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Liberty Tax Service

Essay by   •  September 30, 2012  •  Essay  •  273 Words (2 Pages)  •  1,510 Views

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Liberty Tax Service is a service based company that only provides a service to its customers than products. I do agree that there are not really any direct materials to list on the job cost sheet. However, they do add up overtime since Liberty Tax Services have many branches throughout the nation. Some direct materials would be folders, printers and ink, and any fees associated with the finished service (such as mailing the tax form back to the customer).

The direct labor refers to the efforts of employees who physically convert materials to finished products. This section is probably the highest concentrated area since this is a service based company. As you stated, this will "...include the salaries of any accountants or personnel that work to actually prepare the tax information..."

Overhead consists of all manufacturing costs that are not direct materials or direct labor. I believe you are exact as far as overhead costs ranging from any maintenance/depreciation of any computers or other electronic devices. I may have to defer as far as any cost for all the forms or papers as they are directly related to having that "finished" product. Aside from any office indirect expenses, I would bring up any utility expenses and also maintenance of the property to be overhead costs.

Word Count: 217

Resources:

Wild, J.J., Shaw, K.W.,& Chiappetta,B. (2011). Fundamental accounting principles. (19th edition). New York, NY: MrGraw-Hill/Irwin

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