Joyce Tombert, the bookkeeper for Marks Consulting, a political consulting firm,

Question

Joyce Tombert, the bookkeeper for Marks Consulting, a political consulting firm, has recently completed a managerial accounting course at her local college. One of the topics covered in the course was the cost of goods manufactured schedule. Joyce wondered if such a schedule could be prepared for her firm. She realized that, as a service-oriented company, it would have no work in process inventory to consider. Listed below are the costs her firm incurred for the month ended August 31, 2014. Prepare a schedule of cost of contract services provided (similar to a cost of goods manufactured schedule) for the month.

Explanation / Answer

calculation of cost of contract services provided

particulars amount amount materials used in consulting contracts $ 1,840 depreciation on equipment used for contract work $ 960 salaries on professionals working on contracts $ 16,370 janitorial professional services for professional officers $ 440 insurance on contract operations $ 850 utilities for contract operations $ 1,870 $ 19,530 total cost of contract services provided $ 22,330

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