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Job Costing (Accounts in Job Costing (WIP a/c (Materials requisition,…
Job Costing
Accounts in Job Costing
Store Ledger a/c
Goods received
WIP a/c
Materials requisition
Direct costs
O/H a/c
Indirect costs
Control Accounts - accumulate individual accounts for the period
Finished goods - inventory (removed when sold and delivered)
Inventory Valuation
LIFO - disallowed by IAS2
FIFO
Average
Systems of Job Costing
Interlocking
Financial and Management accounts separate
More flexibility for internal analysis
Use one control account for all transactions which would be involved in financial
Integrated
Financial and Management accounts are the same
No duplication of entries required - lower time and cost
A job is a unit or batch of units which is unique.