Costing Systems Assignment | Custom Assignment Help

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

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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:

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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 analyze 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.

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

– Real Estate Closings

– Mortgage Closings for Refinancing

– Real Estate Tax Appeals to Local Counties.

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