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Chapter 5: Job Costing Learning objectives Q1: Job Costing versus Process Costing Job costing is best used when products can be distinguished from one another. Q1: Job Costing versus Process Costing Q1: Assigning Costs to Jobs Q1: Job Cost Records Q2: Allocating Overhead Costs to Jobs Q2: Overhead Allocation Rates Q2: Overhead Allocation Rates Chausse Manufacturing makes road paving equipment. At the beginning of the year, overhead costs were estimated to be $450,000. However, actual overhead was $504,000. Chausse uses direct labor hours as the cost allocation base. At the beginning of the year, total direct labor hours were estimated at 10,000 hours, but actual direct labor hours for the year totaled 12,000 hours. Compute the actual overhead rate and the estimated overhead rate. Q3: Actual and Normal Costing Q3: Job Costing Example (Service Sector) Serena-Sturm is an architectural firm with a professional staff of 5 architects and a support staff of 7. Some projects are done for a fixed fee, while others are billed for the actual hours spent on the project. You are given the following information for Serena-Sturm (SS) for 2005. What is the estimated indirect cost rate if # of projects is used as the cost allocation base? Is this a good choice for the cost allocation base? Q3: Job Costing Example (Service Sector) SS has a costing system with a single direct cost pool. If SS uses a single indirect cost pool, determine both the estimated and actual indirect cost rates using (a) number of professional labor hours and (b) number of blueprints prepared as cost allocation bases. Q3: Job Costing Example (Service Sector) SS was asked to prepare a fixed fee bid for an out-of-town project called The Culebra Complex. The budgeted professional hours for this project was 400, and the job is expected to require the preparation of 7 blueprints. Compute the budgeted project cost using (a) professional labor hours and (b) number of blue prints prepared as a cost driver for