BUSACC 0040 Chapter Notes - Chapter 2: Direct Labor Cost, Barcode, Total Absorption Costing

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Chapter 2: job-order costing: calculating unit product costs. Introduction: companies assign costs to their products and services for two main reasons, 1. Helps them fulfill their planning, controlling, and decision-making responsibilities: ex: using product cost information to better understand each product"s profitability or to establish each product"s selling price, 2. Job-order costing is also used extensively in service industries. Job cost sheet: job cost sheet: records the materials, labor, and manufacturing overhead costs charged to that job, measuring direct labor cost, direct labor: labor charges that are easily traced to a particular job. 1st bar code = a task being started, 2nd bar code = employee"s identity badge, 3rd bar code = unique bar code for the job itself. Information is fed automatically via an electronic network to a computer that notes the time and records all of the data. Section 1 compute predetermined overhead rates.

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