riley amp associates is a cpa firm located in clinton kansas 542827 | Homework Solutions

Job Order Costing in a Service Organization

Riley & Associates is a CPA firm located in Clinton, Kansas. The firm deals primarily in tax and audit work. For billing of major audit engagements, it uses cost-plus contracts, and its profit factor is 25 percent of total job cost. Costs are accumulated for three primary activities: preliminary analysis, fieldwork, and report development. Current service overhead rates based on billable hours are preliminary analysis, $12 per hour; fieldwork, $20 per hour; and report development, $16 per hour. Supplies are treated as direct materials and are traceable to each engagement. Audits for three clientsFulcrum, Inc., Rainy Day Bakeries, and Our Place Restaurantsare currently in process. During March, 2011 costs related to these projects were as follows:

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	Fulcrum, Inc.	Rainy Day Bakeries	Our Place Restaurants
Beginning Balances
Preliminary analysis	$1,160	$2,670	$2,150
Fieldwork	710	1,980	3,460
Report development		1,020	420
Costs During March
Preliminary analysis
Supplies	$ 710	$ 430	$ 200
Labor: hours	60	10	12
dollars	$1,200	$ 200	$ 240
Fieldwork
Supplies	$ 450	$1,120	$ 890
Labor: hours	120	240	230
dollars	$4,800	$9,600	$9,200
Report development
Supplies	$ 150	$ 430	$ 390
Labor: hours	30	160	140
dollars	$ 900	$4,800	$4,200

Required

1. Using the format shown in this chapters Review Problem, create the job order cost card for each of the three audit engagements.

2. Riley & Associates will complete the audits of Rainy Day Bakeries and Our Place Restaurants by the end of March. What will the billing amount for each of those audit engagements be?

3. What is the March ending balance of Riley & Associates Audit in Process account?

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