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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
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.
