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Lessons List | 15 Lesson

Job Order Costing

Job Order Costing

Job order Costing Example

Job order Costing Example

Predetermined Overhead Rate what it is and how to calculate it

Predetermined Overhead Rate what it is and how to calculate it

Applying Manufacturing Overhead

Applying Manufacturing Overhead

Actual vs Applied Manufacturing Overhead

Actual vs Applied Manufacturing Overhead

Underapplied or Overapplied Manufacturing Overhead how to dispose of it

Underapplied or Overapplied Manufacturing Overhead how to dispose of it

3 Types of Inventory Raw Materials WIP and Finished Goods

3 Types of Inventory Raw Materials WIP and Finished Goods

How to Prorate Under or Overapplied Overhead

How to Prorate Under or Overapplied Overhead

Closing Overapplied or Underapplied Overhead to Cost of Goods Sold

Closing Overapplied or Underapplied Overhead to Cost of Goods Sold

Effects of Overapplied or Underapplied Overhead

Effects of Overapplied or Underapplied Overhead

Adjusted Allocation Rate Approach

Adjusted Allocation Rate Approach

Job order Costing Journal Entries

Job order Costing Journal Entries

Underapplied Manufacturing Overhead Journal Entry

Underapplied Manufacturing Overhead Journal Entry

Job Order Costing for Service Industry

Job Order Costing for Service Industry

Departmental Overhead Rates

Departmental Overhead Rates

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Course Description

Job order costing is a costing method which is used to determine the cost of manufacturing each product. This costing method is usually adopted when the manufacturer produces a variety of products which are different from one another and needs to calculate the cost for doing an individual job. Job order costing is a system that takes place when customers order small, unique batches of products. This system determines the price of each individual product and ensures that the cost for each product is reasonable enough for a customer to purchase it while still allowing the company to make a profit.What is job order costing and process costing? Job order costing tracks prime costs to assign direct material and direct labor to individual products (jobs). Process costing also tracks prime costs to assign direct material and direct labor to each production department (batch).What is an example of job costing? Who uses job costing? Examples include home builders who design specific houses for each customer and accumulate the costs separately for each job, and caterers who accumulate the costs of each banquet separately. Consulting, law, and public accounting firms use job costing to measure the costs of serving each client.

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