Calculating Price by Applying a Markup Percentage to Cost The J. Escobar Law Firm provides various legal services to organizations. J. Escobar has decided to price its jobs at the total variable costs of the job plus 14.9 percent. The job for a medium-sized dance club client included the following costs: Direct materials $ 5,000 Direct labor (partners and staff accountants) 90,000 Depreciation (using straight-line method) on     Integrity’s office building 50,000 Required: Calculate the price charged by The J. Escobar Law Firm to the dance club. If required, round to the nearest dollar. $fill in the blank 1

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.