Job Order Cost System-Journal Entries

question 20

Essay

Job order cost system-journal entries
Paxton Products,which uses a job order cost system,completed the following transactions during the current month:
(A)Materials costing $75,000 were used on various jobs.
(B)Time cards of direct workers indicate direct labor costs of $125,000 for the month.
(C)Overhead is applied to jobs at a rate of 75% of direct labor cost.
(D)Jobs with total accumulated costs of $165,000 were finished during the month.
(E)Units costing $210,000 were sold during the month at sales prices totaling $390,000.All sales were on account.
In the space provided,prepare a general journal entry for the month summarizing each of the above categories of transactions.Explanations may be omitted.

Know the significance of recruitment policies, sources, and recruiter characteristics.

Recognize the impact of downsizing on organizations and employees.

Understand the concept of external recruitment and its implications for diversity and innovation in the workforce.

Grasp the importance of realistic job previews in the recruitment process.

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Definitions:

Fixed Costs

Fixed costs are expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.

Variable Costs

Expenses that change in proportion with the level of business activity or production volume, such as raw materials and direct labor costs.

Target Income

The desired profit level that a company aims to achieve within a specific period, often used in budgeting and financial planning.

Contribution Margin

The amount of revenue remaining after subtracting variable costs, used to cover fixed costs and generate profit.