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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
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
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