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Please assist with the attached accounting scenarios Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit
Please assist with the attached accounting scenarios
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. Lynn Direct materials Auditor labor costs Auditor hours Brian Mike $710 $5,590 77 $510 $7,220 91 $220 $3,850 46 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $56 per auditor hour. The Lynn job is the only incomplete job at the end of November. Actual overhead for the month was $14,030. (a) Determine the cost of each job. Cost Lynn Brian Mike $ $ $ (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 $ Journalize the June transactions: (i) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (ii) assignment of direct materials, labor, and overhead to production; and (iii) completion of jobs and sale of goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 1,250.) No Account Titles and . Explanation Debit (i) (To record purchase of raw materials) Credit (To record factory labor costs incurred) (To record manufacturing overhead costs incurred) (ii) (To record assignment of direct materials) (To record assignment of factory labor) (To record assignment of manufacturing overhead) (iii) (To record completion of jobs) (To record sale of goods) (To record the cost of goods sold)Step by Step Solution
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