Taylor & Associates, a consulting firm, has the following condensed budget for 2014: Taylor has a single
Question:
Taylor & Associates, a consulting firm, has the following condensed budget for 2014:
Taylor has a single direct-cost category (professional labor) and a single indirect-cost pool (client support). Indirect costs are allocated to jobs on the basis of professional labor costs.
Required: 1. Prepare an overview diagram of the job-costing system. Calculate the 2014 budgeted indirect cost rate for Taylor & Associates. 2. The markup rate for pricing jobs is intended to produce operating income equal to 10% of revenues. Calculate the markup rate as a percentage of professional labor costs. 3. Taylor is bidding on a consulting job for Tasty Chicken, a fast food chain specializing in poultry meats. The budgeted breakdown of professional labor on the job is as follows:
Calculate the budgeted cost of the Tasty Chicken job. How much will Taylor bid for the job if it is to earn its target operating income of 10% of revenues?
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ANSWER 1 Overview Diagram of JobCosting System Therefore Taylor ...View the full answer
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