Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs...
90.2K
Verified Solution
Link Copied!
Question
Accounting
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 worked on during November. Direct materials Auditor labor costs Auditor hours Blossom Inc. $ 610 $5,500 Crane Inc. Cullumber Inc. $410 $ 210 $6,700 $3,475 89 46 73 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $ 51 per auditor hour. The Blossom Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $ 12,100. (a) Determine the cost of each job. Cost Blossom $ Crane $ Cullumber $ (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 $
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
