Which of the following costing methods of valuation are acceptable in a job-order costing system?
Actulal Standard Actual Predetermine
Material Material Labor Overhead
$\text {\underline{ Cost} }$&nbsp&nbsp&nbsp&nbsp&nbsp&nbsp $\text {\underline{ Cost} }$&nbsp&nbsp&nbsp&nbsp&nbsp $\text {\underline{ Cost} }$ &nbsp&nbsp&nbsp&nbsp&nbsp&nbsp&nbsp$\text {\underline{ Cost} }$

Question

Which of the following costing methods of valuation are acceptable in a job-order costing system?
Actulal      Standard       Actual         Predetermine
Material      Material      Labor        Overhead
$\text {\underline{ Cost} }$&nbsp&nbsp&nbsp&nbsp&nbsp&nbsp $\text {\underline{ Cost} }$&nbsp&nbsp&nbsp&nbsp&nbsp $\text {\underline{ Cost} }$ &nbsp&nbsp&nbsp&nbsp&nbsp&nbsp&nbsp$\text {\underline{ Cost} }$

Quizplus · Accepted Answer

Actual cost for material, labor and overhead are acceptable in a job-order costing system. Pre-determined cost for overhead is also acceptable as it is calculated based on estimated costs and allocated to jobs based on predetermined rates. Standard cost for material and labor may have variances that need to be accounted for separately, but can still be used as a method of valuation in a job-order costing system. Therefore, all four methods (actual, standard, actual, and pre-determined) are acceptable in a job-order costing system.

Which of the Following Costing Methods of Valuation Are Acceptable Cost‾ \text {\underline{ Cost} } Cost​

Which of the Following Costing Methods of Valuation Are Acceptable $\text {\underline{ Cost} }$