries and Wages Payable . . . . . . . 30,000
Assume that depreciation on office equipment during April was $7,000. The entry is as follows:

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Depreciation Expense . . . . . . . . . . . . . . 7,000

Accumulated Depreciation . . . . . . . . . . 7,000
Pay particular attention to the difference between this entry and entry (6) where we recorded depreciation
on factory equipment. In journal entry (6), depreciation on factory equipment was debited to
Manufacturing Overhead and is therefore a product cost. In journal entry (9) above, depreciation on office
equipment was debited to Depreciation Expense. Depreciation on office equipment is considered to be a
period expense rather than a product cost.
Finally, assume that advertising was $42,000 and that other selling and administrative expenses in April
totalled $8,000. The following entry records these items:

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Advertising Expense . . . . . . . . . . . . . . ……. 42,000

Other Selling and Administrative Expense…. 8,000
Accounts Payable . . . . . . . . . . . . . . . . …………. 50,000
Because the amounts in entries (8) through (10) all go directly into expense accounts, they will have no
effect on the costing of Rand Company’s production for April. The same will be true of any other selling
and administrative expenses incurred during April, including sales commissions, depreciation on sales
equipment, rent on office facilities, insurance on office facilities, and related costs
Completion of Production (Cost of Goods Manufactured)-When a job has been completed, the total cost
of completed job are transferred from Work-In-Process account to Finished Goods account. When a job has
been completed, the finished output is transferred from production department to the finished goods

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warehouse. By this time, the Accounting Department will have charged the job with direct materials and
direct labour cost, and manufacturing overhead will have been applied using the predetermined rate. A
transfer of these costs must be made within the costing system that parallels the physical transfer of the
goods to the finished goods warehouse. The costs of the completed job are transferred out of the Work in
Process account and into the Finished Goods account. The sum of all amounts transferred between these
two accounts represents the cost of goods manufactured for the period. Therefore, the journal entry
required is as follows;
Finished Goods Inventory…… XXX

Work in Process Inventory……… XXX

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Example: In the case of Rand Company, let us assume that job A was completed during April. The
following entry transfers the cost of job A from Work in Process to Finished Goods:
Finished Goods . . ..... . 158,000
Work in Process . . .. . . . . . . . . 158,000
The $158,000 represents the completed cost of job A and will be shown on the job cost sheet. Since job A
was the only job completed during April, the $158,000 also represents the cost of goods manufactured for
the month. Job B was not completed by month-end, so its cost will remain in the Work in Process account
and carry over to the next month. If a balance sheet is prepared at the end of April, the cost accumulated
thus far on job B will appear as “Work in process inventory” in the assets section.

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 Cost of Goods Sold -As units in finished goods are shipped to fill customers’ orders, the unit cost
appearing on the job cost sheets is used as a basis for transferring the cost of the items sold from the
Finished Goods account into the Cost of Goods Sold account. If a complete job is shipped, as in the
case where a job has been done to a customer’s specifications, then it is a simple matter to transfer the
entire cost appearing on the job cost sheet into the Cost of Goods Sold account. In most cases, however,
only a portion of the units involved in a particular job will be immediately sold. In these situations, the
unit cost must be used to determine how much product cost should be removed from Finished Goods
and charged to Cost of Goods Sold. When a job is sold, the cost contained in Finished Goods Inventory
for that job is transferred to Cost of Goods Sold. Two journal entries require;
(a) Account Receivable………xxx

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Sales……………………..xxx
(To record the sales of finished goods to customers on account)
(b) Cost of Goods Sold…… XXX
Finished Goods Inventory….. XXX
Example: For Rand Company, we will assume that 750 of the 1,000 gold medallions in job A were shipped
to customers by the end of the month for total sales revenue of $225,000. Since 1,000 units were produced
and the total cost of the job from the job cost sheet was $158,000, the unit product cost was $158. The
following journal entries would record the sale (all sales are on account):
Accounts Receivable . . . . . . . . . 225,000
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . 225,000

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Cost of Goods Sold . . . . . . . . .118, 500

Finished Goods . . . . . . . . . . 118,500
Exercise
Assume Xyz Company is a manufacturer that uses job order costing system. The following transactions
were recorded for the year 2000.
a) Raw materials were purchased on account Br 500,000
b) Raw materials were requisitioned for use in production Br 300,000 direct material and 50,000
indirect materials.

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c) The following costs were incurred for direct labour cost Br 80,000, indirect labour Br 90,000, sales
commission Br 50,000 and administrative salaries Br 150,000.
d) Utility costs in the factory were Br 35,000
e) Depreciation was recorded for the year Br 300,000 (70% related to factory operation and 30%
relates to selling and administration).
f) Manufacturing overhead was applied to production, the company worked 60,000 machine hours
during the year.
g) Goods costing Br 900,000 were completed during the year.
h) Production order that had cost Br 500,000 to complete according to their job cost sheets were
shipped to customers during the month. These goods were sold on account at 25% above the cost.

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Note: the company estimated that it would work 80,000 machine hours and incurred Br 500,000 in the
manufacturing overhead costs.
Required:
- Prepare the journal entries
- Prepare the cost goods manufacture and income statement for the year 2000.
Solution:
a) Raw materials.....................500,000
Account payable........................500,000
b) Work in progress.................300,000
Manufacturing O.H............ 50,000

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Raw materials...............................350,000
c) Work in progress...................80,000
Factory O.H..........................90,000
Salary/wages payable....................170,000
d) Manufacturing O.H...................35,000
Account payable...............................35,000
e) Manufacturing O.H......................210,000
Depreciation expense................... 90,000
Accumulated depreciation....................300,000
f) Work in progress.....................375,000

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Manufacturing O.H.................................375,000
Predetermine O.H rate = estimated total manufacturing O.H cost
Estimated total units in the allocation base
g) Finished goods ......................800,000
Work in progress.......................800,000
h) Account receivables....................... 625,000
Sales.........................................................625,000
Cost of goods sold ...........500,000
Finished goods...........500,000

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Summary
Job-order costing and process costing are widely used to track costs. Job-order costing is used in situations
where the organization offers many different products or services, such as in furniture manufacturing,
hospitals, and legal firms. Materials requisition forms and labour time tickets are used to assign direct
materials and direct labour costs to jobs in a job-costing system. Manufacturing overhead costs are
assigned to jobs through use of a predetermined overhead rate. The predetermined overhead rate is
determined before the period begins by dividing the estimated total manufacturing cost for the period by

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the estimated total allocation base for the period. The most frequently used allocation bases are direct
labour-hours and machine-hours. Overhead is applied to jobs by multiplying the predetermined overhead
rate by the actual amount of the allocation base used by the job. Since the predetermined overhead rate is
based on estimates, the actual overhead cost incurred during a period may be more or less than the amount
of overhead cost applied to production. Such a difference is referred to as under- or over applied overhead.
The under or over applied overhead for a period can be closed out to Cost of Goods Sold or allocated
between Work in Process, Finished Goods, and Cost of Goods Sold or carried forward to the end of the
year. When overhead is under applied, manufacturing overhead costs have been understated and therefore
inventories and/or expenses must be adjusted upward. When overhead is over applied, manufacturing
overhead costs have been overstated and therefore inventories and/or expenses must be adjusted

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downward. In an actual cost system, actual overhead is assigned to jobs. More commonly, however, a
normal costing system is used in which overhead is applied using one or more predetermined overhead
rates multiplied by the actual activity base(s) incurred. Overhead is applied to Work in Process Inventory at
the end of the month or when the job is complete, whichever is earlier. Standard costing can be utilized in a
job shop environment. Standards may be established both for the quantities of production inputs and the
prices of those inputs. By using standard costs rather than actual costs, managers have a basis for
evaluating the efficiency of operations. Differences between actual costs and standard costs are captured in
variance accounts. By analyzing the variances, managers gain an understanding of the factors that cause
costs to differ from the expected amounts. Standard costing is most easily adopted in job shops that
routinely produce batches of similar products.

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Job order costing assists management in planning, controlling, decision making, and evaluating
performance. It allows managers to trace costs associated with specific current jobs to better estimate costs
for future jobs. Additionally, managers using job order costing can better control the costs associated with
current production, especially if comparisons with budgets or standards are used. Attachment of costs to
jobs is also necessary to price jobs that are contracted on a cost-plus basis. Last, because costs are
accumulated by jobs, managers can more readily determine which jobs or types of jobs are most profitable
to the organization. Job order cost sheets for completed jobs are kept in a company’s permanent files. A
completed job order cost sheet provides management with a historical summary about total costs and, if
appropriate, the cost per finished unit for a given job. The cost per unit may be helpful for planning and

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control purposes as well as for bidding on future contracts. If a job was exceptionally profitable,
management might decide to pursue additional similar jobs. If a job was unprofitable, the job order cost
sheet may provide indications of areas in which cost control was lax. Such areas are more readily
identifiable if the job order cost sheet presents the original, budgeted cost information.

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Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

JOB-ORDER COSTING SYSTEM

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

3.2 Building-Block Concepts of Costing Systems

AKU, CBE, Department of Accounting & Finance

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

3.3 Introduction to Costing System

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

AKU, CBE, Department of Accounting & Finance

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015

Cost & Management Accounting I Chapter 3 Job – Order 2015