Elizabeth Flanigan and Associates is an engineering and design firm that specializes in developing plans for recycling plants for municipalities. The firm uses a job costing system to accumlate the cost associated with each design project. Flanigan employs three levels of employee: senior engineers, associate engineers, and clerical staff. The salary cost of the clerical staff is included in overhead, along with the cost of engineering supplies, automobile travel, and equipment depreciation. The cost of airline travel, motels, building permits, and fees from other consultants is charged to each project as direct materials. Overhead is applied to projects using a predetermined overhead rate based on total engineering hours. The rate for 20X0 is $5 per hour. The six different salary levels for 20X1 for the employees of Elizabeth Flanigan and Associates are listed below. The hourly rate is determined by dividing the yearly salary by 2,000 hours per year. Senior engineer Level 1: $44,000 per year ($22 per hour) Level 2: $36,000 per year ($18 per hour) Associate engineer Level 3: $30,000 per year ($15 per hour) Level 4: $24,000 per year ($12 per hour) Clerical staff Level 5: $16,000 per year ($8 per hour) Level 6: $14,500 per year ($7.25 per hour) The billings that are sent to the municipalities for engineering services utilize cost-plus billing. Typically, the total costs accumulated for a project (direct materials, direct labor, and overhead) are multiplied by 140% to determine the amount of the billing. The difference between the billed amount and the accumulated cost is the "plus" in cost plus. During March 20X1, Flanigan accumulated the following information related to Job 295 for Johnson Creek County: Senior engineer hours Level 1 52 Level 2 84 Associate engineer hours Level 3 106 Level 4 44 Clerical hours Level 5 20 Level 6 66 Building permits $1,500 Airline travel and motel $865 The questions are as follows: a.) What amount should be billed to Johnson Creek City for March 20X1? b.) How much profit was earned on Job 295 during March 20X1? I have included a picture of my calculations.

Elizabeth Flanigan and Associates is an engineering and design firm that specializes in developing plans for recycling plants for municipalities. The firm uses a job costing system to accumlate the cost associated with each design project. Flanigan employs three levels of employee: senior engineers, associate engineers, and clerical staff. The salary cost of the clerical staff is included in overhead, along with the cost of engineering supplies, automobile travel, and equipment depreciation. The cost of airline travel, motels, building permits, and fees from other consultants is charged to each project as direct materials. Overhead is applied to projects using a predetermined overhead rate based on total engineering hours. The rate for 20X0 is $5 per hour. The six different salary levels for 20X1 for the employees of Elizabeth Flanigan and Associates are listed below. The hourly rate is determined by dividing the yearly salary by 2,000 hours per year. Senior engineer Level 1: $44,000 per year ($22 per hour) Level 2: $36,000 per year ($18 per hour) Associate engineer Level 3: $30,000 per year ($15 per hour) Level 4: $24,000 per year ($12 per hour) Clerical staff Level 5: $16,000 per year ($8 per hour) Level 6: $14,500 per year ($7.25 per hour) The billings that are sent to the municipalities for engineering services utilize cost-plus billing. Typically, the total costs accumulated for a project (direct materials, direct labor, and overhead) are multiplied by 140% to determine the amount of the billing. The difference between the billed amount and the accumulated cost is the "plus" in cost plus. During March 20X1, Flanigan accumulated the following information related to Job 295 for Johnson Creek County: Senior engineer hours Level 1 52 Level 2 84 Associate engineer hours Level 3 106 Level 4 44 Clerical hours Level 5 20 Level 6 66 Building permits $1,500 Airline travel and motel $865 The questions are as follows: a.) What amount should be billed to Johnson Creek City for March 20X1? b.) How much profit was earned on Job 295 during March 20X1? I have included a picture of my calculations.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The six different salary levels for 20X1 for the employees of Elizabeth Flanigan and Associates are listed below. The hourly rate is determined by dividing the yearly salary by 2,000 hours per year.

Senior engineer

Level 1: $44,000 per year ($22 per hour)

Level 2: $36,000 per year ($18 per hour)

Associate engineer

Level 3: $30,000 per year ($15 per hour)

Level 4: $24,000 per year ($12 per hour)

Clerical staff

Level 5: $16,000 per year ($8 per hour)

Level 6: $14,500 per year ($7.25 per hour)

The billings that are sent to the municipalities for engineering services utilize cost-plus billing. Typically, the total costs accumulated for a project (direct materials, direct labor, and overhead) are multiplied by 140% to determine the amount of the billing. The difference between the billed amount and the accumulated cost is the "plus" in cost plus.

During March 20X1, Flanigan accumulated the following information related to Job 295 for Johnson Creek County:

Senior engineer hours
Level 1	52
Level 2	84
Associate engineer hours
Level 3	106
Level 4	44
Clerical hours
Level 5	20
Level 6	66
Building permits	$1,500
Airline travel and motel	$865

The questions are as follows:

a.) What amount should be billed to Johnson Creek City for March 20X1?

b.) How much profit was earned on Job 295 during March 20X1?

I have included a picture of my calculations.

EYK 3-1 done
Excel
115
Formulas
Data
Review
View
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Tell me what you want to cdo
rt
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H.
Provide calculations in this column to support your answer
Direct Material Detail:
Building permits
1,500.00
Airline travel and motels
865.00
Total Direct Materials
2,365.00
Direct Labor Detail:
level 1
1,144.00
52 hours times 22 per hour
level 2
1,512.00
84 hours times 18 a hour
level 3
1,590.00
106 hours times 15 a hour
level 4
528.00
44 times 12 a hour
Total Direct Labor
4,774.00
Overhead Detail:
1,430.00
286 (direct labor) times 5 (rate)
clerical staff
638.50
20 x 8+66 x 7.25
Total Overhead
2,068.50
TOTAL PROJECT COST
9,207.50
Cost- Plus PERCENTAGE
3,683.00
TOTAL AMOUNT BILLED
12,890.00
How much profit was earned on Job 295- show your calculation do not just put
Part b
a number dow. Clearly identify your final answer
Be sure to include the calculation detail in your respose
3-1

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