Requirements What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and a 47-week year What direct labor cost would be assigned to Client 507 il Geller works 15 hours to prepare Client 507's financial statements? 1. 2.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Pitt Accounting pays Peter Geller $97.290 per year
Requirements
1.
2.
What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and a 47-week year
What direct labor cost would be assigned to Client 507 if Geller works 15 hours to prepare Client 507's financial statements?
Requirement 1. What is the hourly cost to Pitt Accounting of employing Geller? Assume a 45-hour week and 47-week year
Select the formula below that Pitt Accounting would use to calculate the hourly cost and complete the formula (Round the hourly cost to the nearest cent)
Hourly cost
Requirement 2. What direct labor cost would be assigned to Client 507 if Geller works 15 hours to prepare Client 507's financial statements?
Select the fomula below that would be used to calculate the direct labor cost assigned to Client 507 and calculate that cost (Round the direct labor cost to the nearest cent).
Direct labor cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae506661-644e-4169-a862-a9997a70c34b%2Fb6b75345-b6db-4221-a683-ca8bbdef9b62%2Fnh1ya5i_processed.jpeg&w=3840&q=75)
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