Don Lieberman 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 worked on during November. Direct materials Auditor labor costs Auditor hours Blossom Crane Cullumber Blossom Inc. $640 $6,400 74 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $54 per auditor hour. The Blossom Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $13,600. (a) Determine the cost of each job. SA Cost 11036 12426 Crane Inc. $450 $6,900 94 6557 Cullumber Inc. $290 $3,675 Balance in service contracts in process account 48 (b) Indicate the balance of the Service Contracts in Process account at the end of November. Balance in operating overhead account 11036 (c) Calculate the ending balance of the Operating Overhead account for November. Dr V

Don Lieberman 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 worked on during November. Direct materials Auditor labor costs Auditor hours Blossom Crane Cullumber Blossom Inc. $640 $6,400 74 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $54 per auditor hour. The Blossom Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $13,600. (a) Determine the cost of each job. SA Cost 11036 12426 Crane Inc. $450 $6,900 94 6557 Cullumber Inc. $290 $3,675 Balance in service contracts in process account 48 (b) Indicate the balance of the Service Contracts in Process account at the end of November. Balance in operating overhead account 11036 (c) Calculate the ending balance of the Operating Overhead account for November. Dr V

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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