A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. She asks you whether you would recommend a job costing or process costing system for her business. What would you recommend? Why? Explain in detail citing specific reasons for your decision.
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A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. She asks you whether you would recommend a
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- Mason performs services for Isabella. In determining whether Mason is an employee or an independent contractor, comment on the relevance of each of the factors listed below. a. Mason performs services only for Isabella and does not work for anyone else. b. Mason sets his own work schedule. c. Mason reports his job-related expenses on a Schedule C. d. Mason obtained his job skills from Isabellas training program. e. Mason performs the services at Isabellas business location. f. Mason is paid based on time worked rather than on task performed.Assume you are the manager for the semi-trucks division at the Speedy Delivery Company. The semi-truck division is a cost center and you are reviewing the driver overtime costs for the previous year, shown here: A. Microsoft Excel or another spreadsheet application, create a line chart with markers showing the driver overtime expense. Describe your observations. B. Knowing that safety is important in your industry and weather plays a significant role in the safety of drivers, you decide to talk with the safety manager and obtained the following information: Using Microsoft Excel or another spreadsheet application, create individual line charts with markers showing the average snowfall and non-company highway accidents. Describe your observations and actions you might consider.A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. She asks you whether you would recommend a job costing or process costing system for her business. What would you recommend? Why? Explain in detail citing specific reasons for your decision.
- A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. They ask you whether you would recommend a job costing or process costing system for their business. What would you recommend? And why? discussion post will need to be a minimum of 100 words.********PLEASE NEW ANS************* A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. She asks you whether you would recommend a job costing or process costing system for her business. What would you recommend? Why? Explain in detail citing specific reasons for your decision.Pick one answer: Due to increased work volume at McMahon's Robotics Emporium, the owner has decided that she needs to add another payroll clerk. What type of expense is the new payroll clerk's salary? Direct expense Indirect expense Variable expense Overhead expense
- Due to increased work volume at McMahon's Robotics Emporium, the owner has decided that she needs to add another payroll clerk. What type of expense is the new payroll clerk's salary? Direct expense Indirect expense Variable expense Overhead expenseKLP provides consulting services and uses a job-order system to accumulate the cost of client projects. Traceable costs are charged directly to individual clients; in contrast, other costs incurred by KLP, but not identifiable with specific clients, are charged to jobs by using a predetermined overhead application rate. Clients are billed for directly chargeable costs, overhead, and a markup. KLP anticipates the following costs for the upcoming year: KLP's partners desire to make a $480,000 profit for the firm and plan to add a percentage markup on total cost to achieve that figure.On May 14, KLP completed work on a project for Lawson Manufacturing. The following costs were incurred: professional staff salaries, $68,000; administrative support staff, $8,900; travel, $10,500; and other operating costs, $2,600.REQUIRED:(a) Determine KLP's total traceable costs for the upcoming year and the firm's total anticipated overhead.(b) Calculate the predetermined overhead rate. The…Write a memo to Joan explaining how she should apply her overhead costs in developing bids on her jobs.
- The law firm END, LLP provides legal services to a wide range of clients in the KC area. The firm has two main costs: (1) compensation for professional staff and (2) all other costs, which include support staff, facilities costs, and other costs. The costs of professional staff are considered direct costs for the purposes of billing clients and assessing the profitability of each client job; all other costs are considered overhead. The firm determines an overhead rate for client billing based on the number of professional staff hours used for the job. Professional staff are paid $150 per hour and their time is billed at $250 per hour. The firm estimates the following total costs for the coming year: Estimated cost of professional staff $ 6,000,000 (40,000 hours of staff time = $150/hr) Estimated other costs (overhead) 5,000,000 Total estimated costs $11,000,000 Required: Prepare a case analysis that computes the…Smith Manufacturing Company allows employees to purchase materials, such as metal and limber, for personal use at a price equal to the company's cost. To purchase materials, an employee must complete a materials requisition form, which must then be approved by the employee's immediate supervisor. Brian, an assistant cost accountant, then charges the employee an amount based on Smith's net purchase cost. Brian is in the process of replacing a deck on his home and has requisitioned lumbar for personal use, which has been approved in accordance with company policy. In computing the cost of the lumber, Brian reviewed all the purchase invoices for the past year. He then used the lowest price to compute the amount due to the company for the lumber. The Institute of Management Accountants (IMA) is the professional organization for managerial accountants. The IMA has established four principles of ethical conduct for its members: Honesty Fairness Objectivity Responsibility These…Joan owns a print shop and has a difficult time fighting out what to bid on jobs. She knows how to estimate the cost of materials and labor on different jobs but is confused about how to handle many other costs she knows she incurs to run the shop. These include utilities, cleaning staff, property taxes on the building, and other expenses. Many of these types of costs vary from month to month. In addition, she often does not know the amounts until some time after the jobs are completed. Write a memo to Joan explaining how she should apply her overhead costs in developing bids on her jobs.