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Category > Accounting Posted 20 Jun 2017 My Price 10.00

The consulting firm of Reznick and Fedder accumulates costs associated with individual cases

The consulting firm of Reznick and Fedder accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during May:
May 7 Charged 440 hours of professional (lawyer) time to the Daley Co. breech of contract suit to prepare for the trial, at a rate of $175 per hour.
11 Reimbursed travel costs to employees for depositions related to the Daley case, $24,000.
22 Charged 225 hours of professional time for the Daley trial at a rate of $250 per hour.
25Received invoice from consultants Rucker and Putnam for $47,000 for expert testimony related to the Daley trial.
30 Applied office overhead at a rate of $45 per professional hour charged to the Daley case.
31 Paid secretarial and administrative salaries of $20,000 for the month.
31 Used office supplies for the month, $6,000.
31 Paid professional salaries of $55,000 for the month.
31 Billed Daley $260,000 for successful defense of the case.
a. Provide the journal entries for each of the above transactions.
b. How much office overhead is over- or underapplied?
c. Determine the gross profit on the Daley case, assuming that over- or underapplied office overhead is closed annually to cost of services.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 20 Jun 2017 12:06 PM My Price 10.00

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Attachments

file 1497961340-1725125_1_636330906004306172_Service-Job-cost.xlsx preview (232 words )
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