20 accounting questions

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Don Lieberman and Associates, a CPA �rm, 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..

Oriole Inc. Pharoah Inc. Sheridan Inc.

Direct materials $710 $440 $310

Auditor labor costs $5,900 $7,700 $4,375

Auditor hours 77 89 50

Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Oriole Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $13,600.

(a) Determine the cost of each job.

Cost

Oriole $

Pharoah $

221 Exam 2 Ch 19-21

Question 13 of 20 - / 7.5

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Sheridan $

(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 $

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221 Exam 2 Ch 19-21

Question 13 of 20 - / 7.5