ECONOMICS

Detailed explanation-1: -A job cost sheet is a compilation of the actual costs of a job. The report is compiled by the accounting department and distributed to the management team, to see if a job was correctly bid. The sheet is usually completed after a job has been closed, though it can be compiled on a concurrent basis.

Detailed explanation-2: -Job cost sheets for a service company keep track of materials, labor, and over-head used on a particular job similar to manufacturer.

Detailed explanation-3: -A job cost sheet is a document that lists a job’s components, pricing per unit of a product or service, and final cost. The task order costing system should be used for manufacturing distinctive products.

Detailed explanation-4: -Answer: A job costing system. records revenues and costs for each job. Because each job at Custom Furniture Company results in a unique product and has different material and labor requirements, the company uses a job costing system.