ECONOMICS

Detailed explanation-1: -A job-order costing identifies costs with a particular job or order rather than with a set time period. Actual manufacturing overhead costs are assigned to each job by tracing each overhead cost to a specific job. invoices, time tickets, and the predetermined overhead rate.

Detailed explanation-2: -A job order cost system and a process cost system are two alternative methods for valuing inventories. A job order cost system identifies costs with a particular job rather than with a set time period. A company may use either a job order cost system or a process cost system, but not both.

Detailed explanation-3: -Job order costing is a costing method which is used to determine the cost of manufacturing each product. This costing method is usually adopted when the manufacturer produces a variety of products which are different from one another and needs to calculate the cost for doing an individual job.

Detailed explanation-4: -Job costing is used when a business entity carries out tasks or jobs to meet specific customer orders. Batch costing is similar to job costing in that each batch of similar articles is separately identifiable.