The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirec Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.

The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirec Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.

Name: The following are the job cost related accounts for the law firm of C
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Description: The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents:Law Firm AccountsSuppliesSalaries and Wages PayableOperating OverheadService Contracts in ProcessCost of Completed Service C

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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