FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Determine the balance of the Service Contracts in Process account.
Balance of Service Contracts in Process account $
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Transcribed Image Text:Your answer is incorrect. Determine the balance of the Service Contracts in Process account. Balance of Service Contracts in Process account $
Supplies
Salaries and Wages Payable
Operating Overhead
Service Contracts in Process
Cost of Completed Service Contracts
Law Firm Accounts
Cost data for the month of March follow.
4.
1. Purchased supplies on account $2,900.
2.
3.
5.
6.
Manufacturing Firm Accounts
Raw Materials
Factory Wages Payable
Manufacturing Overhead
Work in Process
Cost of Goods Sold
Issued supplies $1,900 (60% direct and 40 % indirect).
Assigned labor costs based on time cards for the month which indicated labor costs of $75,000 (80% direct and 20%
indirect).
Operating overhead costs incurred for cash totaled $45,300.
Operating overhead is applied at a rate of 90% of direct labor cost.
Work completed totaled $83,200.
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Transcribed Image Text:Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Law Firm Accounts Cost data for the month of March follow. 4. 1. Purchased supplies on account $2,900. 2. 3. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Issued supplies $1,900 (60% direct and 40 % indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $75,000 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $45,300. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $83,200.
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