Cost accumulation; assigning costs to jobsThe law firm of Taub & Lawson, LLP, currently has four cases in process. Following is information related to those cases as of the end of March:Case #1 Case #2_Case #3_ Case #4Direct materialDirect labor hours$864 $15,840 $6,660 $1,530154070Estimated court hours1212040Taub & Lawson allocates overhead to cases based on a predetermined rate of $270 per estimated court hour. The charge for direct labor each hour is $342.a. Determine the total cost assigned to each case as of March 31.Case #1Case #20 x $Case #30X $Total cost $9065x $Case #40 xb. Case #3 was completed at the end of April. At that time, $18,180 of direct materials had been used and 174 direct labor hours had been incurred. Of the DLHs, 72had been spent in court. Taub & Lawson's policy is to charge clients actual costs plus 45 percent. What amount will be billed to the client involved in Case #3?Note: Round your final answer to the nearest whole dollar.$0X

Overhead costs means those costs which can not be allocated directly to products and services.…

Answered: Cost accumulation; assigning costs to…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

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…
Job Order Costing for a Service Company The law firm of Prawitt and Bradford accumulates costs associated with individual cases, using job order costing. The following transactions occurred during August: Date Transaction August 3. Charged 410 hours of professional (lawyer) time to the Shadow Creek Co. breech of contract suit to prepare for the trial, at a rate of $180 per hour. 10. Reimbursed travel costs to employees for depositions related to the Shadow Creek case, $16,600. 14. Charged 240 hours of professional time for the Shadow Creek trial at a rate of $290 per hour. 18. Received invoice from consultants Westerly and Henninger for $55,100 for expert testimony related to the Shadow Creek trial. 27. Applied office overhead at a rate of $80 per professional hour charged to the Shadow Creek case. 31. Paid administrative and support salaries of $36,900 for the month. 31. Used office supplies for the month, $12,500. 31. Paid professional salaries of $157,800 for the month. 31. Billed…
Job order costing for a service company The law firm of Prawitt and Bradford accumulates costs associated with individual cases, using job order costing. The following transactions occurred during August: August 3. Charged 510 hours of professional (lawyer) time to the Shadow Creek Co. breech of contract suit to prepare for the trial, at a rate of $240 per hour. 10. Reimbursed travel costs to employees for depositions related to the Shadow Creek case, $14,500. 14. Charged 120 hours of professional time for the Shadow Creek trial at a rate of $300 per hour. 18. Received invoice from consultants Westerly and Henninger for $76,800 for expert testimony related to the Shadow Creek trial. 27. Applied office overhead at a rate of $75 per professional hour charged to the Shadow Creek case. 31. Paid administrative and support salaries of $33,500 for the month. 31. Used office supplies for the month, $11,300. 31. Paid professional salaries of $163,600 for the month. 31. Billed Shadow Creek…
WUIKS UH three jobs during the upcoming year. Direct labor-hours recorded by job are: job 237, 7,000 hours; job 250. 30,000 hours; and job 239, 21.000 hours. How much overhead cost will the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? by how much? Exercise 4 (Departmental Overhead Rates) Bobcat Company has two departments, milling and assembly. The company uses a job-order cost system and computes a predetermined overhead rate in each department. The milling department bases its rate on machine-hours, and the assembly department bases its rate on direct labor cost. At the beginning of the year, the company made the following estimates: Department Milling 8,000 60,000 P510,000 72,000 Assembly Direct labor-hours 75,000 3,000 P800,000 640,000 Machine-hours Manufacturing overhead cost Direct labor cost Required: 1. Compute the predetermined overhead rate to be used in each department. 2. Assume that…
Job Order Cost Accounting for a Service Company See attached Images for Part A!!! 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 630 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $220 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $19,500. 14. Charged 320 hours of professional time for the Obsidian trial at a rate of $260 per hour. 18. Received invoice from consultants Wadsley and Harden for $51,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $27,000 for the month. 31. Used office supplies for the month, $9,100. 31. Paid professional salaries of $164,600 for the…
Job 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: Charged 470 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $220 per July 3. hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $26,700. 14. Charged 230 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $73,800 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $19,900 for the month. 31. Used office supplies for the month, $6,700. 31. Paid professional salaries of $170,300 for the month. 31. Billed Obsidian $331,200 for successful…
Bernard Incorporated uses a job-order costing system and a predetermined overhead rate based on direct labor hours.At the beginning of the year, the company estimated manufacturing overhead for the year would be $1,184,000 and direct labor hours would be 80,000 hours.The following information pertains to September of the current year: Job X10 Job X11 Job X12 Work in Process, Sept. 1 $14,000 $18,000 $24,000 March production activity: Materials used $12,800 $8,200 $9,700 Direct labour used $3,400 $4,600 $6,500 Machine hours 390 620 790 Labour hours 1,050 1,170 1,180 Required (round answers to 2 decimal points) At the end of the September Jobs X10 and Job X11 were completed, and Job X10 was sold and delivered to a customer - show the ending balances of the Work in Process and Finished Goods inventory accounts (assume no beginning Finished Goods inventory). If actual manufacturing overhead…
Bernard Incorporated uses a job-order costing system and a predetermined overhead rate based on direct labor hours.At the beginning of the year, the company estimated manufacturing overhead for the year would be $1,184,000 and direct labor hours would be 80,000 hours.The following information pertains to September of the current year: Job X10 Job X11 Job X12 Work in Process, Sept. 1 $14,000 $18,000 $24,000 March production activity: Materials used $12,800 $8,200 $9,700 Direct labour used $3,400 $4,600 $6,500 Machine hours 390 620 790 Labour hours 1,050 1,170 1,180 Required (round answers to 2 decimal points) Calculate the predetermined overhead rate (POHR). Complete a brief job-order cost sheets for the 3 jobs for the month of September. (Hint: this requires applying overhead using the rate calculated in part 1 above).
Job 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 680 hours of professional (lawyer) time at a rate of $200 per hour to the Obsidian Co. breech of contract suit to prepare for the trial 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $18,300 14. Charged 130 hours of professional time for the Obsidian trial at a rate of $250 per hour 18. Received invoice from consultants Wadsley and Harden for $71,900 for expert testimony related to the Obsidian trial 27. Applied office overhead at a rate of $65 per professional hour charged to the Obsidian case 31. Paid administrative and support salaries of $37,400 for the month 31. Used office supplies for the month, $12,600 31. Paid professional salaries of $160,300 for the month 31. Billed Obsidian $355,000 for…
1 Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $624,000 of overhead costs and $520,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56. 1. What is the predetermined overhead rate for the year? 2. Use the information on the following job cost sheet to determine the total cost of the job. Complete this question by entering your answers in the tabs below. Dok nt Required 1 Required 2 nt ences Using the information on the following job cost sheet, determine the total cost of the job. (Round your answers to the nearest dollar amount.) JOB COST SHEET Customer's Name: Keiser Co. Job No: 13-56 Job Description: 5 plasma monitors-61 inch Direct Materials Overhead Total Cost Date Requisition No. Amount Costs Applied Mar. 8 4-129 $ 6,000 T-306 $ 7,800 Mar. 11 4-142 7,350 T-432 Mar. 18 4-167 3,850 T-456 4 47.000 ▬ ‒‒‒ m Next > *********** HOL Direct Labor Time-Ticket No. Amount $ ch Prev…
Job 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 570 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $170 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $17,100. 14. Charged 270 hours of professional time for the Obsidian trial at a rate of $250 per hour. 18. Received invoice from consultants Wadsley and Harden for $74,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $70 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $41,700 for the month. 31. Used office supplies for the month, $14,100. 31. Paid professional salaries of $176,400 for the month. 31. Billed Obsidian…
Job 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…

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS