Solution-Calculate ending balance of the operating overhead

Calculate ending balance of the operating overhead account

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Reference no: EM131371070

Exercise

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 conducted during November.

	Lynn	Brian	Mike
Direct materials	$700	$480	$250
Auditor labor costs	$5,620	$7,660	$4,040
Auditor hours	77	89	48

Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $53 per auditor hour. The Lynn job is the only incomplete job at the end of November. Actual overhead for the month was $12,710.

(a) Determine the cost of each job.

(b) Indicate the balance of the Service Contracts in Process account at the end of November.

Reference no: EM131371070

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Calculate ending balance of the operating overhead account

Reference no: EM131371070

Reference no: EM131371070

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