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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Transactions in a job order cost system

Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost accounting system:

images

Describe each of the five transactions.

To determine

Job order costing

Job order cost system provides a separate record of each particular quantity of product that passes through the factory. Each quantity that is manufactured in the business is known as job. Job order costing is used when the products produced are significantly different from each other.

To describe: each of the five transactions

Explanation

The transactions in T-accounts is shown as follows:

Figure (1)

Figure (2)

The flow of manufacturing cost is explained in the T-accounts.

The material account is:

  • Decreased (Credited) for material requisitioned as shown for transaction (a).

The work in process is:

  • Increased (Debited) for direct material cost, direct labor cost and applied factory overhead cost as shown for transaction (a), (b) and (c)...

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