How Job Order Costing Works in 5 Minutes (Step by Step)

🔥 Accounting Student Accelerator! - 85% OFF

Financial Accounting Accelerator 👉 http://bit.ly/fin-acct-review

Managerial Accounting Accelerator 👉 http://bit.ly/aua-mgr

Learn Job Order Costing Accounting in 5 Minutes. In today’s video, we cover Job Order Costing. How does Job Order Costing work? In this video, I walk a real-world example through which we apply it to a practice problem. Managerial Accounting doesn't have to be complicated. Learn Job Order Costing the Easy Way. Check it out!


⏱️TIMESTAMPS

0:00 Intro and Story
0:45 Types of Costs in Job Order Costing
0:51 What are Direct Materials?
1:14 Direct Materials Journal Entry
1:50 What is Direct Labor?
2:02 Direct Labor Journal Entry
2:20 What is Overhead?
2:41 How to Calculate Applied Overhead?
3:26 Applied Overhead Journal Entry
3:51 Summary of Costs
4:01 Total Amount of Costs
4:17 Finished Goods Journal Entry
4:28 Cost of Goods Sold Journal Entry
4:41 Actual Overhead vs. Applied Overhead
5:01 Journal Entry for Under or Over Applied Overhead
5:14 How to Set the Price for the Job
5:28 Journal Entry for Sale of Home
5:46 Conclusion


Learn Accounting for FREE in just 5 Minutes: https://bit.ly/AUin5

Subscribe to the Channel for more Fast and Easy Accounting Tutorials: https://bit.ly/subscribe-au