The following cost data relate to the office overhead costs of the Connell Tax Advisory during the just-completed year: Office rent Office supplies $32,600 7,850 Utilities, office 18,400 Salary, office manager 62,500 Salary, receptionist 41,200 Depreciation-office equipment 14,900 Software licensing fees 28,700 Other miscellaneous expenses 35,600 Total overhead costs $241,750 The company uses a predetermined overhead rate to apply overhead costs to each tax job. The rate for the year was $8 per tax-preparer hour. A total of 28,500 tax preparer hours was recorded for the year. Compute the amount of under- or overapplied overhead cost for the year.

The following cost data relate to the office overhead costs of the Connell Tax Advisory during the just-completed year: Office rent Office supplies $32,600 7,850 Utilities, office 18,400 Salary, office manager 62,500 Salary, receptionist 41,200 Depreciation-office equipment 14,900 Software licensing fees 28,700 Other miscellaneous expenses 35,600 Total overhead costs $241,750 The company uses a predetermined overhead rate to apply overhead costs to each tax job. The rate for the year was $8 per tax-preparer hour. A total of 28,500 tax preparer hours was recorded for the year. Compute the amount of under- or overapplied overhead cost for the year.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 30E: A company uses charging rates to allocate service department costs to the using departments. The...

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