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

In your own words explain the recording process and the

In your own words, explain the recording process and the accounting equation to someone who has no accounting experience. Then, give your opinion on the elements or areas that might cause the most confusion or be the mos ...

Assignmentaccounting is the study of how businesses track

Assignment Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. ...

Analyze tootsie rolls 2015 consolidated statements of

Analyze Tootsie Roll's 2015 Consolidated Statements of Earnings and Retained Earnings. Discuss the relevance for a manufacturer of reporting a gross profit amount. Then calculate or report the 2015 Gross Profit Rate (%) ...

Part 1true false questionsselect the correct answer1 a

Part 1: True / False Questions Select the correct answer 1. A single plant-wide overhead rate generally provides more accurate product costs than multiple departmental overhead rates. True False 2. The use of a predeterm ...

Assignemntpart 11the type of business organization that can

Assignemnt Part 1 1. The type of business organization that can continue indefinitely is known as a: a. sole proprietorship. b. partnership. c. corporation. d. None of the above answers are correct. 2. The purpose of the ...

Requirement 1 -it was early november 20x5 and the

REQUIREMENT 1 - It was early November 20X5, and the Hydromaint people requested a meeting with you and Tom Lockhart.  They wished to brief you on several 20X5 events and strategy changes. Nick Riley reported that the mai ...

Shown below is activity for one of the products of denver

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 $27,500 Purchases January 10 500 units @ $60 January 20 1,000 units @ $63 Sales: January 12 800 units January ...

Accounting anonymousabsorption and variable costing please

Accounting Anonymous Absorption and Variable Costing: Please respond to one of the following: Option 1 Create a situation for determining performance evaluations and bonuses where absorption-costing operating income is u ...

International accountingpart 1the weeks discussion covered

INTERNATIONAL ACCOUNTING PART 1 The week's discussion covered the following International Accounting Standards (IAS): #21 The Effects of Changes in Foreign Exchange Rates #27 Consolidated and Separate Financial Statement ...

Assume that you recently graduated and have just reported

Assume that you recently graduated and have just reported to work as an investment advisor at the onof the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Shee ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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