Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent thanks! Grant Marwick and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
urgent thanks!
Grant Marwick 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 Rondelli Preston Lopez Direct materials: $900 $600 $300 Auditor labor costs: $5,900 $6,600 $3,700 Auditor hours: 72 88 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $50 per auditor hour. The Rondelli job is the only incomplete job at the end of November. Actual overhead for the month was $10,700. How much is cost of Preston? 1) $7,200 2) $11,600 3) $4,400 Grant Marwick 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. Rondelli Preston Lopez Direct materials: $900 $600 $300 Auditor labor costs: $5,900 $6,600 $3,700 Auditor hours: 88 45 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $50 per auditor hour. The Rondelli job is the only incomplete job at the end of November. Actual overhead for the month was $10,700. How much is November ending balance of Work-in-Process? 1) $3,600 2) $10,400 3) $6,800 4) $11,600 Grant Marwick 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 Rondelli Preston Lopez Direct materials: $900 $600 $300 Auditor labor costs: $5,900 $6,600 $3,700 Auditor hours: 72 88 45 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $50 per auditor hour. The Rondelli job is the only incomplete job at the end of November. Actual overhead for the month was $10,700. How much is the ending balance of Manufacturing Overhead accounting in November? 1) A credit balance of $450 2) A credit balance of $4,050 3) A debit balance of $7,100 Question 13 (2.5 points) If Lopez is billed for $8,000 for the audit service provided, what would be the journal entry to record the service revenue generated? 1) Service Revenue---------------8.000 -----Accounts Receivable------- ------8,000 2) Accounts Receivable----------8,000 -----Service Revenue----- -----8,000 3) Cost of Service Sold----------8,000 ----Work-in-Process ---- ---------8,000 4) Cost of Service Sold----------8,000 -----Service Revenue-------- ------8,000 Question 14 (2.5 points) Saved Overhead application is recorded with a credit to Work in Process Inventory credit to job cost sheets credit to Manufacturing Overhead

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

Intermediate Accounting 2007 FASB Update Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

12th Edition

0470128755, 978-0470128756

More Books

Students also viewed these Accounting questions

Question

Briefly describe Hartleys contributions to associationism.

Answered: 1 week ago

Question

16.2 Explain three trends in the labour movement in Canada.

Answered: 1 week ago