Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Q1) Winkle, Kotter, and Zale is small law firm which contains 10 partners and 10 support persons. Firm employs a job-order costing system to accumulate costs chargeable to each client, and it is organized into two departments-Research and Documents Department and Litigation Department. Firm utilizes predetermined overhead rates to charge costs of these departments its clients. At the stating of the present year, firm's management made following evaluates for year:

  Department
  Research and Documents Litigation
Research-hours 20,000 -
Direct attorney-hours 9,000 16,000
Materials and supplies $18,000 $5,000
Direct attorney cost $430,000 $800,000
Departmental overhead cost $700,000 $320,000

Predetermined overhead rate in Research and Documents Department is based on research-hours, and rate in Litigation Department is based on direct attorney cost.

Costs charged to each client are made up of three elements: materials and supplies used, direct attorney cost incurred, and applied amount of overhead from each department in which work is performed on case.

Case 618-3 was initiated on February 10 and completed on June 30. In this period, following costs and time were recorded on case:

  Department
  Research and Documents Litigation
Research-hours 18 -
Direct attorney-hours 9 42
Materials and supplies $50 $30
Direct attorney cost $410 $2,100

problem:

find out predetermined overhead rate used during year in Research and Documents Department. find out rate used in Litigation Department.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918376

Have any Question? 


Related Questions in Accounting Basics

Exercise recording receivables and identifying their effect

Exercise: Recording receivables and identifying their effect on financial statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, a ...

Del gato clinic deposits all cash receipts on the day when

Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows a(n) $14,287 debit balance. Del Gato ...

1 what does it mean to create a culture of honesty openness

1. What does it mean to create a "Culture of Honesty, Openness, and Assistance?" Give some examples from an organization with which you have been affiliated. (250 words) 2. Review the section Preventing Fraud-A Sumary an ...

Introductory accounting assignment question 1 - the

INTRODUCTORY ACCOUNTING ASSIGNMENT QUESTION 1 - The information given below was extracted from the books of KAISER TRADERS. REQUIRED: 1.1: Compare the Bank Statement with the Cash Receipts Journal and Cash Payments Journ ...

Case study requirementsbullselect an accounting topic of

Case Study Requirements • Select an accounting topic of your choice - this could be revenue recognition, inventory valuation, fair value, stock options, derivatives, investments, segment reporting, leases, just to name a ...

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Question 1 this problem continues the haupt consulting

Question 1: This problem continues the Haupt Consulting situation from Problem 2-64 of Chapter 2. Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows: HAUPT CO ...

Gasbvisit the website of the governmental accounting

G.A.S.B Visit the website of the Governmental Accounting Standards Board (G.A.S.B.) at http://gasb.org. Review the website to learn about the organization, its act ivies, and its goals. Review one or more of the "Plain-L ...

1 what was the hospitals original profit forecast assume

1. What was the hospital's original profit forecast (assume away any issues with depreciation, taxes, etc.)? Halfway through the fiscal year, what is the hospital's revised projection for FY11 profits? 2. Which inpatient ...

Module 1 1 page topic selectionselect any topic in

Module 1 ( 1 Page ) Topic Selection Select any topic in accounting of interest that connects to the subject matter of this course. If you have already selected the area of your doctoral research, you may choose a topic i ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen