The following are the job cost related accounts for the law firm of Sheridan Associates and their manufacturing equivalents:
Law Firm Accounts:
Supplies
Salaries and Wages Payable
Operating Overhead
Service Contracts in Process
Cost of Completed Service Contracts
Manufacturing Firm Accounts:
Raw Materials
Factory Wages Payable
Manufacturing Overhead
Work in Process
Cost of Goods Sold
Cost data for the month of March follow.
- Purchased supplies on account $1,680.
- Issued supplies $1,140 (60% direct and 40% indirect).
- Assigned labor costs based on time cards for the month which indicated labor costs of $64,400 (80% direct and 20% indirect).
(a) Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) The parts of this question must be completed in order. This part will be available when you complete the part above.