Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

7. John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in

image text in transcribed
7. John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Aaron Sharon Daron Direct materials $550 $440 $220 Auditor labor costs $5,500 $6,800 $3,400 Auditor hours 74 90 42 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $53 per auditor hour. The Aaron job is the only incomplete job at the end of November. Actual overhead for the month was $11,000. Instructions (a) Determine the cost of each job. (b) Indicate the balance of the Work in Process account at the end of November. (c) Calculate the ending balance of the Manufacturing Overhead account for November

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Leading The Digital Workforce Internal Audit And IT Audit

Authors: Jeffrey W. Brown

1st Edition

1032323736, 978-1032323732

More Books

Students also viewed these Accounting questions