EX 19-17 Job order cost accounting for a service company The Fly Company provides advertising services...

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EX 19-17 Job order cost accounting for a service company The Fly Company provides advertising services for dlients across the nation. The Fly Company is presently working on four projects, each for a different client. The Fly Company accumulates costs for each account (client) on the basis of both direct costs and allocated indirect costs The direct costs include the charged time of professional personnel and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases The predetermined overhead rate is 65% of media purchases. OB1.4 d. Dr.Cost of Services, $2,827,750i On August 1, the four advertising projects had the following accumulated costs Vault Bank Take Off Airlines Sleepy Tired Hotek August 1 Balances $270,000 80,000 10000

956 Chapter 19 Job Order Costing During August, The Fly Company incurred the following direct labor and media pur- chase costs related to preparing advertising for each of the four accounts Direct Labor Media Purchases s 710,000 625,000 455,000 340,000 2130.000 s 190,000 Vault Bank Take Off Airlines Sleepy Tired Hotels Tastee Beverages Total 85,000 372,000 21,000 51.064 000 At the end of August, both the Vault Bank and Take off Airlines campaigns were completed. The costs of completed campaigns are debited to the cost of services account Journalize the summary entry to record each of the following for the month a. Direct labor costs b. Media purchases c. Overhead applied d. Completion of Vault Bank and Take Off Airlines campaigns

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EX 19-17 Job order cost accounting for a service company The Fly Company provides advertising services...

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