03 Job-Order Costing

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Systems Design: Job-Order Costing Chapter Three McGraw-Hill/Irwin Copyright © 2008, The McGraw-Hill Companies, Inc. 3-2 Learning Objective 1 Distinguish between process costing and joborder costing and identify companies that would use each costing method. McGraw-Hill/Irwin Copyright © 2008, The McGraw-Hill Companies, Inc. 3-3 Types of Product Costing Systems Process Costing    Job-order Costing A company produces many units of a single product. One unit of product is indistingui
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  Copyright © 2008, The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin Chapter Three Systems Design:Job-Order Costing  Copyright © 2008, The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin 3-2   Learning Objective 1 Distinguish betweenprocess costing and job-order costing and identifycompanies that would useeach costing method.  Copyright © 2008, The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin 3-3   Types of Product Costing Systems ProcessCostingJob-orderCosting    A company produces many units of a singleproduct.  One unit of product is indistinguishable fromother units of product.  The identical nature of each unit of product enablesassigning the same average cost per unit.  Copyright © 2008, The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin 3-4   Types of Product Costing Systems ProcessCostingJob-orderCosting    A company produces many units of a singleproduct.  One unit of product is indistinguishable fromother units of product.  The identical nature of each unit of product enablesassigning the same average cost per unit.   Example companies:1. Weyerhaeuser (paper manufacturing)2. Reynolds Aluminum (refining aluminum ingots)3. Coca-Cola (mixing and bottling beverages)
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