Don lieberman and associates a cpa firm uses job order

Assignment Help Managerial Accounting

Reference no: EM13378458

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	$610	$500	$220
Auditor labor costs	$5,620	$7,630	$3,990
Auditor hours	73	93	50

Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $57per auditor hour. The Lynn job is the only incomplete job at the end of November. Actual overhead for the month was $12,380.

(a) Determine the cost of each job.

		Cost
Lynn		$
Brian		$
Mike		$

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

Balance in work in process account

Balance in manufacturing overhead account

(a)

	Lynn	Brian	Mike
Direct materials	$610	$500	$220
Auditor labor costs	5,620	7,630	3,990
Applied overhead	4,161	5,301	2,850
Total cost	$10,391	$13,431	$7,060

(b)The Lynn job is the only incomplete job, therefore, $10,391.

(c)

Actual overhead	$12,380	(DR)
Applied overhead	12,312	(CR)
Balance	$68	(DR)

Reference no: EM13378458

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