8. Concord corporation provides… Concord Corporation provides financial consulting and sells its own line of financial planners and budgeting products. The company has collected the following data for the next year's budgeted activity for a lead consultant and the supplies clerk.**Consultants’ Wages**: $89,000 **Benefits**: $30,500 **Related Overhead**: $23,500 **Clerk’s Wages**: $18,000 **Benefits**: $4,000 **Related Overhead**: $19,000 **Profit Margin per Hour**: $20 **Profit Margin on Materials**: 15% **Total Estimated Consulting Hours**: 5,000 **Total Estimated Material Costs**: $164,000 If a consulting job takes 20 hours of consulting time and $180 of materials, the client’s bill would be:- $1152- $824- $1004- $1232This information provides a comprehensive overview of the budget and expected expenditures related to the consultants and clerical staff, along with profit margin details.

In the given question first we will calculate rate per hour of consulting job then profit per hour…

Concord Corporation provides financial consulting and sells its own line of financial planners and budgeting products. The company has collected the following data for the next year's budgeted activity for a lead consultant and the supplies clerk. Consultants' wages Benefits Related overhead Clerk's wages Benefits Related overhead Profit margin per hour Profit margin on materials Total estimated consulting hours Total estimated material costs $89000 $30500. $23500 $18000 $1152. $824. $1004. $1232. $4000 $19000 $20 15 % 5000 $164000 If a consulting job takes 20 hours of consulting time and $180 of materials, the client's bill would be

Concord Corporation provides financial consulting and sells its own line of financial planners and budgeting products. The company has collected the following data for the next year's budgeted activity for a lead consultant and the supplies clerk. Consultants' wages Benefits Related overhead Clerk's wages Benefits Related overhead Profit margin per hour Profit margin on materials Total estimated consulting hours Total estimated material costs $89000 $30500. $23500 $18000 $1152. $824. $1004. $1232. $4000 $19000 $20 15 % 5000 $164000 If a consulting job takes 20 hours of consulting time and $180 of materials, the client's bill would be

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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Concept explainers

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.

Question

8. Concord corporation provides…

Concord Corporation provides financial consulting and sells its own line of financial planners and budgeting products. The company has collected the following data for the next year's budgeted activity for a lead consultant and the supplies clerk.

**Consultants’ Wages**: $89,000
**Benefits**: $30,500
**Related Overhead**: $23,500

**Clerk’s Wages**: $18,000
**Benefits**: $4,000
**Related Overhead**: $19,000

**Profit Margin per Hour**: $20
**Profit Margin on Materials**: 15%
**Total Estimated Consulting Hours**: 5,000
**Total Estimated Material Costs**: $164,000

If a consulting job takes 20 hours of consulting time and $180 of materials, the client’s bill would be:

- $1152
- $824
- $1004
- $1232

This information provides a comprehensive overview of the budget and expected expenditures related to the consultants and clerical staff, along with profit margin details.

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