# Ch 5: Job Order Cost System

These engaging video lessons will help you familiarize yourself with the job order cost system. At the end of each lesson, take a quiz to better estimate your progress in the chapter.

## Job Order Cost System - Chapter Summary and Learning Objectives

In order to perform their job correctly, accounting managers must understand the terminology and concepts involved in job order costing. This chapter gives you the information and examples necessary to understand this system. Our instructors guide short video lessons to help you identify manufacturing and overhead costs. The quizzes that are located in each lesson will help you reinforce the information you've learned. These lessons include information like:

• What job order costing is and how it is important
• How to identify and estimate overhead costs
• The reasons for job cost sheets
• Examples of work-in-process inventory accounts
• The definition of finished goods inventory
• Ways to calculate the cost of goods
• The formula for cost of goods sold
• The difference between over-applied and under-applied overhead

Video Objective
Job Order Cost System: Purpose, Pros & Cons Determine the circumstances that are best for using job order costing.
Manufacturing Costs of Job Order Cost Systems Recognize manufacturing overhead costs, and identify direct manufacturing costs.
Manufacturing Overhead: Definition, Formula & Examples Utilize the correct formula to determine manufacturing overhead per unit.
Predetermined Overhead Rate: Formula & Example Outline the process for estimating overhead costs.
Job Cost Sheet: Purpose & Characteristics Identify what job sheets are and their purpose.
Work-in-Process Inventory Account: Definition & Example Explain the work in progress account.
Finished Goods Inventory: Calculation & Formula Investigate the reasons why finished goods inventory may increase or decrease.
Cost of Goods: Definition & Calculation Calculate the costs of goods sold and discuss what the costs of goods is.
Balance Sheet Accounts in Job Order Costing Understand the balance sheet and the terms that are important to it.
Cost of Goods Sold on an Income Statement: Definition & Formula Discover where the cost of goods sold fits on a balance sheet.
Job Order Cost System for Service Companies Identify the correct way to make entries and track costs for service companies.
Under- or Over-Applied Manufacturing Overhead Define under-applied or over-applied overhead and discover how to decide whether or not to allocate them.

9 Lessons in Chapter 5: Job Order Cost System
Test your knowledge with a 30-question chapter practice test
Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

### Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.