Determine the gross profit on the peterson case assuming

Reference no: EM13480447

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

May 2. Charged 200 hours of profesional (lawyer) time to the peterson co. breech of conteact suit to prepare for the trial, at a rate of $140 per hour.

May 7. Reimbursed travel costs to employees for depositions related to the Peterson Case, $14,600

May 11. Charged 300 hours of professional time for the Peterson trial at a rate of $175 per hour.

May 16. Received invoice from consultants Davis and Haris for $40,000 for expert testimony related to the Peterson trial.

May 21. Applied office overead at a rate of $50 per professional hour charged to the Peterson case.

May 31. Paid secretrial and administrative salaris of $26,000 for the month.

May 31. Used office supplies for the month, $6000

May 31. Paid professional salaries of $38,640 for the month.

May 31. Billed Peterson $185,000 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? Enter your answer as a positive number.

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

Reference no: EM13480447

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