Job order Costing Journal Entries
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- Опубліковано 7 вер 2024
- This video shows how to record journal entries to account for the flow of costs when a manufacturer uses Job-order Costing.
A journal entry is made to record the purchase of raw materials, which is debited to raw materials inventory. When the raw materials are put into production, another journal entry is recorded to transfer the costs from raw materials inventory to Work-in-Process Inventory. When direct labor costs are incurred or manufacturing overhead is applied to jobs, these also increase the Work-in-Process Inventory account. Meanwhile, actual manufacturing overhead costs are debited when incurred.
When a job is finished, the costs of the job are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account. When the job is sold, the costs of the job are transferred from the Finished Goods Inventory account to Cost of Goods Sold.
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I'm from Egypt and I'm currently studying for my CMA Exam, I'd like to Thank you very much for your effort and helpful videos
Thank you for making it so simple
Instablaster
Hey Michael, here it's Michael from Brazil!
Your videos and your way to teach are perfect!
I'm an Accounting student, and I've been studying English too, so... Your videos have been helping me with both learnings!
Thanks for them! I'm watching the whole Managerial Accounting, I've been learning a lot!
Many things that were confusing at colleges are getting clear with your videos!
A hug from Brazil!
Nice. Journal entries make everything easier :)
I've been trying my best to get to the concept of preparing journal entries under job order costing but thank you for your help with the video lectures as am starting to catching up with it..
Thank you so much for your videos. I would be lost without them. They are so helpful with examples that make it click.
thank you so much
currently in university trying to figure my assignment out. great help!
You are a lifesaver, your videos help a lot!
Your videos are great thank you. Question about MOH, is that a balance sheet or income statement account?
A very good explanation.
May I ask you a question? I didn't get why you put "MOH and Supplies" (on the point 4).
Actually i'm looking for this to learn. Thank you so much !
Thanks
With the journal entry for RM can you put wip inventory job A 12000 and wip inventory job B 5000 to show clearly where it goes.
Yes You can
Can i ask isn't the estimated MOH used to help price your products so that profit can be earned when we receive orders from customers. So if we have all the actual MOH why dont we just use it why do we use MOH ?
Can i ask what is SGA expense in full name ?
Selling, general, and administrative expenses