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chapter 19
Job Costing
and Modern Cost Management Systems
goals discussion
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check list and key terms
1. With a , costs are gathered by job or order.
2. The cost of each job is accumulated on a separate .
3. In a manufacturing system the three cost elements which flow into work in process are , , and .
4. Materials are kept in a storeroom or warehouse and issued upon receipt of a .
5. Items not easily traced to individual jobs like sandpaper, lubricants, and so on are considered to be .
6. Labor costs are accumulated by means of and labor summaries.
7. The overhead application rate is computed by dividing factory overhead by the application base.
8. The applied overhead is credited to the account.
9. After recording actual and applied overhead in the factory overhead account, a resulting debit balance would indicate factory overhead.
10. The account is adjusted for under- or overapplied overhead.
11. are the factors that cause specific costs to be incurred within an organization.
12. are those costs that are easily traced to a job and are charged to individual jobs that are worked on during the accounting period.