Russel Company is a consulting firm. The firm expects to have $34,400 in indirect costs during the year and bill customers for 4,000 hours. The cost of direct labor is $85 per 18. Calculate the predetermined overhead allocation rate for Russel using estimated billable hours for the allocation base 19. Russel completed a consulting job for Sam Gullo and billed the customer for 19 hours. What was the total cost of the consulting job? 20. If Russel wants to earn a profit equal to 50% of the cost of a job, how much should the company charge Mr. Gullo? 18. Calculate the predetermined overhead allocation rate for Russel using estimated billable hours for the allocation base Predetermined overhead allocation rate 8.60 per hour 19. Russel completed a consulting job for Sam Gullo and billed the customer for 19 hours. What was the total cost of the consulting job? Estimated total indirect costs 34,400 Total cost Russel Company Total Cost of the Gullo Job hrs. hrs Estimated billable hours 4,000

Q: What is debit

A: Debit is an entry recorded in the left side column of an account.

Q: Accounting

A: Solution: - Definition:- Accounting may be defined as the process of recording, classifying,…

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.