Question 03Lawler and Associates, a C.P.A. firm, uses job order costing to capture the costs ofits audit jobs. There were no audit jobs in process at the beginning of November. Listedbelow are data concerning the three audit jobs conducted during November.MansonWalkerBarton$ 350$ 650$5,400$ 200$3,375Direct materialsAuditor labor costs$6,80080Auditor hours6530Overhead costs are applied to jobs on the basis of auditor hours, and the predeterminedoverhead rate is $75 per auditor hour. The Barton job is the only incomplete job at the endof November. Actual overhead for the month was $10,000.Instructions(a) Determine the cost of each job.(b) Indicate the balance of the Work in Process account at the end of November.(c) Calculate the ending balance of the Manufacturing Overhead account for November.

Solution:- a)Calculation of the cost of each job follows under:-

Answered: (a) Determine the cost of each job. (b)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Michael Jones and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Ivanhoe Inc. $700 $5,700 76 Oriole Inc. $440 $7,500 89 Pharoah Inc. $250 $4,475 49 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Ivanhoe Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $12.900
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Can you help me with the last 2 journal entries? They are recording charges to Work-In-Process and the Transfer of Job 87.

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(a) Determine the cost of each job. (b) Indicate the balance of the Work in Process account at the end of November. (c) Calculate the ending balance of the Manufacturing Overhead account for November.