Final answer:
The record for assigning direct labor cost to specific jobs is called a job cost sheet, which is essential for businesses to accurately track job-related expenses.
Step-by-step explanation:
The record used to assign direct labor cost to specific jobs is known as a job cost sheet or job cost record. This document is a critical component in job order costing, allowing companies to track the actual labor costs incurred for particular jobs or projects.
Businesses use this information for budgeting and setting prices, as well as controlling costs and evaluating the efficiency of their labor. An example of how this might be used is in a manufacturing setting where a furniture maker assigns direct labor costs to the creation of custom tables to ensure accurate pricing and profitability analysis.
A job cost sheet is a document that tracks the direct labor costs associated with a particular job or project. It includes information such as the employee's name, the number of hours worked, the employee's hourly wage rate, and the total direct labor cost.
For example, in a manufacturing company, if a job requires 10 hours of direct labor at a wage rate of $20 per hour, the job cost sheet will show a direct labor cost of $200 for that specific job.