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…
Swifty Company purchases $50,700 of raw materials on account, and it incurs $64,000 of factory labor costs. Journalize the two transactions on March 31, assuming the labor costs are not paid until April. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Mar. 31 31 Account Titles and Explanation (To record raw materials purchased) (To record factory labor costs) Debit Credit
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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…
Use the information given below to calculate the labour cost to Yolo Enterprises in respect of T. Henry for the week ended 27 March 2021. 1.2 INFORMATION Yolo Enterprises submitted the following information for the week ended 27 March 2021 in respect of an employee, T. Henry, who is employed at one of its projects: Hours worked Sunday Monday to Friday Saturday 47 5 Additional information : The normal working week is Monday to Friday and comprises 45 hours. : The normal wage rate is R180 per hour. : Overtime during the normal working week and on Saturdays is remunerated at time-and-a-half of the normal rate. : Overtime on Sundays is remunerated at twice the normal rate. : The following deductions are applicable to T. Henry: Income tax 20% of taxable income Pension 8% of normal pay Medical R400 per week aid | Yolo Enterprises contributes on a Rand-for-Rand basis to the pension fund and medical aid fund.
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aved Corporation had only one job in process on June 1. The job had been charged with Rs.3,400 of direct materials, Rs.4,640 of direct labor, and Rs.9,200 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of Rs.23.00 per direct labor-hour.During June, the following activity was recorded: Raw materials (all direct materials): Beginning balance ? Purchased during the month 45,000 Used in production 41,500 Labor: Direct labor-hours worked during the month 2,250 Direct labor cost incurred 27,520 Actual manufacturing overhead costs incurred 52,800 Inventories: Raw materials, June 30 12,400 Work in process, June 30 34,190 Work in process inventory on June 30 contains Rs.7,940 of direct labor cost. Calculate Cost of direct material at start (i.e. at June…
During the current month, a company that uses job order costing purchases $50,000 in raw materials for cash. It then uses $12,000 of raw materials indirectly as factory supplies and uses $32,000 of raw materials as direct materials. Prepare journal entries to record these three transactions.
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Javed Corporation had only one job in process on June 1. The job had been charged with Rs.3,400 of direct materials, Rs.4,640 of direct labor, and Rs.9,200 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of Rs.23.00 per direct labor-hour. During June, the following activity was recorded: Raw materials (all direct materials): Beginning balance ? Purchased during the month 45,000 Used in production 41,500 Labor: Direct labor-hours worked during the month 2,250 Direct labor cost incurred 27,520 Actual manufacturing overhead costs incurred 52,800 Inventories: Raw materials, June 30 12,400 Work in process, June 30 34,190 Work in process inventory on June 30 contains Rs.7,940 of direct labor cost. Calculate Cost of direct material at start (i.e. at June 1).