Job cost record
A job cost record brings together the costs assigned to a specific job. Source records such as material requisitions and labour time records identify direct inputs; overhead is added using the selected method. The record can compare estimates and actual results and support cost-based pricing. It should distinguish committed, incurred and forecast completion costs rather than treating a partly complete job’s cost to date as the final total.
Worked example
Job 27 records material $600, labour $400 and 20 machine hours at a $5 overhead rate. Recorded production cost is $1,100.
Common mistake
A job cost record is not necessarily an invoice or proof that the customer has been charged or has paid.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | MA | Direct | September 2026–June 2027 |
| FIA | FMA | Direct | September 2026–June 2027 |