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The Costing Method for a Law Firm: Job Order or Process Costing

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Assume that you are a member of an accounting consulting firm, advising a law firm on the advisability of selecting a process costing or a job costing structure for your firm. Assume that the law firm provides litigation, estate planning and corporate legal services with multiple levels of billing rates. Which costing method should be recommended? Why?

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Solution Summary

This response discusses the differences between a process costing or a job costing structure.

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For the law firm, I suggest that they use a job costing structure in accumulating the costs of providing its different services. The fact that the law firm ...

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