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please show work and calculations, thank you!! Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated
please show work and calculations, thank you!!
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 660 hours of professional lawyer) time at a rate of $220 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, $26,100 14. Charged 280 hours of professional time for the Obsidian trial at a rate of $290 per hour 18. Received invoice from consultants Wadsley and Harden for $70,800 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. Pald administrative and support salaries of $46,700 for the month 31. Used office supplies for the month, $15,800 31. Pald professional salaries of $184,000 for the month 31. Billed Obsidian $443,700 for successful defense of the case a. Provide the journal entries for each of these transactions. If amount box does not require an entry, leave it blank Work in Process Salaries Payable July 3 July 10 Work in Process Cash II II II OO II II II 01 July 14 Work in Process Salaries Payable Work in Process July 18 Candant For Dan Previous Work in Process July 18 Consultant Fees Payable July 27 Work in Process Office Overhead July 31 Admin. sal. Office Overhead Cash July 31 Supplies Office Overhead II II II II II II II II II II II II II II Supplies Salaries Payable July 31 Prof. sal. Cash July 31 Billed Accounts Receivable Fees Earned Cost of Services July 31 Cost Work in Process b. How much office overhead is over- or underapplied? Enter your answer as a positive number. Overapplied c. Determine the gross profit on the Obsidian case, assuming that over or underapplied office overhead is closed monthly to cost of services Step by Step Solution
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