Job order costing for a service company The law firm of Prawitt and Bradford accumulates costs associated with individual cases, using job order costing. The following transactions occurred during August: August 3. Charged 510 hours of professional (lawyer) time to the Shadow Creek Co. breech of contract suit to prepare for the trial, at a rate of $240 per hour. 10. Reimbursed travel costs to employees for depositions related to the Shadow Creek case, $14,500. 14. Charged 120 hours of professional time for the Shadow Creek trial at a rate of $300 per hour. 18. Received invoice from consultants Westerly and Henninger for $76,800 for expert testimony related to the Shadow Creek trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Shadow Creek case. 31. Paid administrative and support salaries of $33,500 for the month. 31. Used office supplies for the month, $11,300. 31. Paid professional salaries of $163,600 for the month. month. 31. Billed Shadow Creek $338,700 for successful defense of the case. a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. August 3 August 10 August 14 00 00 00 00 00 00

Job order costing for a service company The law firm of Prawitt and Bradford accumulates costs associated with individual cases, using job order costing. The following transactions occurred during August: August 3. Charged 510 hours of professional (lawyer) time to the Shadow Creek Co. breech of contract suit to prepare for the trial, at a rate of $240 per hour. 10. Reimbursed travel costs to employees for depositions related to the Shadow Creek case, $14,500. 14. Charged 120 hours of professional time for the Shadow Creek trial at a rate of $300 per hour. 18. Received invoice from consultants Westerly and Henninger for $76,800 for expert testimony related to the Shadow Creek trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Shadow Creek case. 31. Paid administrative and support salaries of $33,500 for the month. 31. Used office supplies for the month, $11,300. 31. Paid professional salaries of $163,600 for the month. month. 31. Billed Shadow Creek $338,700 for successful defense of the case. a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. August 3 August 10 August 14 00 00 00 00 00 00

Name: Job order costing for a service companyThe law firm of Prawitt and Br
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Job order costing for a service companyThe law firm of Prawitt and Bradford accumulates costs associated with individual cases, using job order costing. The following transactions occurred during August:August 3. Charged 510 hours of professional (l

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Fancy Decorating uses a job order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year. Budgeted overhead Actual overhead Budgeted decorator hours Actual decorator hours (a) $880,000 $910,000 40,000 The company uses Operating Overhead in place of Manufacturing Overhead. 41,000 Save for Later Compute the predetermined overhead rate. Predetermined overhead rate $ per decorator hour Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer
Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases; using a job order cost system. The following transactions occurred during July 3. Charged 175 hours of professional (lawyer) time at a rate of $150 per hour to the Obsidian Co. breech of contract suit to prepare for the trial 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500. 14. Charged 260 hours of professional time for the Obsidian trial at a rate of $185 per hour 18. Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to the Obsidian trial 27. Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case 31. Paid administrative and support salaries of $28, 500 for the month 31. Used olfice supplies for the month, $4,000 31. Paid professional salaries of $74,350 for the month 31. Billed Obsidian $172, 500 for successful defense of the…
Online A job-order costing system at a company applied overhead to jobs using a predetermined overhead rate. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $140,500. The ending balance in the Finished Goods inventory account was $20,000. At the end of the year, manufacturing overhead was overapplied by $36,500. The balance in the Finished Goods inventory account at the beginning of the year was:
Domestic
Rahul
Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $4,860 Job 202 2,430 Job 203 1,920 Job 204 3,570 Factory supervision 1,660 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $28 per direct labor hour. The direct labor rate is $18 per hour. If required, round final answers to the nearest dollar. Question Content Area a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select -
Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as fllows: Job 201 $3,650 Job 202 1,820 Job 203 1,440 Job 204 2,690 Factory supervision 1,250 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable
Check my work The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $209,000. b. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). c. Accrued direct labor cost of $48,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $104,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,500 machine-hours were used in October. g. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 40% above cost. Required: 1. Prepare journal entries to record the…
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,800 8,800 4,400 Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 Total transferred cost 21,800 10,900 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials. Direct labor Overhead applied Job 5 $ 15,800 8,800 4,400 Job 6 $33,400 15,000 7,500 Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Predetermined overhead rate b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 3. What is the predetermined overhead rate? Job 7 $ 27,400 21,800 10,900 %
Prepare an income statement
Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Sandra Corporation Balance Sheet January 1 Assets: Cash $ 17,950 Raw materials $ 7,950 Work in process 11,950 Finished goods 16,950 36,850 Property, plant, and equipment (net) 218,950 Total assets $273,750 Liabilities and Stockholders' Equity: Retained earnings $273,750 Total liabilities and stockholders' equity $273,750 Summaries of the transactions completed during January appear below: (1) Raw materials purchased for cash $ 81,950 (2) Raw materials used in production (direct materials) $ 64,950 (3) Raw materials used in production (indirect materials) $ 10,475 (4) Direct labor paid in cash $ 77,950 (5) Indirect labor paid in cash $ 21,950 (6) Selling and administrative salaries paid in cash $ 39,950 (7) Factory utility costs paid in…