I need help on the last question, which is question 4a. 4b. ASSIGNMENtheir maximum 1,500 billable hours available. All professional labor costs are included in a single direct-costcategory and are traced to jobs on a per-hour basis. All costs of Kidman & Associates other than profes-sional labor costs are included in a single indirect-cost pool (legal support) and are allocated to jabs usingprofessional labor-hours as the allocation base. The budgeted level of indirect costs in 2017 is $2,475,000.1. Prepare an overview diagram of Kidman's job-costing system.2. Compute the 2017 budgeted direct-cost rate per hour of professional labor.3. Compute the 2017 budgeted indirect-cost rate per hour of professional labor.4. Kidman & Associates is considering bidding on two jobs:a. Litigation work for Richardson, Inc., which requires 120 budgeted hours of professional laborb. Labor contract work for Punch, Inc., which requires 160 budgeted hours of professional labor.Prepare a cost estimate for each job.Jou firm Iocontinua- Compute the total manufacturing overhead cost allocated tô4. Assuming that Job 431 consisted of 400 units of product, what is the cost per unit?5. Amounts at the end of 2017 are as follows:Machining Department$13,250,000Finishing Department$8,400,000Manufacturing overhead incurredDirect manufacturing labor costs$ 1,000,000$4,300,000Machine-hours250,00030,000Compute the under- or overallocated manufacturing overhead for each department and for the Doverplant as a whole.6. Why might Solomon use two different manufacturing overhead cost pools in its job-costing system?4-37 Service industry, job costing, law firm. Kidman & Associates is a law firm specializing in laborrelations and employee-related work. It employs 30 professionals (5 partners and 25 associates) who workdirectly with its clients. The average budgeted total compensation per professional for 2017 is $97,500. Eachprofessional is budgeted to have 1,500 billable hours to clients in 2017. All professionals work for clients to

Predetermined overhead rate: It is the overhead recovery rate depending on the cost pool and…

their maximum 1,500 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 profes- sional 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 2017 is $2,475,000. 1. Prepare an overview diagram of Kidman's job-costing system. 2. Compute the 2017 budgeted direct-cost rate per hour of professional labor. 3. Compute the 2017 budgeted indirect-cost rate per hour of professional labor. 4 Kidman &Associates is considering bidding on two jobs: a. Litigation work for Richardson, Ic., which requires 120 budgeted hours of professional labor b. Labor contract work for Punch, Ic., which requires 160 budgeted hours of professional labor. Prepare a cost estimate for each job.

their maximum 1,500 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 profes- sional 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 2017 is $2,475,000. 1. Prepare an overview diagram of Kidman's job-costing system. 2. Compute the 2017 budgeted direct-cost rate per hour of professional labor. 3. Compute the 2017 budgeted indirect-cost rate per hour of professional labor. 4 Kidman &Associates is considering bidding on two jobs: a. Litigation work for Richardson, Ic., which requires 120 budgeted hours of professional labor b. Labor contract work for Punch, Ic., which requires 160 budgeted hours of professional labor. Prepare a cost estimate for each job.

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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