by Job Cost Sheet is a detailed document used in job order costing to record and track all costs associated with a specific job or order. It includes direct materials, direct labor, and applied manufacturing overhead for each job. Each job is assigned a unique job number, and the sheet helps in monitoring the job’s cost, setting the selling price, and evaluating profitability. It ensures cost control and accurate pricing, especially in industries with customized production. Once the job is completed, the total cost from the job cost sheet is transferred to the Cost of Goods Manufactured (COGM).
Reports in Job Costing System:
- Job Cost Sheet Report
This is the primary report in a job costing system. It records and summarizes all costs associated with a specific job. It includes details like job number, description, customer name, materials used, labor hours, overheads applied, total cost, and cost per unit (if applicable).
- Material Consumption Report
This report tracks the quantity and value of materials issued to each job. It uses data from material requisition slips and helps in identifying how much raw material was consumed per job.
- Labor Utilization Report
This report details the labor hours spent on each job and the corresponding labor cost. It is prepared using time sheets or job cards.
- Overhead Application Report
This report shows how factory overheads have been allocated to different jobs using a predetermined overhead rate (e.g., based on labor hours or machine hours).
- Job Profitability Report
This report compares the total job cost with the revenue earned from that job. It shows whether the job was profitable or incurred a loss.
- Work-in-Progress (WIP) Report
This report lists all jobs that are still under production and not yet completed. It includes costs accumulated so far on each job.
- Completed Jobs Report
This report lists all jobs that have been completed within a certain period. It summarizes the cost incurred and revenue generated for each job.
- Job Variance Report
This report compares estimated costs with actual costs for each job. Variances may occur in materials, labor, or overheads.
- Summary Job Cost Report
This consolidated report gives an overview of multiple jobs handled during a specific period. It presents summarized data on materials, labor, overhead, total cost, and profit or loss.
