Diaz and Associates incurred the following direct labor costs in completing tax services job for a client. Diaz applies overhead at 5- of direct labor cost Direct Labor on Tax Job Hours Used Partner Senior manager Staff accountants Direct labor type 14 110 Total direct labor cost Overhead Estimated Applied Overhead Total cost Hourly Rate $ 470 1. Determine the total cost of this tax services job. Estimated Cost 190 60 Hours used Hourly rate OH Base Labor Cost OH rate Total Cost

Diaz and Associates incurred the following direct labor costs in completing tax services job for a client. Diaz applies overhead at 5- of direct labor cost Direct Labor on Tax Job Hours Used Partner Senior manager Staff accountants Direct labor type 14 110 Total direct labor cost Overhead Estimated Applied Overhead Total cost Hourly Rate $ 470 1. Determine the total cost of this tax services job. Estimated Cost 190 60 Hours used Hourly rate OH Base Labor Cost OH rate Total Cost

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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Use the information given below to calculate the labour cost to Yolo Enterprises in respect of T. Henry for the week ended 27 March 2021. 1.2 INFORMATION Yolo Enterprises submitted the following information for the week ended 27 March 2021 in respect of an employee, T. Henry, who is employed at one of its projects: Hours worked Sunday Monday to Friday Saturday 47 5 Additional information : The normal working week is Monday to Friday and comprises 45 hours. : The normal wage rate is R180 per hour. : Overtime during the normal working week and on Saturdays is remunerated at time-and-a-half of the normal rate. : Overtime on Sundays is remunerated at twice the normal rate. : The following deductions are applicable to T. Henry: Income tax 20% of taxable income Pension 8% of normal pay Medical R400 per week aid | Yolo Enterprises contributes on a Rand-for-Rand basis to the pension fund and medical aid fund.
Calculate the selling price of job No. 102 if Material issued to job is OMR 2,500, Material retuned to store is OMR 200, Material transferred from Job No.111 is OMR 300, Labour cost OMR 1,200, direct expenses are OMR 800, indirect labour OMR 1,600 and office overheads are OMR 700. Job is complete and sold to customer at 20% profit on cost. a. OMR 7,560 O b. OMR 7,000 O C. OMR 6,300 O d. OMR 1,260
Rahul
Mr. Abdul is a general manger of Al Nizwa Production LLC. Mr. Abdul has provided the following cost data from the cost sheet of a job and requested you to determine the percentage of profit to cost. Direct Material RO 6,000, Production overheads RO 4,000, General Overheads RO 7,000, Distribution Overhead RO 4,000, Direct expenses RO 4,000, and Sales Value RO 30,000. a. 61.67% b. 2.00% c. 20.00% d. 16.67%
A. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? B. What is the cost of Job SY-404 at the end of the month? C. How much was under or oversupplied service overhead for the month?
Mr. Abdul is a general manger of Al Nizwa Production LLC. Mr. Abdul has provided the following cost data from the cost sheet of a job and requested you to determine the percentage of profit to cost. Direct Material RO 6,000, Production overheads RO 4,000, General Overheads RO 7,000, Distribution Overhead RO 4,000, Direct expenses RO 4,000, and Sales Value RO 30,000. a. 61.67% b. 2.00% C. 20.00% d. 16.67%
As for the payroll, the job No. 301 have incurred direct labor cost of $2500, and 3100 for job No. 305. The journal entry to record this transaction is: a. Dr. work in-process control Job No. 301 Job No. 305 $2500 $3100 Cr. Wages payable $5600 b. Dr. Wages payable Cr. work in-process control Job No. 301 Job No. 305 $5600 $2500 $3100 c. Dr. Manufacturing overhead control 5600 Cr. Wages payable $5600 d. None of the above a b C d
Show the solution in excel Required: - Schedule of labor hours and schedule of labor costs (Factory payroll distribution sheet)
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $192,000 of total manufacturing overhead for an estimated activity level of 80,000 machine-hours. Required: 1. Assume that during the year the company works only 75,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the amount of overhead cost…
How much is Work in Process-Direct Labor?
Samer Corp. uses a job order cost accounting system. The following is selected information pertaining to costs applied to jobs during the year: Jobs still in process at the end of the year: $167,000, which includes $65,000 direct labor costs. Jobs finished and sold during the year: $395,000, which includes $172,000 direct labor costs. Jobs finished but unsold at end of the year: $103,000, which includes $38,000 direct labor costs. Samer Corp's predetermined overhead allocation rate is 60% of direct labor cost. At the end of the year, the company's records show that $189,000 of factory overhead has been incurred. A. Determine the amount of overapplied or underapplied overhead and indicate if it is underapplied or overapplied. B. Prepare the necessary journal entry to close the Factory Overhead account assuming that any remaining balance is not material. Edit Format Table 12pt v Paragraph | BIU ✓ T²: F4 F2 0- F3 0+ F6 F9 2 # 3 LA 4 F5 % 5 F7 ہے F8 $ & 7
A company has an overhead application rate of 120% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $30,000? O $6.000 O $25.000 O $36,000 O $187.500 O $360.000 Question 10 O.K. Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. O.K. expects to incur $1,100,000 of overhead during the next period and expects to use 50,000 labor hours at a cost of $10.00 per hour. What is O.K. Company's overhead application rate? O 4.55% O 45.45% O 220% O 227% O 2,200% Question 11