Job order costing to account for product or service

Assignment Help Financial Accounting

Reference no: EM13864751

To begin, select one of the following types of businesses:

Custom home builder

Auto repair shop

Accounting firm

Lawn service company

Television show production

Airplane built for the U.S. Air Force

Describe how your chosen business might use job order costing to account for its product(s) or service(s). Explain the types of costs that would be classified as direct versus indirect, variable versus fixed, and product versus period. Be sure to address the overhead allocation base that you would suggest for the company to use by presenting an example of how your type of business would account for overhead and prepare a sample journal entry to dispose of any under- or overapplied overhead under normal costing.

In your response posts, comment on the costs identified by your peers, given the type of business chosen. What other costs would you add? Explain your reasoning. Additionally, comment on the examples posted regarding the journal entry to dispose of under- or overapplied overhead. Support your responses to classmates with sound arguments and/or additional examples related to job order costing methods and applications.

Reference no: EM13864751

Questions Cloud

What are the estimation errors : Problem 1: Let the original symbol duration T be 0.1msec and the number of subcarrier is 16 (k=0:15). Guard time TG for cyclic prefix is 0.02msec. The combined symbol period Ts becomes 0.12msec. Let the OFDM signal go though a time varying channel..

Accounting for pensions receives more attention : Accounting for pensions receives more attention in the United States than in other countries. Discuss reasons that would explain why pension accounting has less emphasis in many foreign countries than the U.S.

Define the global market and challenges : Global Market and Challenges

Manufacture and market a patented jewelry display design : Abby Novel signed a handwritten note that read, "Glen Gallwitz 1/8/2002 loaned me $5,000 at 6% interest a total of $10,000.00." The note did not state a time for repayment. Novel used the funds to manufacture and market a patented jewelry display des..

Job order costing to account for product or service : Describe how your chosen business might use job order costing to account for its product(s) or service(s). Explain the types of costs that would be classified as direct versus indirect, variable versus fixed, and product versus period. In your respon..

Explain the role that culture plays in the formation : Explain the role that culture plays in the formation and maintenance of relationships. Support your response with at least one (1) example of the influence culture has on relationships

Installment sale method of accounting for this transaction : On December 15,2013, Rigsby Sales Co. sold a tract of land that cost $3600000 for $4500000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500000 with the balance in two e..

Newest version of playstation at the techno fair 2014 aucti : QUESTION 3 Tuan received a beautiful hanhphone on his 16 birthday from his parents. After three month using the handphone he decided to sell it out to have money for buying a new playstation. He met Mr. Binh, owner of a pawnshop, at the Techno Fairs ..

Compare and contrast the management information systems : Compare and contrast the management information systems

User Account

All Pages