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K Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. The average budgeted total compensation per professional for 2020 is $110,000. Each professional is budgeted to have 2,000 billable hours to clients in 2020. All professionals work for clients to their maximum 2,000 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per-hour basis. All costs of Kidman & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2020 is $2,250,000. Read the requirements. CHILD LG anivus aru valvulae IG IGLO. $ Budgeted indirect-costs ACCESS Direct-costs Indirect-costs Total costs Budgeted total direct labor-hours 50,000 = 2,250,000 Requirement 4. Prepare a cost estimate for the Richardson, Inc. job, which requires 120 budgeted hours of professional labor and for the Punch, Inc. job, which requires 170 budgeted hours of professional labor. Richardson = $ Budgeted indirect- cost rate per hour 45 per hour

K Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. The average budgeted total compensation per professional for 2020 is $110,000. Each professional is budgeted to have 2,000 billable hours to clients in 2020. All professionals work for clients to their maximum 2,000 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per-hour basis. All costs of Kidman & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2020 is $2,250,000. Read the requirements. CHILD LG anivus aru valvulae IG IGLO. $ Budgeted indirect-costs ACCESS Direct-costs Indirect-costs Total costs Budgeted total direct labor-hours 50,000 = 2,250,000 Requirement 4. Prepare a cost estimate for the Richardson, Inc. job, which requires 120 budgeted hours of professional labor and for the Punch, Inc. job, which requires 170 budgeted hours of professional labor. Richardson = $ Budgeted indirect- cost rate per hour 45 per hour

FINANCIAL ACCOUNTING
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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Pls help the requirement 4

Requirements 1. Identify the components of the overview diagram of Kidman's job-costing system. Compute the 2020 budgeted direct-cost rate per hour of professional labor. 2. Compute the 2020 budgeted indirect-cost rate per hour of professional labor. Kidman & Associates is considering bidding on two jobs: 3. 4. a. Litigation work for Richardson, Inc., which requires 120 budgeted hours of professional labor. b. Labor contract work for Punch, Inc., which requires 170 budgeted hours of professional labor. Prepare a cost estimate for each job.
Transcribed Image Text:Requirements 1. Identify the components of the overview diagram of Kidman's job-costing system. Compute the 2020 budgeted direct-cost rate per hour of professional labor. 2. Compute the 2020 budgeted indirect-cost rate per hour of professional labor. Kidman & Associates is considering bidding on two jobs: 3. 4. a. Litigation work for Richardson, Inc., which requires 120 budgeted hours of professional labor. b. Labor contract work for Punch, Inc., which requires 170 budgeted hours of professional labor. Prepare a cost estimate for each job.
K Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. The average budgeted total compensation per professional for 2020 is $110,000. Each professional is budgeted to have 2,000 billable hours to clients in 2020. All professionals work for clients to their maximum 2,000 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per-hour basis. All costs of Kidman & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2020 is $2,250,000. Read the requirements. Fille Le alivunts allu calculate Lie Tale. $ Budgeted indirect-costs 2,250,000 Direct-costs Indirect-costs Total costs 41 Richardson .. Budgeted total direct labor-hours 50.000 = $ EA Requirement 4. Prepare a cost estimate for the Richardson, Inc. job, which requires 120 budgeted hours of professional labor and for the Punch, Inc. job, which requires 170 budgeted hours of professional labor. Budgeted indirect- cost rate per hour 45 per hour A
Transcribed Image Text:K Kidman & Associates is a law firm specializing in labor relations and employee-related work. It employs 25 professionals (7 partners and 18 associates) who work directly with its clients. The average budgeted total compensation per professional for 2020 is $110,000. Each professional is budgeted to have 2,000 billable hours to clients in 2020. All professionals work for clients to their maximum 2,000 billable hours available. All professional labor costs are included in a single direct-cost category and are traced to jobs on a per-hour basis. All costs of Kidman & Associates other than professional labor costs are included in a single indirect-cost pool (legal support) and are allocated to jobs using professional labor-hours as the allocation base. The budgeted level of indirect costs in 2020 is $2,250,000. Read the requirements. Fille Le alivunts allu calculate Lie Tale. $ Budgeted indirect-costs 2,250,000 Direct-costs Indirect-costs Total costs 41 Richardson .. Budgeted total direct labor-hours 50.000 = $ EA Requirement 4. Prepare a cost estimate for the Richardson, Inc. job, which requires 120 budgeted hours of professional labor and for the Punch, Inc. job, which requires 170 budgeted hours of professional labor. Budgeted indirect- cost rate per hour 45 per hour A
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