Question 10 LifeStyle Office employs 13 full-time attorneys and 5 paraprofessionals. Direct and indirect costs are applied on a professional labor- hour basis that includes both attorney and paraprofessional hours. Following is information for 2019: Budget Actual Indirect costs Annual salary of each attorney Annual salary of each paraprofessional Total professional labor-hours 40,000 dlh What are the actual indirect-cost rate, per professional labor-hour? 43 $300,000 $110,000 $30,000 $350,000 $150,000 $ 40,000 50,000 dih

Question 10 LifeStyle Office employs 13 full-time attorneys and 5 paraprofessionals. Direct and indirect costs are applied on a professional labor- hour basis that includes both attorney and paraprofessional hours. Following is information for 2019: Budget Actual Indirect costs Annual salary of each attorney Annual salary of each paraprofessional Total professional labor-hours 40,000 dlh What are the actual indirect-cost rate, per professional labor-hour? 43 $300,000 $110,000 $30,000 $350,000 $150,000 $ 40,000 50,000 dih

Name: Question 10LifeStyle Office employs 13 full-time attorneys and 5 para
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Question 10LifeStyle Office employs 13 full-time attorneys and 5 paraprofessionals. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Following is information for 2019:Bu

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 13.6E: Professional labor cost budget Based on the data in Exercise 13-5 and assuming that the average...

See similar textbooks

Similar questions

Refer to Cornerstone Exercise 8.1, through Requirement 1. FlashKick requires ending inventory of product to equal 20 percent of the next months unit sales. Beginning inventory in January was 3,100 practice soccer balls and 400 match soccer balls. Required: 1. Construct a production budget for each of the two product lines for FlashKick Company for the first three months of the coming year. 2. What if FlashKick wanted a production budget for the two product lines for the month of April? What additional information would you need to prepare this budget? FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKicks best-selling lines are the practice ball line (durable soccer balls for training and practice) and the match ball line (high-performance soccer balls used in games). In the first four months of next year, FlashKick expects to sell the following: Required: 1. Construct a sales budget for FlashKick for the first three months of the coming year. Show total sales for each product line by month and in total for the first quarter. 2. What if FlashKick added a third linetournament quality soccer balls that were expected to take 40 percent of the units sold of the match balls and would have a selling price of 45 each in January and February, and 48 each in March? Prepare a sales budget for Flash- Kick for the first three months of the coming year. Show total sales for each product line by month and in total for the first quarter.
Payroll computation with incentive bonus Fifteen workers are assigned to a group project. The production standard calls for 500 units to be completed each hour to meet a customers set deadline for the products. If the required units can be delivered before the target date on the order, the customer will pay a substantial premium for early delivery. The company, wishing to encourage the workers to produce beyond the established standard, has offered an excess-production bonus that will be added to each project employees pay. The bonus is to be computed as follows: a. Groupsexcessproductionoverstandard50%Standardunitsforweek=bonuspercentage b. Individuals hourly wage rate bonus percentage = hourly bonus rate c. Hourly wage rate + hourly bonus rate = new hourly rate for week d. Total hours worked new hourly rate = earnings for week The production record for the week shows the following: Required: 1. Determine the hourly bonus rate. (Round the bonus percentage to four decimal places and the bonus rate to the nearest whole cent.) 2. What are the total wages of L. Weitmarschen, who worked 40 hours at a base rate of 15 per hour? 3. What are the total wages of R. Emerson, who worked 35 hours at a base rate of 20 per hour?
Professional labor cost budget Based on the data in Exercise 13-5 and assuming that the average compensation per hour for staff is $36 and for partners is $300. prepare a professional labor cost budget for Day & Spieth, CPAs, for the year ending March 31. 20Y6. Use the following column headings:
Budget performance report for a cost center Sneed Industries Company sells vehicle parts to manufacturers of heavy construction equipment. The Crane Division is organized as a cost center. The budget for the Crane Division for the month ended August 31, 20Y6, is as follows (in thousands): During August, the costs incurred in the Crane Division were as follows: Instructions Prepare a budget performance report for the director of the Crane Division for the month of August.
Budget performance report for a cost center Sneed Industries Company sells vehicle parts to manufacturers of heavy construction equipment. The Crane Division is organized as a cost center. The budget for the Crane Division for the month ended August 31, 20Y6, is as follows (in thousands): During August, the costs incurred in the Crane Division were as follows: Instructions For which costs might the director be expected to request supplemental reports?
4. Francis and Hartley Law Office employs 12 full-time attorneys and 10 paraprofessionals. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Following is information for 2022: Budget Actual Indirect costs $270,000 $300,000 Annual salary of each attorney $100,000 $110,000 Annual salary of each paraprofessional $29,000 $30,000 Total professional labor-hours 50,000 dlh 60,000 dlh How much should the client be billed in an actual costing system if 220 professional labor-hours are used? A) $5,940 B) $7,744 C) $8,228 D) $7,040
QUESTION 2 Seroja Sdn. Bhd. manufactures customized equipment for local market. The budgeted data for the month of February 2019 were as follows: Machining Department Finishing Department Manufacturing overhead RM40,000 RM65,000 Direct labour hours 2,000 hours 10,000 hours Machine hours 4,000 hours 5,700 hours During the month, an order was received from Mr. Eric to manufacture an equipment for his personnel use. The job is known as Job E and the data pertaining to the job were as follows: Machining Department Finishing Department Direct material RM2,800 RM1,200 Direct labour hours 500 hours 50 hours Machine hours 300 hours 200 hours Wage rate per hour RM2.50 RM3.20 Additional information about Job E: Manufacturing overhead is absorbed based on machine hour for Machining department and direct labour hour for Finishing department. Administrative expenses incurred for Job E was 15%…
a) Determine the 2019 budgeted direct-cost rate per hour of professional labor. Show all workings. (b) Determine the 2019 budgeted indirect-cost rate per hour of professional labor. Show all workings. (c) AAC is considering bidding on two (2) jobs:  Job Raya: Litigation work for Raya Construction Sdn Bhd (RCSB), which requires 120 budgeted hours of professional labor.  Job Perkasa: Labor contract work for Perkasa Development Sdn Bhd (PDSB), which requires 160 budgeted hours of professional labor. Determine the estimated cost for each Job Raya and Job Perkasa. Show all workings
1. a. We are doing our budgeting for 2021. In 2021 we will apply overhead based on machine hours. Our 2021 estimated manufacturing overhead is $720,000. We expect to work 50,000 direct labor hours at $25/hour, and use 20,000 machine hours. Our predetermined overhead rate is $________________________ per _______________ 1.b. (Continuation of 1.a.) Job 572 uses $750 of direct materials, 20 direct labor hours and 5 machine hours. The cost of the job is $ _____________________ 1. c. (continuation of 1.a, b) The work-in-process account for the month has the following items: Direct labor4,000 hours @ $25/hour Direct materials$150,000 Work in process, beginning inventory$60,000 Work in process, ending inventory$25,000 2,100 machine hours were used. What amount was transferred from Work in Process Inventory to Finished Goods Inventory? Show it in the journal entry to record the transfer. 1. d. (continuation of 1. a, b, c) We close out the Manufacturing Overhead account…
1. a. We are doing our budgeting for 2021. In 2021 we will apply overhead based on machine hours. Our 2021 estimated manufacturing overhead is $720,000. We expect to work 50,000 direct labor hours at $25/hour, and use 20,000 machine hours. Our predetermined overhead rate is $________________________ per _______________ 1.b. (Continuation of 1.a.) Job 572 uses $750 of direct materials, 20 direct labor hours and 5 machine hours. The cost of the job is $ _____________________ 1. c. (continuation of 1.a, b) The work-in-process account for the month has the following items: Direct labor4,000 hours @ $25/hour Direct materials$150,000 Work in process, beginning inventory$60,000 Work in process, ending inventory$25,000 2,100 machine hours were used. What amount was transferred from Work in Process Inventory to Finished Goods Inventory? Show it in the journal entry to record the transfer. 1. d. (continuation of 1. a, b, c) We close out the Manufacturing Overhead account…
8. Elite Stationary employs 20 full-time employees and 10 trainees. Direct and indirect costs are applied on a professional labor-hour basis that includes both employee and trainee hours. Following is information for 2022: Budget Actual Indirect costs $300,000 $400,000 Annual salary of each employee $200,000 $210,000 Annual salary of each trainee $35,000 $40,000 Total professional labor-hours 20,000 dlh 40,000 dlh How much should a client be billed in a normal costing system when 1,000 professional labor-hours are used? A) $215,000 B) $125,000 C) $130,000 D) $145,000
Practice 1:The following data has been extracted from the operating records of HPPT SolutionSdn Bhd for the last two quarters of the year to 31 December 2020: Quarter 3Production units 7,000Sales units 5,500RMSelling price per unit 100Variable manufacturing cost per unit:Direct material cost 20Direct labor cost 15Variable overheads 10Fixed production overheads are budgeted at RM120,000 for a budgeted productionof 8,000 units per quarter. These overheads are absorbed on per unit of productionbasis.Non-production overheads comprised:Fixed administration expenses RM40,000 per quarter.Selling and distribution expenses are 10% of sales.You are required to prepare an income statement under:(a) Marginal costing and(b) Absorption costing.