Accounting Principles

Thirteenth Edition
Weygandt Kimmel Kieso

Chapter 20

Job Order Costing

Prepared by
Coby Harmon
University of California, Santa Barbara
Westmont College
Chapter Outline
Learning Objectives
LO 1 Describe cost systems and the flow of costs in a job
order system.
LO 2 Use a job cost sheet to assign costs to work in
process.
LO 3 Demonstrate how to determine and use the
predetermined overhead rate.
LO 4 Prepare entries for manufacturing and service
jobs completed and sold.
LO 5 Distinguish between under-and overapplied
manufacturing overhead.
Copyright ©2018 John Wiley & Son, Inc. 2
 Cost Accounting Systems
Cost Accounting
Involves measuring, recording, and reporting product
costs
Accounts are fully integrated into general ledger
Perpetual inventory system provides immediate, up-to-
date information on cost of a product
Two basic types: (1) a process order cost system and (2)
a job order cost system

LO 1 Copyright ©2018 John Wiley & Son, Inc. 3

 Cost Accounting Systems
Process Cost System
Used when a large volume of similar products are
manufactured - (cereal, refining of petroleum,
production of ice cream)
Costs are accumulated for a time period – (week or
month)
Costs are assigned to departments or processes for a
specified period of time

LO 1 Copyright ©2018 John Wiley & Son, Inc. 4

 Process Cost Systems ILLUSTRATION 20.1
Process cost system
Potato Chips Production
1. Harvest 2. Clean 3. Slice

ILLUSTRATION 2.1
Process cost system

4. Fry 5. Bag

LO 1 Copyright ©2018 John Wiley & Son, Inc. 5

 Cost Accounting Systems
Job Order Cost System
Costs are assigned to each job or batch
Important feature: Each job or batch has its own
distinguishing characteristics
Objective is to compute cost per job
Measures costs for each job completed – not for set
time periods

LO 1 Copyright ©2018 John Wiley & Son, Inc. 6

 Job Order Cost System
Illustration shows the recording of costs in a job order cost
system for Disney as it produced two different films.

ILLUSTRATION 20.2
Job order cost system for Disney
LO 1 Copyright ©2018 John Wiley & Son, Inc. 7
 Cost Accounting Systems
Job Order Cost Flow
Flow of costs parallels physical flow of materials as
they are converted into finished goods
Manufacturing costs are assigned to Work in Process
(WIP) Inventory account
Cost of completed jobs is transferred to Finished Goods
Inventory account
When units are sold, cost is transferred to Cost of
Goods Sold account
LO 1 Copyright ©2018 John Wiley & Son, Inc. 8
 Job Order Cost Flow
Basic overview of flow of costs in a manufacturing setting for
production of a fire truck.

ILLUSTRATION 20.3
Flow of costs in job order costing

LO 1 Copyright ©2018 John Wiley & Son, Inc. 9

 Accumulating Manufacturing Costs
Raw Material Costs
Illustration: Wallace Company purchases 2,000 lithium
batteries (Stock No. AA2746) at $5 per unit ($10,000) and 800
electronic modules (Stock No. AA2850) at $40 per unit
($32,000) for a total cost of $42,000 ($10,000 + $32,000). The
entry to record this purchase on January 4 is:
Jan. 4 Raw Materials Inventory 42,000
Accounts Payable 42,000

LO 1 Copyright ©2018 John Wiley & Son, Inc. 10

 Accumulating Manufacturing Costs
Factory Labor Costs
Consists of three costs:
1. Gross earnings of factory workers,
2. Employer payroll taxes on these earnings, and
3. Fringe benefits (such as sick pay, pensions, and
vacation pay) incurred by the employer.

LO 1 Copyright ©2018 John Wiley & Son, Inc. 11

 Accumulating Manufacturing Costs
Factory Labor Costs
Illustration: Wallace incurs $32,000 of factory labor costs. Of
that amount, $27,000 relates to wages payable and $5,000
relates to payroll taxes payable in February. The entry to
record factory labor for the month is:
Jan. 31 Factory Labor32,000
Factory Wages Payable 27,000
Employer Payroll Taxes Payable 5,000

LO 1 Copyright ©2018 John Wiley & Son, Inc. 12

 Accumulating Manufacturing Costs
Manufacturing Overhead Costs
a. Many types of overhead costs
 Property taxes, depreciation, insurance, and
repairs related to the manufacturing process
b. Costs unrelated to manufacturing are expensed
c. Costs related to manufacturing process are
accumulated in Manufacturing Overhead account
 Manufacturing overhead subsequently assigned to
work in process
LO 1 Copyright ©2018 John Wiley & Son, Inc. 13
 Accumulating Manufacturing Costs
Manufacturing Overhead Costs
Illustration: Using assumed data, the summary entry for
manufacturing overhead in Wallace Manufacturing is:
Jan. 31 Manufacturing Overhead 13,800
Utilities Payable 4,800
Prepaid Insurance 2,000
Accounts Payable (for repairs) 2,600
Accumulated Depreciation 3,000
Property Taxes Payable 1,400

LO 1 Copyright ©2018 John Wiley & Son, Inc. 14

 DO IT! 1 Accumulating Manufacturing Costs
During the current month, Ringling Company incurs the
following manufacturing costs:
a) Raw material purchases of $4,200 on account.
b) Factory labor of $18,000. Of that amount, $15,000 relates
to wages payable and $3,000 relates to payroll taxes
payable.
c) Factory utilities of $2,200 are payable, prepaid factory
insurance of $1,800 has expired, and depreciation on the
factory building is $3,500.
Prepare journal entries for each type of manufacturing cost.
LO 1 Copyright ©2018 John Wiley & Son, Inc. 15
 DO IT! 1 Accumulating Manufacturing Costs
Prepare journal entries for each type of manufacturing cost.
a) Raw material purchases of $4,200 on account.
Raw Materials Inventory 4,200
Accounts Payable 4,200
b) Factory labor of $18,000. Of that, $15,000 relates to wages
payable and $3,000 relates to payroll taxes payable.
Factory Labor 18,000
Factory Wages Payable 15,000
Employer Payroll Taxes Payable 3,000

LO 1 Copyright ©2018 John Wiley & Son, Inc. 16

 DO IT! 1 Accumulating Manufacturing Costs
Prepare journal entries for each type of manufacturing cost.
c) Factory utilities of $2,200 are payable, prepaid factory
insurance of $1,800 has expired, and depreciation on the
factory building is $3,500.
Manufacturing Overhead 7,500
Utilities Payable 2,200
Prepaid Insurance 1,800
Accumulated Depreciation 3,500

LO 1 Copyright ©2018 John Wiley & Son, Inc. 17

 Assigning Manufacturing Costs
Assigning manufacturing costs to work in process
results in the following entries.
1. Debits made to Work in Process Inventory
2. Credits made to
a. Raw Materials Inventory
b. Factory Labor
c. Manufacturing Overhead

LO 2 Copyright ©2018 John Wiley & Son, Inc. 18

 Assigning Manufacturing Costs
Job Cost Sheet
a. Used to record costs chargeable to specific jobs
b. Constitutes subsidiary ledger for work in process
account
c. Each entry to Work in Process Inventory must be
accompanied by a corresponding posting to one or
more job cost sheets

LO 2 Copyright ©2018 John Wiley & Son, Inc. 19

 ILLUSTRATION 20.4
Job cost sheet

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 Raw Material Costs
a. Assigned to a job when materials are issued in
response to requests.
b. Materials requisition slip
 Written authorization for issuing raw materials
 May be directly issued to use on a job - direct
materials (charged to Work in Process Inventory)
 May be considered indirect materials – charged to
Manufacturing Overhead

LO 2 Copyright ©2018 John Wiley & Son, Inc. 21

ILLUSTRATION 20.5
Materials requisition slip

LO 2 Copyright ©2018 John Wiley & Son, Inc. 22

 Raw Material Costs
Illustration: Wallace uses $24,000 of direct materials and
$6,000 of indirect materials in January, the entry is:
Jan. 31 Work in Process Inventory 24,000
Manufacturing Overhead 6,000
Raw Materials Inventory 30,000

Raw Materials Inventory Work in Process Inventory

42,000 30,000 24,000

Manufacturing Overhead
13,800
6,000
LO 2 Copyright ©2018 John Wiley & Son, Inc. 23
 ILLUSTRATION 20.6
Job cost sheets–posting of
direct materials

Post individual
direct
materials
requisition
slips to job
cost sheets

LO 2 Copyright ©2018 John Wiley & Son, Inc. 24

 Factory Labor Costs
a. Assigned to jobs on basis of time tickets
b. Time tickets are prepared when work is performed
c. Time tickets indicate:
 Employee
 Hours worked
 Account and job charged
 Total labor cost

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 Factory Labor Costs ILLUSTRATION 20.7
Time ticket

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 Factory Labor Costs
Illustration: The time tickets are later sent to the payroll
department, which applies the employee’s hourly wage rate
and computes the total labor cost. If the $32,000 total factory
labor cost consists of $28,000 of direct labor and $4,000 of
indirect labor, the entry is:
Jan. 31 Work in Process Inventory 28,000
Manufacturing Overhead 4,000
Factory Labor 32,000

LO 2 Copyright ©2018 John Wiley & Son, Inc. 27

 Factory Labor Costs
Jan. 31 Work in Process Inventory 28,000
Manufacturing Overhead 4,000
Factory Labor 32,000

Raw Materials Inventory Work in Process Inventory

32,000 32,000 24,000
28,000

Manufacturing Overhead
13,800
6,000
4,000

LO 2 Copyright ©2018 John Wiley & Son, Inc. 28

ILLUSTRATION 20.8
Job cost sheets–direct labor

LO 2 Copyright ©2018 John Wiley & Son, Inc. 29

 DO IT! 2 Work in Process
Danielle Company is working on two job orders. The job cost
sheets show the following:
Direct materials—Job 120 $6,000; Job 121 $3,600
Direct labor—Job 120 $4,000; Job 121 $2,000
Manufacturing overhead—Job 120 $5,000; Job 121 $2,500
Prepare the three summary entries to record the assignment
of costs to Work in Process from the data on the job cost
sheets.

LO 2 Copyright ©2018 John Wiley & Son, Inc. 30

 DO IT! 2 Work in Process
Danielle Company is working on two job orders. The job cost
sheets show the following:
Direct materials—Job 120 $6,000; Job 121 $3,600
Direct labor—Job 120 $4,000; Job 121 $2,000
Manufacturing overhead—Job 120 $5,000; Job 121 $2,500
Prepare the three summary entries to record the assignment
of costs to Work in Process from the data on the job cost
sheets.
Work in Process Inventory 9,600
Raw Materials Inventory 9,600

LO 2 Copyright ©2018 John Wiley & Son, Inc. 31

 DO IT! 2 Work in Process
Danielle Company is working on two job orders. The job cost
sheets show the following:
Direct materials—Job 120 $6,000; Job 121 $3,600
Direct labor—Job 120 $4,000; Job 121 $2,000
Manufacturing overhead—Job 120 $5,000; Job 121 $2,500
Prepare the three summary entries to record the assignment
of costs to Work in Process from the data on the job cost
sheets.
Work in Process Inventory 6,000
Factory Labor 6,000

LO 2 Copyright ©2018 John Wiley & Son, Inc. 32

 DO IT! 2 Work in Process
Danielle Company is working on two job orders. The job cost
sheets show the following:
Direct materials—Job 120 $6,000; Job 121 $3,600
Direct labor—Job 120 $4,000; Job 121 $2,000
Manufacturing overhead—Job 120 $5,000; Job 121 $2,500
Prepare the three summary entries to record the assignment
of costs to Work in Process from the data on the job cost
sheets.
Work in Process Inventory 7,500
Manufacturing Overhead 7,500

LO 2 Copyright ©2018 John Wiley & Son, Inc. 33

 Predetermined Overhead Rate
Manufacturing Overhead Costs
a. Relates to production operations as a whole
b. Cannot be assigned to specific jobs based on actual
costs incurred
c. Companies assign to work in process and to specific
jobs on an estimated basis through use of a …

Predetermined Overhead Rate

LO 3 Copyright ©2018 John Wiley & Son, Inc. 34

 Predetermined Overhead Rate
a. Based on relationship between estimated annual
overhead costs and expected annual operating
activity.
b. Expressed in terms of an activity base such as:
 Direct labor costs
 Direct labor hours
 Machine hours
 Any other measure that will provide an equitable
basis for applying overhead costs to jobs

LO 3 Copyright ©2018 John Wiley & Son, Inc. 35

 Predetermined Overhead Rate
a. Established at beginning of year
b. Small companies often use a single, company-wide
predetermined rate
c. Large companies often use a different rate for each
department and each department may have a
different activity base
d. Formula for computing the predetermined rate
overhead rate is:
ILLUSTRATION 20.9

Estimated Annual ÷ Estimated Annual = Predetermined

Overhead Costs Operating Activity Overhead Rate

LO 3 Copyright ©2018 John Wiley & Son, Inc. 36

 Predetermined Overhead Rate
Manufacturing overhead costs are assigned to Work in
Process during the period to get timely information about
the cost of a completed job.
Work in Process

Actual
Predetermined is
Activity
x Overhead assigned
Base to
Rate
Used Job 1 Job 2 Job 3

ILLUSTRATION 20.10
Using predetermined overhead rates

LO 3 Copyright ©2018 John Wiley & Son, Inc. 37

 Predetermined Overhead Rate
Illustration: Wallace Company uses direct labor cost as the
activity base. Assuming that the company expects annual
overhead costs to be $280,000 and direct labor costs for the
year to be $350,000, compute the overhead rate.
ILLUSTRATION 20.11

Estimated Annual Estimated Annual =

÷ Operating Predetermined
Overhead Costs Activity Overhead Rate
$280,000 ÷ $350,000 = 80%

This means that for every dollar of direct labor, Wallace

will assign 80 cents of manufacturing overhead to a job.

LO 3 Copyright ©2018 John Wiley & Son, Inc. 38

 Predetermined Overhead Rate
Illustration: Wallace applies manufacturing overhead to work
in process when it assigns direct labor costs. Calculate the
amount of applied overhead assuming direct labor costs were
$28,000.
$28,000 x 80% = $22,400
The following entry records this application.
Jan. 31 Work in Process Inventory 22,400
Manufacturing Overhead 22,400

LO 3 Copyright ©2018 John Wiley & Son, Inc. 39

 Predetermined Overhead Rate
The following entry records this application.
Jan. 31 Work in Process Inventory 22,400
Manufacturing Overhead 22,400
This entry reduces the balance in Manufacturing Overhead
and increases Work in Process Inventory by $22,400.
Manufacturing Overhead Work in Process Inventory
13,800 22,400 24,000
6,000 28,000
4,000 22,400
1,400

LO 3 Copyright ©2018 John Wiley & Son, Inc. 40

 ILLUSTRATION 20.12
Job cost sheets–manufacturing overhead applied
LO 3 Copyright ©2018 John Wiley & Son, Inc. 41
 Predetermined Overhead Rate
At the End of Each Month:
Balance in Work in Process Inventory should equal
sum of costs shown on job cost sheets of unfinished
jobs.
Job Cost Sheets Work in Process Inventory
No 101 $39,000 24,000
102 23,200 28,000
103 12,200 22,400
$74,400 74,400

ILLUSTRATION 20.13
Proof of job cost sheets to work in process inventory

LO 3 Copyright ©2018 John Wiley & Son, Inc. 42

 DO IT! 3 Predetermined Overhead Rate
Stanley Company produces specialized safety devices. For the
year, manufacturing overhead costs are expected to be
$160,000. Expected machine usage is 40,000 hours. The
company assigns overhead based on machine hours. Job No.
302 used 2,000 machine hours. Compute the predetermined
overhead rate.

$160,000 ÷ 40,000 hours = $4.00 per machine hour

LO 3 Copyright ©2018 John Wiley & Son, Inc. 43

 DO IT! 3 Predetermined Overhead Rate
Stanley Company produces specialized safety devices. For the
year, manufacturing overhead costs are expected to be
$160,000. Expected machine usage is 40,000 hours. The
company assigns overhead based on machine hours. Job No.
302 used 2,000 machine hours. Determine the amount of
overhead to allocate to Job No. 302.

2,000 hours = $4.00 = $8,000

LO 3 Copyright ©2018 John Wiley & Son, Inc. 44

 DO IT! 3 Predetermined Overhead Rate
Stanley Company produces specialized safety devices. For the
year, manufacturing overhead costs are expected to be
$160,000. Expected machine usage is 40,000 hours. The
company assigns overhead based on machine hours. Job No.
302 used 2,000 machine hours. Prepare the entry to assign
overhead to Job No. 302 on March 31.

Work in Process Inventory 8,000

Manufacturing Overhead 8,000

LO 3 Copyright ©2018 John Wiley & Son, Inc. 45

 Entries for Jobs Completed and Sold
Assigning Costs to Finished Goods
When a job is completed, Wallace Company
summarizes the costs and completes the lower
portion of the applicable job cost sheet.

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 ILLUSTRATION 20.14
LO 4 Completed job cost sheet Copyright ©2018 John Wiley & Son, Inc. 47
 Assigning Costs to Finished Goods
Illustration: When a job is completed, Wallace makes an entry
to transfer its total cost to finished goods inventory.
Jan. 31 Finished Goods Inventory 39,000
Work in Process Inventory 39,000

Work in Process Inventory Finished Goods Inventory

24,000 39,000 39,000
28,000
22,400

LO 4 Copyright ©2018 John Wiley & Son, Inc. 48

 Assigning Costs to Cost of Goods Sold
Illustration: On January 31 Wallace Manufacturing sells on
account Job 101. The job cost $39,000, and it sold for
$50,000. Entries to record the sale and recognize cost of
goods sold are:
Jan. 31 Accounts Receivable 50,000
Sales Revenue 50,000
Cost of Goods Sold 39,000
Finished Goods Inventory 39,000

Finished Goods Inventory Cost of Goods Sold

39,000 39,000 39,000

LO 4 Copyright ©2018 John Wiley & Son, Inc. 49

 ILLUSTRATION 20.15
Flow of costs in a job
order cost system

LO 4 Copyright ©2018 John Wiley & Son, Inc. 50

 Summary of Job Order Cost Flows
ILLUSTRATION 20.16
Materials Flow of documents in a
job order cost system
Requisition
Slips

Labor Time Job Cost

Tickets Sheet

The job cost sheet summarizes the cost of

Predetermined jobs completed and not completed at the
Overhead Rate end of the accounting period. Jobs
completed are transferred to finished
goods to await sale.

LO 4 Copyright ©2018 John Wiley & Son, Inc. 51

 Job Order Costing for Service Companies
While service companies do not have inventory, techniques
of job order costing are still quite useful in many service-
industry environments.
Consider, for example, the Mayo Clinic (health care),
PricewaterhouseCoopers (accounting), and Goldman Sachs
(investment banking).
These companies need to keep track of the cost of jobs
performed for specific customers to evaluate profitability of
medical treatments, audits, or investment banking
engagements.

LO 4 Copyright ©2018 John Wiley & Son, Inc. 52

 Job Order Costing for Service Companies
Many service organizations bill their customers using
cost-plus contracts.
Cost-plus contracts mean that customer’s bill is
sum of costs incurred on job, plus a profit
amount that is calculated as a percentage of
costs incurred
To minimize conflicts with customers and disputes,
service companies that use cost-plus contracts
must maintain accurate and up-to-date costing
records
LO 4 Copyright ©2018 John Wiley & Son, Inc. 53
 Job Order Costing for Service Companies
Illustration: Dorm Decor is an interior design company. The
entry to record the assignment of $9,000 of supplies to
projects ($7,000 direct and $2,000 indirect) is:
Service Contracts in Process 7,000
Operating Overhead 2,000
Supplies 9,000

LO 4 Copyright ©2018 John Wiley & Son, Inc. 54

 Job Order Costing for Service Companies
Illustration: Dorm Décor is an interior design company. The
entry to record the assignment of service salaries and wages
of $100,000 ($84,000 direct and $16,000 indirect) is:
Service Contracts in Process 84,000
Operating Overhead 16,000
Service Salaries and Wages 100,000

LO 4 Copyright ©2018 John Wiley & Son, Inc. 55

 Job Order Costing for Service Companies
Illustration: Dorm Décor is an interior design company. Dorm
Decor applies operating overhead at a rate of 50% of direct
labor costs. The entry to record the application of overhead
($84,000 × 50%) based on the $84,000 of direct labor costs is:
Service Contracts in Process 42,000
Operating Overhead 42,000

LO 4 Copyright ©2018 John Wiley & Son, Inc. 56

 Advantages and Disadvantages of Job
Order Costing
Advantages
More precise in assignment of costs to projects
than process costing
Provides more useful information for determining
profitability of particular projects and for
estimating costs when preparing bids on future
jobs
Disadvantage
LO 4
Requires a significant amount of data entry
Copyright ©2018 John Wiley & Son, Inc. 57
 DO IT! 4 Completion and Sale of Jobs
Onyx Corporation completed Job 109 and Job 112. Job 109
cost $19,000 and Job 112 costs $27,000. Job 112 was sold on
account for $42,000. Journalize the entries for the completion
of the two jobs and the sale of Job 112.
Finished Goods Inventory 46,000
Work in Process Inventory 46,000
Accounts Receivable 42,000
Sales Revenue 42,00
Cost of Goods Sold 27,000
Finished Goods Inventory 27,000
LO 4 Copyright ©2018 John Wiley & Son, Inc. 58
 Applied Manufacturing Overhead
Wallace Company
Cost of Goods Manufactured Schedule
For the Month Ending January 31, 2020
Work in process, January 1 $ 0
Direct materials used $24,000
Direct labor 28,000
Manufacturing overhead applied 22,400
Total manufacturing costs 74,400
Total cost of work in process 74,400
Less: Work in process, January 31 35,400
Cost of goods manufactured $39,000
ILLUSTRATION 20.17
LO 5 Copyright ©2018 John Wiley & Son, Inc. 59
 Under- or Overapplied Manufacturing
Overhead
A debit balance in manufacturing overhead means
that overhead is underapplied
A credit balance in manufacturing overhead means
that overhead is overapplied

ILLUSTRATION 20.18
Under- and overapplied overhead

LO 5 Copyright ©2018 John Wiley & Son, Inc. 60

 Under- or Overapplied Manufacturing
Overhead
Any Year-End Balance in manufacturing overhead is
eliminated by adjusting cost of goods sold.
Underapplied overhead is debited to COGS
Overapplied overhead is credited to COGS

LO 5 Copyright ©2018 John Wiley & Son, Inc. 61

 Under- or Overapplied Manufacturing
Overhead Manufacturing Overhead
13,800 22,400 Applied
Incurred 6,000
4,000
1,400

Illustration: Wallace has a $1,400 debit balance in

Manufacturing Overhead at December 31. The adjusting
entry for the over-applied overhead is:
Dec. 31 Cost of Good Sold 1,400
Manufacturing Overhead 1,400

LO 5 Copyright ©2018 John Wiley & Son, Inc. 62

 Wallace Company
Income Statement (partial)
For the Month Ending January 31, 2020
Sales revenue $50,000
Cost of goods sold
Finished goods inventory, January 1 $ 0
Cost of goods manufactured (see Illustration 20.17) 39,000
Cost of goods available for sale 39,000
Less: Finished goods inventory, January 31 0
Cost of goods sold—unadjusted 39,000
Add: Adjustment for underapplied overhead 1,400
Cost of goods sold—adjusted 40,400
Gross profit $9,600
ILLUSTRATION 20.19

LO 5 Copyright ©2018 John Wiley & Son, Inc. 63

 DO IT! 5 Applied Manufacturing
Overhead
For Karr Company, the predetermined overhead rate is 140% of
direct labor cost. During the month, Karr incurred $90,000 of
factory labor costs, of which $80,000 is direct labor and $10,000 is
indirect labor. Actual overhead incurred was $119,000. Compute
manufacturing overhead applied during the month. Determine the
amount of under- or overapplied manufacturing overhead.
Manufacturing overhead
(140% x $80,000) = $112,000
applied
Underapplied
($119,000 - $112,000) = $7,000
manufacturing overhead
LO 5 Copyright ©2018 John Wiley & Son, Inc. 64
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Copyright ©2018 John Wiley & Son, Inc. 65