Sara Collier, the bookkeeper for Danner, Cheney, and Howe, a political consulting firm, has recently completed a managerial course at her local college. One of the topics covered in the course was the cost of goods manufactured schedule. Sara 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, 2008.
| Supplies used on consulting contracts | 1,200 |
| Supplies used in the administrative offices | 1,500 |
| Depreciation on equipment used for contract work | 900 |
| Depreciation used on administrative office equipment | 1,050 |
| Salaries of professionals working on contracts | 12,600 |
| Salaries of administrative office personnel | 7,700 |
| Janitorial services for professional offices | 400 |
| Janitorial services for administrative offices | 500 |
| Insurance on contract operations | 800 |
| Insurance on administrative operations | 900 |
| Utilities for contract operations | 1,400 |
| Utilities for administrative offices | 1,300 |
Instructions:
(a) Prepare a schedule of cost of contract services provided (similar to a cost of goods manufactured schedule) for the month. (List amounts from largest to smallest eg 10, 5, 3, 2.)
(b) For those costs not included in (a), explain how they would be classified and reported in the financial statements.
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