Question

Which of the following is true when using job costing at a professional service firm? Professional labor cost would be consid
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 a year
The total cost of a manufacturing job should include: Materials Direct labor Manufacturing Overhead True False
Jones and Company uses a predetermined manufacturing overhead rate (MOH) to allocate overhead to individual jobs based upon d
0 0
Add a comment Improve this question Transcribed image text
Answer #1


0 Professional Labour cost would be assigned to cleints Jobs Hence option ® is true $ 65ooo mary James cost per 8000 welsta $

Add a comment
Know the answer?
Add Answer to:
Which of the following is true when using job costing at a professional service firm? Professional...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 2 Kahn & Associates is a low firm sp i n d l ated work employs...

    2 Kahn & Associates is a low firm sp i n d l ated work employs 25 professionals partners and 18 associates) who work direct with clients Them e budete total compensation per professional or 2017 is $110.000. Each professionalisbudpated to havn 2000 hab hours to clients in 2017. All professionals work for Clients to their maximum 2.000 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per...

  • Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs...

    Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (10 partners and 15 associates) who work directly with its clients. The average budgeted total compensation per professional for 2017 is $119,000. Each professional is budgeted to have 1,750 billable hours to clients in 2017. All professionals work for clients to their maximum 1,750 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to...

  • Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist...

    Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist of hardware and software that is purchases and install on behalf of its clients. The fim's direct labor includes salaries of consultants that work at the client's job site, and its overhead consists of costs such as depreciation s , and insurance related to the office headquarters as well as the office Supplies that are consumed serving clients Tech Solutions comptes its predetermined overhead...

  • Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs...

    Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (10 partners and 15 associates) who work directly with its clients. The average budgeted total compensation per professional for 2011 is $119,000. Each professional is budgeted to have 1.750 billable hours to clients in 2011. All professionals work for clients to their maximum 1.750 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to...

  • Job-Order Costing U-Design-It Furniture Company uses a job-order cost system.   The company applies manufacturing overhead to...

    Job-Order Costing U-Design-It Furniture Company uses a job-order cost system.   The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. The estimated MOH was $144,000 for the year and the estimated direct labor hours were 18,000 hours.   In March, Job #175 was completed.   Direct materials totaled $7,000. Total labor costs were $6,000 at $20 per hour. At the end of the year, it was determined that the company worked 17,000 direct labor hours...

  • Waterway and Associates, a CPA firm, uses job order costing to capture the costs of its...

    Waterway and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Waters Inc. $690 $5,600 77 Renolds Inc. $480 $6,900 89 Bayfield Inc. $250 $3,675 46 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead...

  • Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs...

    Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 30 professionals (5 partners and 25 associates) who work directly with its clients. The average budgeted total compensation per professional for 2017 is $97,500. Each professional is budgeted to have 1,500 billable hours to clients in 2017. All professionals work for clients to their maximum 1,500 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to...

  • bluebird design,inc. is a website design and consulting firm. the firm ues a job order costing...

    bluebird design,inc. is a website design and consulting firm. the firm ues a job order costing system in which each client is a different job. blueboard designassigns direct labor, licensing costs,and travel costs directly to each job. it allocates indirect costs to jobs based on a predetermined overhead allocation rate. computed as a percentage of direct labor costs. at the beginning of 2018, managing partner sally simone prepared the following budget estimates:direct labor hours(professionals) 7500. direct labor costs(professionals) 1,500,000. support...

  • o P4-38 (final answer) Question Help Lewis & Associates is a law firm specializing in labor...

    o P4-38 (final answer) Question Help Lewis & Associates is a law firm specializing in labor relations and Lewis has just completed a review of its job-costing system. employee-related work. It employs 20 professionals (2 partners and 18 (Click the icon to view the job-costing review information.) associates) who work directly with its clients. Previously the firm accounted for all Budgeted information for 2020 related to the two direct-cost categories is as professional labor cost in a single direct-cost account...

  • Hummingbird Design, Inc. is a Web site design and consulting firm. The firm uses a job...

    Hummingbird Design, Inc. is a Web site design and consulting firm. The firm uses a job order costing At the beginning of 2018, managing partner Charlotte Adessa prepared the following budget estimates: system in which each client is a different job. Hummingbird Design assigns direct labor, licensing costs, and (Click the icon to view the prepared budget.) travel costs directly to each job. It allocates indirect costs to jobs based on a predetermined overhead In November 2018, Hummingbird Design served...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT