Job order costing essay

Job order costing essay

The purpose of this essay is help Muddled understand the fundamental costing principle that management systems should reflect the fact that different costs are relevant for different purposes, and how this principle affects the way that job costing and process costing systems are designed Job order costing should be used if the production or service is being performed to meet customer specifications or requirements, if different components a remade for inventory, or projects are undertaken to construct real property. Job order costing allows more control, less estimation, and more direct and reliable allocation of costs The topic, Job-Order Costing, revolves around elements of costing involved in a business entity for use in various forms of jobs, batches or products. It further entails tracing of direct labor costs and direct materials costs directly to specific jobs (Garrison, Noreen and Brewer ).Estimated Reading Time: 4 mins

Sample Essay on Chapter 3: Job-Order Costing for My Essay

Carpet World Pty Ltd is an Australia-based company that specializes in the export of woolen carpets from Australia to China. This is because China is a leading market for fine wool and wool products manufactured in Australia. While Western European market was the largest exporter of woolen products from Australia, the emergence of China as a leading global economic powerhouse has seen its demand for such luxury goods as woolen carpets increase significantly in recent years.

Carpet World has thus endeavored to tap into this market. The topic, Job-Order Costing, revolves around elements of costing involved in a business entity for use in various forms of jobs, batches or products. It further entails tracing of direct labor costs and direct materials costs directly to specific jobs Garrison, Noreen and Brewer The topic further gives examples of industries that utilize job-order costing such as construction, printing, job order costing essay, hospitals, as well as professional services like movie studios, and law firms.

It also explores aspects of a job-order costing system such as labor, job cost sheet, manufacturing overhead, and materials costs. Other areas covered by the topic include flows of cost, including recording of labor, materials, and manufacturing overheads Garrison et al. It further introduces over and under-applied overheads, and their causes. This topic would be useful to the business that Carpet World is involved in, in that it would facilitate calculation of predetermined overhead costs of products for application of overhead cost of products.

In addition, the topic will enable me to prepare journal entries for their business in order to record costs. Finally, the knowledge gained form studying this topic will enable me to prepare schedules for manufacturing costs of various types of carpet at Carpet World, and the cost of goods sold.

Garrison, Ray, Eric Noreen and Peter Brewer. Managerial Accounting 15 th Edition. New York:. Are you looking for homework job order costing essay help? Click on Order Now button below to Submit your assignment details.

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Job Order Costing Explained - Managerial Accounting - CMA Exam - Ch 3 P 1

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Job Order Costing Essay | Many Essays

Job order costing should be used if the production or service is being performed to meet customer specifications or requirements, if different components a remade for inventory, or projects are undertaken to construct real property. Job order costing allows more control, less estimation, and more direct and reliable allocation of costs The topic, Job-Order Costing, revolves around elements of costing involved in a business entity for use in various forms of jobs, batches or products. It further entails tracing of direct labor costs and direct materials costs directly to specific jobs (Garrison, Noreen and Brewer ).Estimated Reading Time: 4 mins May 25,  · Essay On Job Costing. It is form of specific order costing where an individual job is taken and done as per customer’s special requirements an each order is of comparatively short duration. S the job moves through the various production operations, it is continuously identifiable. The cost of each order produced for a customer or he cost of each lot to be placed in stock is recorded on a job order cost Estimated Reading Time: 8 mins