Job Order Cost Accounting for a Service CompanyThe law firm of Furlan and Benson accumulates costsassociated with individual cases, using a job order costsystem. The following transactions occurred during July:Charged 690 hours of professional (lawyer) timesuit to prepare for the trial, at a rate of $200 perReimbursed travel costs to employees for deposit$21,700.July 3.Charged 230 hours of professional time for the Ohour.July 10July 14July 1810.July 2714.18.27.a. Provide the journal entries for each of thesetransactions. If an amount box does not require anentry, leave it blank.July 3Received invoice from consultants Wadsley and Htestimony related to the Obsidian trial.Applied office overhead at a rate of $45 per profecase.31. Paid administrative and support salaries of $29,431. Used office supplies for the month, $9,900.31. Paid professional salaries of $169,700 for the mo31. Billed Obsidian $385,400 for successful defenseJuly 31 Admin. sal.July 31 SuppliesJuly 31 Prof. sal.July 31 CostJuly 31 Billed ce Companycumulates costsg a job order costEcurred during July:sional (lawyer) time to the Obsidian Co. breech of contractat a rate of $200 per hour.mployees for depositions related to the Obsidian case,sional time for the Obsidian trial at a rate of $280 perItants Wadsley and Harden for $71,700 for expertidian trial.rate of $45 per professional hour charged to the Obsidianport salaries of $29,400 for the month.month, $9,900.$169,700 for the month.successful defense of the case.ch of thesenot require an

Job order costing refers to the method of costing which helps in determining the manufacturing cost…

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: Charged 690 hours of professional (lawyer) time July 3. suit to prepare for the trial, at a rate of $200 per Reimbursed travel costs to employees for deposi $21,700. 10. 14. Charged 230 hours of professional time for the C hour.

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: Charged 690 hours of professional (lawyer) time July 3. suit to prepare for the trial, at a rate of $200 per Reimbursed travel costs to employees for deposi $21,700. 10. 14. Charged 230 hours of professional time for the C hour.

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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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: July 3. Charged 550 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $160 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $22,700. 14. Charged 150 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $45,900 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $37,300 for the month. 31. Used office supplies for the month, $12,600. 31. Paid professional salaries of $178,300 for the month. 31. Billed Obsidian…
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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: July 3. Charged 570 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $170 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $17,100. 14. Charged 270 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $74,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $70 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $41,700 for the month. 31. Used office supplies for the month, $14,100. 31. Paid professional salaries of $176,400 for the month. 31. Billed Obsidian…
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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…
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At the beginning of the month, Daniel's Business Services had two incomplete consulting engagements (jobs) that had the following costs assigned from previous months. Job Number DBS-32 DBS-35 Associate Labor $ 39,120 29,080 Applied Overhead ? ? During the month, Jobs DBS-32 and DBS-35 were completed but not billed to customers. Completion of DBS-32 required an additional $33,700 in associate labor. For DBS-35, an additional $104,000 in associate labor was incurred. During the month, the only new job, DBS-36, was started but not finished. Total direct labor costs for all jobs amounted to $188,000 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including supplies, copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 75 percent of associate labor costs. This rate has not changed for many months. Actual overhead for the month was $137,680. Required: a. What are the costs of Jobs DBS-32…
Dacosta Corporation had only one job in process on May 1. The job had been charged with $1,950 of direct materials, $6,990 of direct labor, and $9,978 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.70 per direct labor-hour. During May, the following activity was recorded: Raw materials (all direct materials): Beginning balance Purchased during the month Used in production Labor: Direct labor-hours worked during the month Direct labor cost incurred Actual manufacturing overhead costs incurred Inventories: Raw materials, May 30 $ 8,650 $ 38,150 $ 39,450 2,050 $ 24,660 $ 33,450 Work in process, May 30 $ 16,976 Work in process inventory on May 30 contains $3,768 of direct labor cost. Raw materials consist solely of items that are classified as direct materials. The cost of goods manufactured for May was: Multiple Choice O $97,140 $104,387 $102,445 $110,630
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