ngHeading 1Heading 2TitleStylesГCommentsEditingvShareFindvErMReplaceDictate Sensitivity EditorAdd-insRead onreMarkableSelectEditingVoice Sensitivity EditorAdd-insreMarkableyear. Each set requires 2.5 hours to polish the material.If polishing labor costs $15.00 per hour, determine the direct labor cost budget for polishing for3,000,000the year.EX.22-08.ALGO Professional Labor Cost Budget for a Service CompanyRollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and smallbusiness accounting. Based on experience and projected growth, the following billable hourshave been estimated for the year ending December 31, 2017:Audit Department:StaffPartnersTax Department:m, CPASCost BudgetStaffPartnersSmall Business AccountingDepartment:StaffBillableHours44,2006,60032,3004,0005,700800PartnersBased on the data provided above and assuming that the average compensation per hour forstaff is $50 and for partners is $145, prepare a professional labor cost budget for eachdepartment for Rollins and Cohen, CPAs, for the year ending December 31, 2017.W9-Budgeting Exercise #3.docxDF7:37 PMDOLL с3/8/2024100% ReviewViewHelpParagraph2NormalNo SpacingHeading 1Heading 2Rollins and Cohen, CPASProfessional Labor Cost BudgetFor the Year Ending December 31, 20Y7Audit department hoursTax department hoursSmall business accounting department hoursTotal hoursStaffStylesAverage compensation per hourx $x $Total professional labor costPartnersI

TOTAL COSTTotal Cost is the cost which is incurred to manufacture a product. Total Cost Includes…

Review View Help Paragraph 2 Normal No Spacing Heading 1 Heading 2 Rollins and Cohen, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y7 Audit department hours Tax department hours Small business accounting department hours Total hours Average compensation per hour Total professional labor cost $ X Staff Styles x $ Partners I

Review View Help Paragraph 2 Normal No Spacing Heading 1 Heading 2 Rollins and Cohen, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y7 Audit department hours Tax department hours Small business accounting department hours Total hours Average compensation per hour Total professional labor cost $ X Staff Styles x $ Partners I

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1 Normal board Font Paragraph 6. Prime cost Q.No.3 The following information has been by New Inc. in preparing its budget for November and Deceber 2020. January (in Millions) February (in Millions) Units to be sold Units to be produced Direct Labor hours Insurance of factory Salaries selling Depreciation ( factory building) Light and heat (factory) Advertising Indirect Factory Labor Factory Supplies Direct material consumption Lubricants for factory machine 220 240 200 480 400 400 400 260 200 680 260 200 600 300 760 300 660 600 1200 360 500 1000 300 Calculate the following. 1. Variable FOH Rate 2. Total Variable FOH
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Fey Company's organization chart includes the president; the vice president of production; three assembly plants-Dallas, Atlanta, and Tucson; and two departments within each plant-Machining and Finishing. Budget and actual manufacturing cost data for July 2020 are as follows. Finishing Department-Dallas: direct materials $41,310 actual, $44,510 budget; direct labor $83,850 actual, $82,510 budget; manufacturing overhead $50,800 actual, $50,110 budget. Machining Department-Dallas: total manufacturing costs $224,690 actual, $217,360 budget. Atlanta Plant: total manufacturing costs $423,380 actual, $423,790 budget. Tucson Plant: total manufacturing costs $495,240 actual, $497,130 budget. The Dallas plant manager's office costs were $96,350 actual and $93,480 budget. The vice president of production's office costs were $135,560 actual and $133,440 budget. Office costs are not allocated to departments and plants.
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 520 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $210 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $24,100. 14. Charged 190 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $62,100 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 $20,200 for the month. 31. Used office supplies for the month, $6,800. 31. Paid professional salaries of $168,600 for the month. 31. Billed Obsidian $316,900 for successful…
Question 14 Flint Company uses budgets in controlling costs. The August 2017 budget report for the company’s Assembling Department is as follows. FLINT COMPANYBudget ReportAssembling DepartmentFor the Month Ended August 31, 2017 Difference Manufacturing Costs Budget Actual FavorableUnfavorable Variable costs Direct materials $48,380 $47,280 $1,100 Favorable Direct labor 57,820 54,520 3,300 Favorable Indirect materials 25,960 26,060 100 Unfavorable Indirect labor 21,240 20,790 450 Favorable Utilities 20,650 20,510 140 Favorable Maintenance 7,080 7,190 110 Unfavorable Total variable 181,130 176,350 4,780 Favorable Fixed costs Rent 12,100 12,100 –0– Supervision 19,000 19,000 –0– Depreciation 7,300 7,300 –0– Total fixed 38,400 38,400 –0– Total costs…
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Required 1. Prepare responsibility accounting performance reports like those in Exhibit 22.2 that list costs controlled a. Manager of Refrigerator department. Check (10) $6,800 total under budget b. Manager of Dishwasher department. c. Manager of Chicago plant. (1c) Chicago plant controllable costs, $3,900 total over budget Analysis Component 2. Did the plant manager or one of the operating department managers best control costs? the following.
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ings Review View Help y Tell me E·E·G· T AaBbCcDd AaBbCcDd AaBbC AaBbCct AaB AaBbCCD AaBbCCDd A ••• 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... BI Paragraph Styles Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: cost formulas Direct labor $16.20q Indirect labor $4,600+ $1.50q Utilities $5,200 + $0.40q Supplies Equipment depreciation $1,400 + $0.30q Factory rent $8,400 Property taxes $2,800 Factory administration $13,300 + $0.60q The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March Direct labor $ 63,120 Indirect labor $9,780 Utilities…
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D Question 9 The Conrad Company uses a normal job-costing system at its New Brunswick plant. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool (the machining department overhead, allocated to jobs based on machine-hours). The 2020 budget and actual numbers for the plant are as follows: Tim 1 H Budgeted Actual Manufacturing Overhead $2,530.000 $2,400,000 Direct Manufacturing Labor Cost $1,560,000 $1.720,000 Direct Manufacturing Labor 270,000 280,000 Hours Machine-Hours 72,300 80,000 During February, the job-cost record for Job 494 contained the following: Direct Materials Used $14,500 Direct Manufacturing Labor Costs $27,800 270,000 280,000 Hours 72,300 80.000 Machine-Hours During February, the job-cost record for Job 494 contained the following: Direct Materials Used $14,500 Direct Manufacturing Labor $27,800 Costs Direct Manufacturing Labor- 1,250 Hours Machine-Hours 540 The total…