Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help answering this accounting question Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs.

need help answering this accounting question

image text in transcribed

Don Lieberman and Associates, a CPA 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. Direct materials Auditor labor costs Auditor hours Marigold Inc. $710 $5,600 78 Concord Inc. $500 $6,700 Swifty Inc. $210 $4,275 49 91 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $52 per auditor hour. The Marigold job is the only incomplete job at the end of November. Actual overhead for the month was $13,600. (a) Determine the cost of each job. Cost Marigold $ Concord $ Swifty $ (b) Indicate the balance of the Service Contracts in Process account at the end of November. Balance in service contracts in process account (c) Calculate the ending balance of the Operating Overhead account for November. Balance in operating overhead account $ Dr

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

Forensic And Investigative Accounting

Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

6th Edition

0808034871, 9780808034872

More Books

Students also viewed these Accounting questions

Question

Timeline for final evaluation

Answered: 1 week ago

Question

How will it be used?

Answered: 1 week ago