Waltman and Associates, a public accounting firm. uses job-order costing to capt

Question

Waltman and Associates, a public accounting firm. uses job-order costing to capture the cost of its audit jobs. There were no auSs in process al the beginning of November Listed below are data concerning the three audit jobs conducted during November. Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $65 per auditor hour. The Koppel job is the only incomplete job at the end of November. Actual overhead for the month was $12,000. Determine the cost of each job. Indicate the balance of the Work in Process account at the end of November. Calculate the ending balance of the Overhead account for November.

Explanation / Answer

Cost of each job

b)Balance in work in process account at the end of November

= $9,100 + $12,280 + $8,950 = $30,330

c)Balance in overhead a/c

Actual overhead              = $12,000

Total overehead applied = $12,285

Balance                             = $285

Koppel Dupont Rojas Direct Materials $770 $450 $450 Auditor labour costs $4,300 6,500 5,575 Overhead @65 4,030 5,330 2,925 total costs $9,100 $12,280 $8,950

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