Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his company would stop paying his salary. At the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one. Furthermore, Ali has recently purchased an apartment in the city and moved in. For Ali, when considering whether or not to go for the MBA study, the cost of tuition fees is referred to as:
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- Calculate an employees total earnings if the company pays time-and-a-half when Jill Smith works 41 hours at 15 per hour. a. 600.00 b. 615.00 c. 622.50 d. 635.00 e. None of the above(J) A company employs two consultants. Judy specializes in tax consulting and Steve specializes in management consulting. The company expects to incur total overhead costs of $411,600 during the year and applies overhead based on annual salary costs. Judy's annual salary is $220,000, and she is expected to bill 2,000 hours during the year. Steve's annual salary is $123,000, and he is expected to bill 1,500 hours during the year. Required:1.Calculate the predetermined overhead rate.2.Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Judy and Steve.Using job order costing in a service company Roth Accounting pays Jack Smith $90,000 per year.</p><p> Requirements What is the hourly cost to Roth Accounting for employing Smith? Assume a 30-hour week and a 50-week year. What direct labor cost would be assigned to Client 507 if Smith works 15 hours to prepare Client 507’s financial statements?
- Question 3 Munawar Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, Hanif Corporation incurred Rs. 150,000 in actual manufacturing overhead cost. The Manufacturing Overhead account showed that overhead was underapplied Rs. 30,000 for the year. If the predetermined overhead rate was Rs. 6 per direct labor-hour, how many hours did the Corporation work during the year?Instructions: a) Enter each cost item on your answer sheet, placing an "X" mark under the appropriate headings. Direct Materials Direct Labor Manufacturing Overhead Period Costs 1 Rent on manufacturing equipment ($2,000/month) 2 Insurance on manufacturing building ($750/month) 3 Raw materials ($80/bicycle) 4 Manufacturing utilities ($1,000/month) 5 Office supplies ($800/month) 6 Wages for workers ($30/bicycle) 7 Depreciation on office equipment ($650/month) 8 Miscellaneous materials ($1.20/bicycle) 9 Property taxes on manufacturing building ($2,400/year) 10 Manufacturing supervisor's salary ($3,000/month) 11 Advertising cost (30,000/year) 12 Sales commissions ($10/bicycle) 13 Depreciation on manufacturing building ($1,500/month) b) Compute total manufacturing costs for the month…6. During the month, Job Arch2 used specialized machinery for 350 hours and incurred $700 in utilities on account, $400 in factory depreciation expense, and $200 in property tax on the factory. Work in Process Inventory Factory Depreciation Expense Finished Goods Inventory Utilities Expense Manufacturing Overhead Accounts Payable Accounts Receivable Property Taxes Payable Accumulated Depreciation PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Record the costs incurred: DR ? ? CR ? ? CR ? ? CR ? ? Record the allocation of overhead at the predetermined rate of $1.50 per machine hour: DR ? ? CR ? ?
- A customer ordered a window frame. In doing the job, it requires iron bars with a total worth of ₱4,000. Two employees are assigned for the job and each of them will work 8 hours. The hourly rate of the employees is ₱75.00. The pre-determined overhead rate (POHR) is ₱100 that is based on the total working hours of the employees. The cost of the window frame would be? a. ₱6,000 b. ₱6,800 c. ₱4,175 d. ₱5,400Job Order Cost Accounting for a Service Business The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 540 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $27,500. 14. Charged 330 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $47,100 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $80 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $49,400 for the month. 31. Used office supplies for the month, $16,700. 31. Paid professional salaries of $157,000 for the month. 31. Billed Obsidian…Job Order Costing for a Service Company The law firm of Prawitt and Bradford accumulates costs associated with individual cases, using a job order costing. The following transactions occurred during August: Date Transaction August 3. Charged 160 hours of professional (lawyer) time to the Shadow Creek Co. breech of contract suit to prepare for the trial, at a rate of $200 per hour. 10. Reimbursed travel costs to employees for depositions related to the Shadow Creek case, $13,000. 14. Charged 260 hours of professional time for the Shadow Creek trial at a rate of $185 per hour. 18. Received invoice from consultants Westerly and Henninger for $40,000 for expert testimony related to the Shadow Creek trial. 27. Applied office overhead at a rate of $70 per professional hour charged to the Shadow Creek case. 31. Paid administrative and support salaries of $34,800 for the month. 31. Used office supplies for the month, $3,500. 31. Paid professional salaries of $80,100 for the…
- partial credit,P17-30A (similar to) Question Help DivineDivine Construction, Inc. is a home builder in Arizona. DivineDivine uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an account titled Construction Overhead. The company applies overhead based on estimated direct labor costs. For the year, it estimated construction overhead of $1,400,000 and total direct labor cost of $3,500,000. The following events occurred during August: Help with the last section of journals entriesJob Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 550 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $160 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $22,700. 14. Charged 150 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $45,900 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $37,300 for the month. 31. Used office supplies for the month, $12,600. 31. Paid professional salaries of $178,300 for the month. 31. Billed Obsidian…I am stuck on a homework problem: A company employs two appraisers. The company expects to incur total overhead costs of $378,210 during the year and applies overhead based on annual salary costs. The salary and billable hours of the two appraisers are estimated to be as follows.... DEBBIES ANNUAL SALARY=$165,880 DEBBIES BILLABLE HOURS=2,200 TARAS ANNUAL SALARY=$86,260 TARAS BILLABLE HOURS=1900 The accountant for the company is computing the hourly rate that should be used to charge clients for Debbie's and Tara's services. The hourly billing rate should be set to cover the total cost of services (salary plus overhead) plus a 30% markup. 1.) COMPUTE THE PREDETERMINED OVERHEAD RATE 2.) COMPUTE THE HOURLY BILLING RATE FOR DEBBIE AND TARA