Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter 16, Problem 15E

Job order cost accounting for a service company Obj. 3

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:

Chapter 16, Problem 15E, Job order cost accounting for a service company Obj. 3 The law firm of Furlan and Benson accumulates

  1. A. Provide the journal entries for each of these transactions.
  2. B. How much office overhead is over- or underapplied?
  3. C. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.
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Job order cost accounting for a Service companyThe law firm of Furlan and Benson accumulates costs associated withindividual cases, using a job order cost system. The followingtransactions occurred during July:(attached) a. Provide the journal entries for each of these transactions.b. How much office overhead is over- or underapplied?c. Determine the gross profit on the Obsidian case, assuming thatover- or underapplied office overhead is closed monthly to cost ofservices.
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: Charged 470 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $220 per July 3. hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $26,700. 14. Charged 230 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $73,800 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $19,900 for the month. 31. Used office supplies for the month, $6,700. 31. Paid professional salaries of $170,300 for the month. 31. Billed Obsidian $331,200 for successful…
Job Order Cost Accounting for a Service Company See attached Images for Part A!!! 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 630 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $220 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $19,500. 14. Charged 320 hours of professional time for the Obsidian trial at a rate of $260 per hour. 18. Received invoice from consultants Wadsley and Harden for $51,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $27,000 for the month. 31. Used office supplies for the month, $9,100. 31. Paid professional salaries of $164,600 for the…

Chapter 16 Solutions

Financial And Managerial Accounting

Ch. 16 - Issuance of materials On May 7, Bergan Company...Ch. 16 - Direct labor costs During May, Bergan Company...Ch. 16 - Factory overhead costs During May, Bergan Company...Ch. 16 - Applying factory overhead Bergan Company estimates...Ch. 16 - Job costs At the end of May, Bergan Company had...Ch. 16 - Cost of goods sold Pine Creek Company completed...Ch. 16 - Transactions in a job order cost system Five...Ch. 16 - The following information is available for the...Ch. 16 - Cost of materials issuances under the FIFO method...Ch. 16 - Prob. 4ECh. 16 - Kingsford Furnishings Company manufactures...Ch. 16 - A summary of the time tickets is as follows:...Ch. 16 - Entry for factory labor costs The weekly time...Ch. 16 - Schumacher Industries Inc. manufactures...Ch. 16 - Eclipse Solar Company operates two factories. The...Ch. 16 - Exotic Engine Shop uses a job order cost system to...Ch. 16 - Predetermined factory overhead rate Obj. 2...Ch. 16 - The following account appears in the ledger prior...Ch. 16 - Collegiate Publishing Inc. began printing...Ch. 16 - The following events took place for Rushmore...Ch. 16 - Job order cost accounting for a service company...Ch. 16 - Job order cost accounting for a service company...Ch. 16 - Barnes Company uses a job order cost system. The...Ch. 16 - Entries and schedules for unfinished jobs and...Ch. 16 - Job cost sheet Remnant Carpet Company sells and...Ch. 16 - Analyzing manufacturing cost accounts Fire Rock...Ch. 16 - Prob. 5PACh. 16 - Entries for costs in a job order cost system Royal...Ch. 16 - Entries and schedules for unfinished jobs and...Ch. 16 - Job cost sheet Stretch and Trim Carpet Company...Ch. 16 - Analyzing manufacturing cost accounts Clapton...Ch. 16 - Prob. 5PBCh. 16 - Antolini Enterprises produces mens sports coats...Ch. 16 - Alvarez Manufacturing Inc. is a job shop. The...Ch. 16 - Raneri Trophies Inc. uses a job order cost system...Ch. 16 - Brady Furniture Company manufactures wooden oak...Ch. 16 - Ethics in Action TAC Industries Inc. sells heavy...Ch. 16 - Team Activity As an assistant cost accountant for...Ch. 16 - Prob. 3TIFCh. 16 - RIRA Company makes attachments such as backhoes...Ch. 16 - Todd Lay just began working as a cost accountant...Ch. 16 - Baldwin Printing Company uses a job order cost...Ch. 16 - John Sheng, a cost accountant at Starlet Company,...Ch. 16 - Lucy Sportswear manufactures a specialty line of...Ch. 16 - Patterson Corporation expects to incur 70,000 of...
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