Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer requirements 1, 2, 3, 4! thank you so much :) Keaton & Associates is a law firm specializing in labor relations and employee-related

image text in transcribedplease answer requirements 1, 2, 3, 4! thank you so much :)

Keaton & Associates is a law firm specializing in labor relations and employee-related work. It employs 30 professionals (10 partners and 20 associates) who work directly with its clients. The average budgeted total compensation per professional for 2017 is $105,000. Each professional is budgeted to have 1,500 billable hours to clients in 2017. All professionals work for clients to 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 Keaton & Associates other than professional 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 $2,835,000. Read the requirements. Requirement 1. Identify the components of the overview diagram of Keaton's job-costing system. i Requirements > A } c} 1. 2. 0 Identify the components of the overview diagram of Keaton's job-costing system Compute the 2017 budgeted direct-cost rate per hour of professional labor. Compute the 2017 budgeted indirect-cost rate per hour of professional labor. Keaton & Associates is considering bidding on two jobs: a. Litigation work for Richardson, Inc., which requires 80 budgeted hours of professional labor. b. Labor contract work for Punch, Inc., which requires 110 budgeted hours of professional labor. Prepare a cost estimate for each job. m E } Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accountants Truth Knowledge And Ethics In The Financial World

Authors: Matthew Gill

1st Edition

0199547149, 9780199547142

More Books

Students also viewed these Accounting questions