Job Order Costing | Cost Accounting | CPA Exam BAR | CMA Exam
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- Опубліковано 24 лис 2024
- In this session, I explain job order costing. Job order cost is covered on the CPA exam, managerial accounting and cost accounting. Job order costing is a costing method which is used to determine the cost of manufacturing each product. In job order costing, the company tracks the direct materials, the direct labor, and the manufacturing overhead costs to determine the cost of goods manufactured (COGM)Cost of Goods Manufactured (COGM)Cost of Goods Manufactured. The job order cost system is used when products are made based on specific customer orders. Each product produced is considered a job
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Thank you, I have learned so much from your videos. I learn more from watching and listening than from my accounting professor that does not fully explain the topics as you do. You are a life saver thanks again, and God bless you.
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Thank you so much for this.
Best explanation
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Thank you so much professor farhat . As you said process costing is applied for homogeneous products such as milk , if there is a firm manufactures milk and has different kinds of milk such as low fat and full fat is that job order costing or process costing??
You could have more than one product for process costing as long as the the product you are producing is homogeneous (fat free milt).
For anybody watching, the reason why Job 12-02 was sold at 21:43 even though the accumulated costs had not reached Finished Goods Inventory yet was because it already had a beginning Finished Goods Inventory balance of $27,000 on January 1 at 11:09. Job 12-01 was never sold, so that is the remaining balance of $208,500 on January 31. Job 12-02 should not have been corrected at 21:30.
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I didn't understand that part either
Thx chris for the information, but why there is still WIP 12-02? like in 11:27
Thank you so much, i learned a lot 😊 already subscribed your channel you really deserve it. Ty professor 😊
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Thank you so much for this video. It was very helpful. Are the slides available to print?
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Professor, I'd like to ask again about :
1. the Ending Balance of (Reference Minute 22:48):
- WIP Inventory , shouldn't it $208,500 or negative $17,000 (because ($41,000 +$129,000 + $98,000)- ($77,000+$208,000 aka finished goods) = -$17,500)
- Finished Goods Inventory = $77,000 + $208,500 = $285,500
- Cost of Goods Sold = $77,000 + $208,500 = $285,500
Isn't the ending balance should be like I stated?
2. Cost of Goods Sold 12-01 and Finished Goods 12-01 should be $208,500 ? (Reference minute 22:24)
Thanks in advance sir.
- I think the professor's calculation was right, Regarding your calculation for WIP inventory , you should also add Applied OH Costs( $49,000) so, ($41,000 +$129,000 + $98,000+$49,000)- ($77,000+$208,500)= $ 31,500
-Regrding COGS calculation you should also calculate what became out od finished goods ( $ 77,000+$27,000= $104,000)
Professor, I would like to ask, why is the WIP 12-02 has got (11) as journal entry for applied overhead? isn't it (7)? Thanks in advance sir. (Reference minute 19:32)
hi. I tried to download all files by but couldn't despite I can download similar video i other pages. Really downlad one by one needs several time. Who can guide me how can downlad all file once .Best Thank