Job Cost Sheet

Written by Fmi.Online Friday January 6, 2023
A job cost sheet is a record of all expenses relating to a single job or job segment. Companies that use a job order cost accounting system try to segregate costs by job to see how much each product or job lot costs to make. In other words, they want to know what the unit price is per product produced. In order to figure out how much each unit costs to produce, the company has to track the work that was done to each product before it was completed.

Explanation :

This is where a job cost sheet comes into play. A job cost sheet is exactly what it sounds like. It’s a record of the costs incurred for a single job. A job cost sheet usually includes the customer name, address, job number, job description, date started, date completed, and estimated completion date. The costs for the job are recorded on the sheet during the production process. This usually happens in three categories: direct materials, direct labor, and overhead. As soon as the supervisor incurs a cost, he/she records it on the cost sheet.

In a nutshell :

  • A job cost sheet is a compilation of the actual costs of a job. 
  • The report is compiled by the accounting department and distributed to the management team, to see if a job was correctly bid
  • The sheet is usually completed after a job has been closed, though it can be compiled on a concurrent basis.
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