The following are the job cost related accounts for the law firm of Ivanhoe Associates...
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Accounting
The following are the job cost related accounts for the law firm of Ivanhoe Associates and their manufacturing equivalents: Cost data for the month of March follow. 1. Purchased supplies on account $2,000. 2. Issued supplies $1,380 (60\% direct and 40% indirect). 3. Assigned labor costs based on time cards for the month which indicated labor costs of $75,600 (80\% direct and 20% indirect). 4. Operating overhead costs incurred for cash totaled $43,200. 5. Operating overhead is applied at a rate of 90% of direct labor cost. 6. Work completed totaled $81,000. 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.)
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