Develop needs to be captured in the change order log

Assignment Help Cost Accounting
Reference no: EM132609920

A builder is constructing a 2,400-square foot house for a lump sum of $500,000. The owner asks the builder to change the carpet floor to hardwood in the main room, so the builder issues a Change Order request for $5,000 on April 1, 2015. The owner approves it on April 5, 2015. The builder requests another Change Order on April 10, 2015 for $2,000 to build a deck, which was never part of the scope of work. The owner rejects it on April 15, 2015. The builder issues a request for a Change Order on April 15, 2015 to increase the price from $505,000 to $525,000, citing an increase in building material costs. The Owner negotiates the increase to $510,000 and issues a Change order on April 27, 2015.

Question 1: Consider the information that needs to be captured in the Change Order Log. Develop a template, then complete it.

Reference no: EM132609920

Questions Cloud

What would be the expected risk on mr jones portfolio : Stock A is 16.60%, Stock B is 12.40%, and correlation between Stock A and Stock B is -0.40, what would be the expected risk on Mr. Jones' portfolio
Preparedness for virtualization : Describe the organization's environment, and evaluate its preparedness for virtualization.
Describe what resources the victim is using or has used : Describe what resources the victim is using or has used. If he or she did not use a specific resource for victims, what would you recommend for the victim?
What is the corrected amount for total assets : Swifty Inc. reported total assets of $6397000 and net income of $510000 for the current year. What is the corrected amount for total assets
Develop needs to be captured in the change order log : A builder is constructing a 2,400-square foot,Consider the information that needs to be captured in the Change Order Log. Develop a template, then complete it.
What are some ways groupthink can be prevented : Define some of the antecedents and outcomes that occur with groupthink. What are some ways groupthink can be prevented? APA Format.
Special risk management issues : Special risk management issues with Blue Wood Chocolates, and it presents various financial risks at Kilgore Custom Milling.
Solve the total profit for product cm if further processing : Solve the total profit for product CM if further processing is carried out (You may assume that joint costs are allocated on physical unit basis).
What amount should Bonita report as Cost of Goods Sold : The balance in the LIFO Reserve account at the end of 2020 was $288000. What amount should Bonita report as Cost of Goods Sold

Reviews

Write a Review

Cost Accounting Questions & Answers

  Cost accounting assignment

Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.

  Prepare the journal entries

Prepare the journal entries to record the bond issue and interest expense.

  Advise as to the liability of all the parties

Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.

  Prepare revenues budget

Prepare Revenues budget and Production budget in units

  Effect of exchange rate changes on cash and cash

Effect of exchange rate changes on cash and cash

  Corporate governance

You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.

  Cost-benefit analysis

A cost-benefit analysis of electronic medical records in primary care

  Non-annual interest rates and annuities

Theory of Interest- Non-annual interest rates and annuities

  Job costing in service organizations

How is job costing in service organizations different from job costing in manufacturing environments?

  Accounting for bad debt expense

Accounting for bad debt expense

  Accounting and partnership problems

Accounting and Partnership problems

  Development of relevant cash flows

Development of relevant cash flows - Cost estimating and financial analysis

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd