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: -Direct Material – Direct materials are the major contributors to job order costing. These costs are entirely dependent on the quality and quantity of finished goods. Raw materials. read more directly consumed for completion of specific jobs or manufacturing of finished goods come under direct material.

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: -When direct labor costs are recorded, the journal entry is a debit to Factory Wages Payable and a credit to Work in Process Inventory.

Detailed explanation-5: -Job cost sheet. This is the correct answer.