eE15.12 (LO 2, 3, 4), AP Service Don Lieberman and Associates, a CPA firm,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
eE15.12 (LO 2, 3, 4), AP Service 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. Waters Inc. Renolds Inc. Bayfield Inc. Direct materials $600 $200 Auditor labor costs $5,400 $3,375 Auditor hours 72 45 Overhead costs are applied to jobs on the basis of auditor ours, and the predetermined overhead rate is $50 per auditor hour. The Waters Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $11,000. Instructions a. Determine the cost assigned to each job. b. Determine the balance of the Service Contracts in Process account at the end of November. $400 $6,600 88 c. Calculate the ending balance of the Operating Overhead account for November. Determine predetermined overhead rate, apply overhead, and determine whether balance is under- or overapplied.
cis12,(1002,2,4),AP Inatructiens F.15.12 (102,3,4) AP Nevember. Artual owrlead for the mobiti was 511.600 . Instruetions a. Deintmine the cont anigned to nach foll
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!
