Question: 1- Define the difference between a Job Order Cost System and Process Cost System 2- Comment on how a combination of a 'Job Order Cost'

1- Define the difference between a Job Order Cost System and Process Cost System

2- Comment on how a combination of a 'Job Order Cost' system and 'Process Cost' system can be used for Lockhart/Gardner, LLP Law Firm with 100 lawyers to help:

a-Maximize profits

b- Control costs

c- Bill client for services (Law Firms bill on a Fixed Fee or Hourly Basis for Service)

d- Advertise and promote services

e- Determine what areas in the law firm to expand

f- Determine productivity in various areas and by various lawyers for bonuses

g- Determine an appropriate form of billing either by an hourly rate or a fixed fee

3- Research on the web, billing mechanism for the Law Firms.

Consider each client as a separate cost center and anlayze the billing rates of each lawyer for client services compared to the cost for each lawyer. This can be accomplished as a Job Order System with each client having a separate analysis for services.

In addition, consider certain servises as a Process for Process Cost anlaysis. These would be volume based services like:

- Real Estate Closings

- Mortgage Closings for Refinancing

- Real Estate Tax Appeals to Local Counties.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Define the difference between a Job Order Cost System and Process Cost System Comment on how a combination of a 'Job Order Cost' system and 'Process Cost' system can be used for Lockhart/Gardner, LLP...

Comment on how a combination of a 'Job Order Cost' system and 'process cost' system can be used for Lockhart/Gardner, LLP Law Firm with 100 lawyers to help: a-Maximize profits b- Control costs c-...

Questions 2-8 Final Examination Acct221: Principles of Accounting II For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, underlines & double...

11. In a toy company, the Assembly Department started 40,000 units and completed 25,000 units. If beginning work in process was 10,000 units, how many units are in ending work in process? (Points :...

by using excel format Problem 1 Khan Products Company uses a job order cost system. For a number of months, there has been an ongoing rift between the sales department and the production department...

1) Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead...

1. Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead...

3 Check my work 1 Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total...

1 Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead...

Concord, Inc. currently manufactures a wicket as its main product. Costs per unit are as follows: Direct materials and direct labor $11 Variable overhead 3 Fixed overhead 8. Total $22 Saran Company...

Show that 4 Dt

Faulsto & Company expects its EBIT to be $ 1 0 3 , 0 0 0 every year forever. The firm can borrow at 6 percent. The company currently has no debt, and its cost of equity is 1 0 percent and the tax...

Click the icon to view the costs associated with each proposal. Proposal one will provide the lowest annual cost if between [ ] components are required annually. (Enter your responses as whole...

2. Value-oriented information and

1. Empirical or factual information,

1. To take in the necessary information,