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In: Accounting
Exercise 9-7 Job Cost for a Client The partners of Mason and Hutton, attorneys-at-law, decide to...
Exercise 9-7
Job Cost for a Client
The partners of Mason and Hutton, attorneys-at-law, decide to implement an activity-based costing system for their firm. They identify the following three cost pools and budgeted amounts for each for the coming year: fringe benefits, $450,000; paralegal support, $250,000; and research support, $650,000. It is determined that the best cost driver for fringe benefits is professional labor dollars ($1,460,000); paralegal support is partner labor hours (4,000); and research support is professional labor hours (20,000).
A client, Jim Adams, requires 10 partner labor hours and 25 professional associate hours from Mason and Hutton, the law firm. Partners are paid $125 per hour, and associates make $60 per hour.
Compute the cost of the Adams' job. Round your interim calculations to two decimal places and your final answer to the nearest cent.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Exercise 9-7 Job Cost for a Client The partners of Mason and Hutton, attorneys-at-law, decide to...
Exercise 9-7
Job Cost for a Client
The partners of Mason and Hutton, attorneys-at-law, decide to
implement an activity-based costing system for their firm. They
identify the following three cost pools and budgeted amounts for
each for the coming year: fringe benefits, $450,000; paralegal
support, $250,000; and research support, $650,000. It is determined
that the best cost driver for fringe benefits is professional labor
dollars ($1,460,000); paralegal support is partner labor hours
(4,000); and research support is professional labor hours...
Exercise 171 A job cost sheet of Fugate Company is given below. Job Cost Sheet JOB...
Exercise 171
A job cost sheet of Fugate Company is given below.
Job Cost Sheet
JOB NO. 172
Quantity
1,500
FOR James Company
Date Completed
5/31
Date
Direct
Materials
Direct
Labor
Manufacturing
Overhead
5/10
1,330
12
1,120
15
550
825
22
480
720
24
1,000
27
1,870
31
670
1,005
Cost of completed job:
Direct materials
Direct labor
Manufacturing Overhead
Total cost
Unit cost
Answer the following questions.
What is the predetermined manufacturing overhead rate?
Predetermined overhead rate
%
SHOW...
Exercise 9-7 Ayayai Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7 Ayayai Company follows the practice of pricing its
inventory at the lower-of-cost-or-market, on an individual-item
basis.
item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and Disposal
Normal Profit
1320
1,400
$3.30
$3.09
$4.64
$0.36
$1.29
1333
1,100
2.78
2.37
3.61
0.52
0.52
1426
1,000
4.64
3.81
5.15
0.41
1.03
1437
1,200
3.71
3.19
3.30
0.26
0.93
1510
900
2.32
2.06
3.35
0.82
0.62
1522
700
3.09
2.78
3.91
0.41
0.52
1573...
Exercise 9-7 Sarasota Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an...
Exercise 9-7
Sarasota Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item basis.
Item No.
Quantity
Cost per Unit
Cost to Replace
Estimated Selling Price
Cost of Completion and
Disposal
Normal Profit
1320
1,500
$3.39
$3.18
$4.77
$0.37
$1.33
1333
1,200
2.86
2.44
3.71
0.53
0.53
1426
1,100
4.77
3.92
5.3
0.42
1.06
1437
1,300
3.82
3.29
3.39
0.27
0.95
1510
1,000
2.39
2.12
3.45
0.85
0.64
1522
800
3.18
2.86
4.03
0.42
0.53
1573...
Exercise 9-7 Blossom Company has delivery equipment that cost $47,000 and has been depreciated $23,000. Record...
Exercise 9-7
Blossom Company has delivery equipment that cost $47,000 and has
been depreciated $23,000.
Record entries for the disposal under the following assumptions.
(Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
(a) It was scrapped as having no value.
(b) It was sold for $36,000.
(c) It was sold for $18,000.
No.
Account Titles and...
The following are the job cost related accounts for the law firm of Colaw Associates And...
The following are the job cost related accounts for the
law firm of Colaw Associates
And their manufacturing equivalents:
Law firm accounts
Supplies
Salaries and Wages Payable
Operating Overhead
Service Contracts in Process
Cost of Completed Service Contracts
Manufacturing Firm Accounts
Raw Materials
Factory Wages Payable
Manufacturing Overhead
Work in Process
Cost of Goods Sold
Cost data for the month of March follow.
Purchased supplies on account $1800
Issued supplies $1200 (60% direct and 40%
indirect)
Assigned labor costs based...
Question: Exercise 7 (LO 8, 9) Installment liquidation with deficit capital balances and personal insolvenc... Exercise...
Question: Exercise 7 (LO 8, 9) Installment liquidation with
deficit capital balances and personal insolvenc...
Exercise 7 (LO 8, 9) Installment liquidation with deficit
capital balances and personal insolvency.
Twelve years ago, Adams, Boyd, and Chambers formed a partnership
manufacturing small circuit boards. Unfortunately, foreign
competition, a softening economy, and management errors have led
the partners to realize that the company’s business cannot be
sustained and that the partnership must be liquidated. A condensed
balance sheet is as follows:
Cash...
Exercise 15-3 A job order cost sheet for Ryan Company is shown below. Job No. 92...
Exercise 15-3
A job order cost sheet for Ryan Company is shown below.
Job No. 92
For 2,000 Units
Date
Direct
Materials
Direct
Labor
Manufacturing
Overhead
Beg. bal. Jan. 1
5,500
6,700
4,690
8
6,700
12
8,800
7,040
25
2,900
27
4,000
3,200
15,100
19,500
14,930
Cost of completed
job:
Direct
materials
$ 15,100
Direct labor
19,500
Manufacturing
overhead
14,930
Total cost
$ 49,530
Unit cost ($ 49,530 ÷ 2,000)
$ 24.77
(a) On the basis of the foregoing data,...
Problem 10-9 Interest capitalization; specific interest method [LO10-7] On January 1, 2018, the Mason Manufacturing Company...
Problem 10-9 Interest capitalization; specific interest
method [LO10-7]
On January 1, 2018, the Mason Manufacturing Company began
construction of a building to be used as its office headquarters.
The building was completed on September 30, 2019.
Expenditures on the project were as follows:
January 1, 2018
$
1,420,000
March 1, 2018
1,140,000
June 30, 2018
1,340,000
October 1, 2018
1,140,000
January 31, 2019
351,000
April 30, 2019
684,000
August 31, 2019
981,000
On January 1, 2018, the company obtained a...
The data from exercise 3 follow. xi 2 6 9 13 20 yi 7 18 9...
The data from exercise 3 follow.
xi
2
6
9
13
20
yi
7
18
9
26
23
The estimated regression equation is = 7.6 +
.9x.
What is the value of the standard error of the estimate (to 4
decimals)?
What is the value of the t test statistic (to 2
decimals)?
What is the p-value? Use Table 1 of Appendix B.
Selectless than .01between .01 and .02between .02 and .05between
.05 and .10between .10 and .20between .20...
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