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In a job costing system, costs are accumulated by job. For a typical job, direct material and direct labor are tracked at their actual values. These are recorded and tracked until the job is completed.
Besides the fixed costs your company incurs, there are many variable costs that need to be monitored and controlled in order to be sure to maximise profits. The costs that an employee incurs can include wages, overtime, expenses, travel time and so on.
Job Costing is particularly useful for companies whose products are of a relatively high value, such as ship-building or building contractors, or for employees who are on piece-work, such as fruit pickers or factory staff.
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