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Describe the characteristics of companies likely to use a job costing system. Explain how these characteristics differ from companies likely to use a process costing
- Describe the characteristics of companies likely to use a job costing system. Explain how these characteristics differ from companies likely to use a process costing system.
- What information is included on the materials requisition form?
- What is the purpose of a job cost sheet? Describe the information typically included on a job cost sheet.
- What information is included on a timesheet?
- What is the purpose of using a predetermined overhead rate?
- What is anormal costing system, and why do companies tend to use a normal costing system to apply overhead to jobs rather than using actual overhead costs?
- Describe the two important factors in selecting an overhead allocation base.
- What cost information is recorded on the debit side of the manufacturing overhead account, and what information is recorded on the credit side?
- When is manufacturing overhead underapplied? When is it overapplied?
- What two options are available when closing the manufacturing overhead account at the end of the period, depending on the significance of the balance?
- How might a job costing system used by a service organization differ from a job costing system used by a manufacturing organization?
- How does a job costing system help a company evaluate the profitability of jobs?
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