ECONOMICS

Detailed explanation-1: -Job cost sheets are the most important job costing document. They summarize all of the key information about the job and accumulate total direct materials costs, total direct labor costs and overhead costs applied to the job to determine the total costs for the job.

Detailed explanation-2: -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-3: -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-4: -In a job-order costing system, a job-cost sheet is used to record all manufacturing costs. These costs include direct material, direct labor and manufacturing overhead. Actual direct material and actual direct labor costs will generally be used since these costs are traceable to the product.