Question
The following are the job cost related accounts for the law firm of Wildhorse Associates and their manufacturing equivalents: Law Firm Accounts Manufacturing Firm Accounts
The following are the job cost related accounts for the law firm of Wildhorse Associates and their manufacturing equivalents:
Law Firm Accounts
Manufacturing Firm Accounts
Supplies
Raw Materials
Salaries and Wages Payable
Factory Wages Payable
Operating Overhead
Manufacturing Overhead
Service Contracts in Process
Work in Process
Cost of Completed Service Contracts
Cost of Goods Sold
Cost data for the month of March follow.
Purchased supplies on account $2,280.
Issued supplies $1,590 (60% direct and 40% indirect).
Assigned labor costs based on time cards for the month which indicated labor costs of $85,400 (80% direct and 20% indirect).
Operating overhead costs incurred for cash totaled $48,800.
Operating overhead is applied at a rate of 90% of direct labor cost.
Work completed totaled $91,500.
Journalize the transactions for March (List all debit entries before credit entries Credit occount titles are outomotically indented when amount is entered. Do not Indent manually
The following are the job cost related accounts for the law firm of Wildhorse Associates and their manufacturing equivalents:
Law Firm Accounts
Manufacturing Firm Accounts
Supplies
Raw Materials
Salaries and Wages Payable
Factory Wages Payable
Operating Overhead
Manufacturing Overhead
Service Contracts in Process
Work in Process
Cost of Completed Service Contracts
Cost of Goods Sold
Cost data for the month of March follow.
Purchased supplies on account $2,280.
Issued supplies $1,590 (60% direct and 40% indirect).
Assigned labor costs based on time cards for the month which indicated labor costs of $85,400 (80% direct and 20% indirect).
Operating overhead costs incurred for cash totaled $48,800.
Operating overhead is applied at a rate of 90% of direct labor cost.
Work completed totaled $91,500.
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