Homework Answers
Solution 1;-
Amount paid to the tax preparers = $44 per hour
Predetermined overhead rate = $24 per labor hour
Time required to complete tax return = 2.5 hour
Now,
Total amount to be paid for 2.5 hours of work = $44 × 2.5
= $110
Total Applied overhead on Job = 2.5hours × $24 (predetermined overhead) =$60
The total cost of job = Total Amount to be paid for 2.5 hours for work + Total applied overhead on job
= $110 + $60
= $170
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26 of 31 Concepts completed Fill in the Blank Question A tax accounting firm pays tax...
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Fill in the blank choices for questions 22-26: Administrative Beginning Contribution Cost driver Direct labor Direct...
Fill in the blank choices for questions
22-26:
Administrative
Beginning
Contribution
Cost driver
Direct labor
Direct labor-hours
Direct materials
Dollars of direct labor cost
Ending
Expensed
Fixed
Fixed manufacturing overhead
For the period ended
Income statement
Indirect labor
Indirect materials
Job cost
Level of activity
Machine-hours
Manufacturing
Manufacturing overhead
Margin
Name of company
Overapplied
Period
Predetermined overhead rate
Process cost
Selling
Statement of cost of goods manufactured
Total budgeted overhead
Underapplied
Variable costing
Work inprocess inventory
Show transcribed image text...
Fill in the ? boxes with the correct equations 1 Chapter 2: Applying Excel 3 Data...
Fill in the ? boxes with the correct equations
1 Chapter 2: Applying Excel 3 Data 4 Markup on job cost 75% 8 Machine-hours 9 Direct labor-hours 10 Total fixed manufacturing overhead cost 11 Variable manufacturing overhead per machine-hour 12 Variable manufacturing overhead per direct labor-hour Department Milling Assembly 60,000 3,000 8,000 80,000 $390,000 $500,000 $2.00 $3.75 13 14 Cost summary for Job 407 Department Milling Assembly 90 20 16 Machine-hours 17 Direct labor-hours 18 Direct materials 19 Direct labor...
Job Order Costing Question - Accounting question
This is my accounting problem below. Everything I have filled in is correct. I just can't figure out the rest. Any help you can provide would be great, thank you. Mastery Problem: Job Order CostingPurl of Great Price CompanyMaria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which produces high-end knitted sweaters and sweater vests for sale to retail outlets. The company started in January of the current year, and employs three knitters (each of whom...
can someone please help with this managerial accounting practice problem i cannot get the right answer....
can
someone please help with this managerial accounting practice
problem i cannot get the right answer.
Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per direct labor-hour $ 101, ee0 $595,900 3.e0 Recently, Job P951 was completed with the following characteristics: Number of units...
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100001 15 of 31 Concepts completed Fill in the Blank Question A company has a predetermined overhead rate of $14 per machine hour Job 846 uses 275 machine hours. Overhead allocated to Job 846 will be $ Need help? Review these concept resources. Read About the Concept Rate your confidence to submit your answer Reading
Fill in the blank choices for questions
22-26:
Administrative
Beginning
Contribution
Cost driver
Direct labor
Direct labor-hours
Direct materials
Dollars of direct labor cost
Ending
Expensed
Fixed
Fixed manufacturing overhead
For the period ended
Income statement
Indirect labor
Indirect materials
Job cost
Level of activity
Machine-hours
Manufacturing
Manufacturing overhead
Margin
Name of company
Overapplied
Period
Predetermined overhead rate
Process cost
Selling
Statement of cost of goods manufactured
Total budgeted overhead
Underapplied
Variable costing
Work inprocess inventory
Show transcribed image text...
Fill in the ? boxes with the correct equations
1 Chapter 2: Applying Excel 3 Data 4 Markup on job cost 75% 8 Machine-hours 9 Direct labor-hours 10 Total fixed manufacturing overhead cost 11 Variable manufacturing overhead per machine-hour 12 Variable manufacturing overhead per direct labor-hour Department Milling Assembly 60,000 3,000 8,000 80,000 $390,000 $500,000 $2.00 $3.75 13 14 Cost summary for Job 407 Department Milling Assembly 90 20 16 Machine-hours 17 Direct labor-hours 18 Direct materials 19 Direct labor...
can
someone please help with this managerial accounting practice
problem i cannot get the right answer.
Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per direct labor-hour $ 101, ee0 $595,900 3.e0 Recently, Job P951 was completed with the following characteristics: Number of units...
Which of the following is true when using job costing at a professional service firm? Professional labor cost would be considered an indirect cost of serving a client Professional labor cost would be assigned to client jobs Office rent would be considered a direct cost of servicing a client. none of the answers provided are true. The Big CPA firm strives to achieve a 20% profit on the cost to serve each client. Mary James has a salary of $65,000...
Saved Job 910 was recently completed. The following data have been recorded on its job cost sheet: Hel Direct materials Direct labor-hours Direct labor wage rate Machine-hours $2,412 74 labor-hours $ 21 per labor-hour 137 machine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $22 per machine hour. The total cos would be recorded on the job cost sheet for Job 910 would be: Multiple Choice $7,820 $4,304 $6.980 < Prev 36 of...
Return Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist of hardware and software that it purchases and installs on behalf of its clients. The firm's direct labor includes salaries of consultants that work at the client's job site and its overhead consists of costs such as depreciation, utilities, and insurance related to the office headquarters as well as the office supplies that are consumed serving clients Tech Solutions computes its predetermined overhead...
Job 243 was recently completed. The following data have been recorded on its job cost sheet: Direct materials Direct labor-hours Direct labor vage rate Machine-hours Number of units completed $50,370 420 labor-hours $ 10 per labor-hour 501 machine-hours 3,000 units 4 The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $14 per machine- hour. Required: Compute the unit product cost that would appear on the job cost sheet for this job. (Round your answer...
Job 243 was recently completed. The following data have been recorded on its job cost sheet $57,870 Direct materials Direct labor-hours Direct labor wage rate Machine-hours Number of units completed 495 labor-hours 11 per labor-hour 576 machine-hours 4,500 units The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine- hour Required Compute the unit product cost that would appear on the job cost sheet for this job. (Round your answer to 2...
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