How Job Order Costing Works in 5 Minutes (Step by Step)

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⏱️TIMESTAMPS 0:00 Intro and Story 0:45 Types of Costs in Job Order Costing 0:51 What are Direct Materials? 1:14 Direct Materials Journal Entry 1:50 What is Direct Labor? 2:02 Direct Labor Journal Entry 2:20 What is Overhead? 2:41 How to Calculate Applied Overhead? 3:26 Applied Overhead Journal Entry 3:51 Summary of Costs 4:01 Total Amount of Costs 4:17 Finished Goods Journal Entry 4:28 Cost of Goods Sold Journal Entry 4:41 Actual Overhead vs. Applied Overhead 5:01 Journal Entry for Under or Over Applied Overhead 5:14 How to Set the Price for the Job 5:28 Journal Entry for Sale of Home 5:46 Conclusion