Job-order costing system

[Explanations]

Learning objectives:

  • Explain job order costing system. What are the businesses for which job order costing system is ideal?
  • Explain a is a job cost sheet. How is it prepared?
  • What is a predetermined overhead rate? How is it calculated?
  • How various manufacturing as well as non-manufacturing expenses are accumulated or recorded under a job order costing system.
  • Explain how entries related to cost of goods manufactured, finished goods and cost of goods sold are made under a job order costing system.
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