ECONOMICS

Detailed explanation-1: -Answer and Explanation: Yes, there should be a separate job cost sheet for each job as it is a subsidiary ledger that company makes for identifies the individual costs for each job for accuracy in data or information.

Detailed explanation-2: -The costs for the job are recorded on the sheet during the production process. A separate job cost sheet is prepared for each job.

Detailed explanation-3: -(also job order cost sheet) a list of the materials and labour costs for the production of a quantity of goods or of providing a particular service: Two of the final values on the job cost sheet are the total job cost and the profit.

Detailed explanation-4: -Importance of job order costing Job order costing is useful for determining if a job is profitable. It helps the company make estimates about the value of materials, labor, and overhead that will be spent while doing that particular job.

Detailed explanation-5: -Which of the following statement is correct with regard to job costing? Job costing differs from most other types of costing system because each cost unit is a job, and no two jobs are exactly the same. Each job is costed separately.