Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I'm stuck on these fiancials WIP Inventory FG Inventory Thomas & Adam, a consulting firm, specializes in providing internal audit services for its clients. It
I'm stuck on these fiancials
WIP Inventory FG Inventory Thomas \& Adam, a consulting firm, specializes in providing internal audit services for its clients. It bills the clients $160 per hour for its professional services; it costs the firm $85 per hour to cover the cost of its staff. To cover its MOH costs, the partners have always applied MOH costs to clients based on total direct labor hours. At the beginning of the year, they budgeted for 8,500 direct labor hours and $161,500 of MOH costs. In the current year, the firm's professional staff worked on three key client projects: All Ways, Inc., for 3,000 hours; My Way, Inc., for 2,500 hours; and High Way, Inc., for 4,700 hours. These clients were billed for this work by the end of the year. Naturally, there were other costs incurred to run the firm, including sales and marketing costs, which added up to $130,000 this year. Actual MOH costs for the year totaled $140,000. Question 4 of 13 Beginning balance Cost of sales 0 Applied OH Beginning balance Cost of finished jobs Cost of sales Depreciation DL. DM used End balance Purchases (b) WIP Inventory FG Inventory Thomas \& Adam, a consulting firm, specializes in providing internal audit services for its clients. It bills the clients $160 per hour for its professional services; it costs the firm $85 per hour to cover the cost of its staff. To cover its MOH costs, the partners have always applied MOH costs to clients based on total direct labor hours. At the beginning of the year, they budgeted for 8,500 direct labor hours and $161,500 of MOH costs. In the current year, the firm's professional staff worked on three key client projects: All Ways, Inc., for 3,000 hours; My Way, Inc., for 2,500 hours; and High Way, Inc., for 4,700 hours. These clients were billed for this work by the end of the year. Naturally, there were other costs incurred to run the firm, including sales and marketing costs, which added up to $130,000 this year. Actual MOH costs for the year totaled $140,000. Question 4 of 13 Beginning balance Cost of sales 0 Applied OH Beginning balance Cost of finished jobs Cost of sales Depreciation DL. DM used End balance Purchases (b)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started