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Category > Accounting Posted 19 Aug 2017 My Price 13.00

law firm of Furlan

Job order cost accounting for a service company

 

The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July:

 

July 3. Charged 175 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $150 per    hour.

 

10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500.

 

14. Charged 260 hours of professional time for the Obsidian trial at a rate of $185 per hour.

 

18. Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to the Obsidian  trial.

 

27. Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case.

 

31.   Paid administrative and support salaries of $28,500 for the  month.

 

31.  Used office supplies for the month,  $4,000.

 

31.  Paid professional salaries of $74,350 for the  month.

 

31.  Billed Obsidian $172,500 for successful defense of the  case.

 

 

 

a.     Provide the journal entries for each of these transactions.

 

b.     How much office overhead is over­ or underapplied?

c.     Determine the gross profit on the Obsidian case, assuming that over­ or underapplied office overhead is closed monthly to cost of services

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 11:08 PM My Price 13.00

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