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KV Accounting and Business Consultants provides a variety of consulting services to a diverse range of clients. The company has three support departments and three revenue-generating departments, whose cost details for a typical quarter are presented below: Support Departments IT Support Admin Support Facilities Support Revenue-Generating Departments Assurance Tax Advisory Business Advisory $ 274,000 702,000 195,800 838,400 602,000 769,300 $3,381,500 The existing cost allocation system is designed as follows: (1) the support department costs are allocated to the three revenue- generating departments, and (2) the revenue-generating department costs are allocated to individual clients. The support department costs are allocated to the revenue-generating departments as follows: (1) IT Support costs are allocated to Assurance, Tax Advisory. and Business Advisory using a 35:35:30 ratio, (2) Admin Support costs are allocated using a 50:20:30 ratio, and (3) Facilities Support costs are allocated using a 35:35:30 ratio. The costs accumulated in the three revenue-generating departments are allocated to individual clients based on the professional time consumed in the respective department. The Assurance, Tax Advisory, and Business Advisory departments recorded 9,400, 7,900, and 6,400 hours, respectively, for the quarter. Assurance Tax Advisory Business Advisory Required: 1. Compute the predetermined cost allocation rates for the three revenue-generating departments. (Round your answers to 2 decimal places.) Predetermined Cost Allocation Rate 2. Using the rates computed in Requirement (1) above, assign the costs to clients X and Y. Client X required 380, 520 and 640 hours of professional time, respectively, in the Assurance, Tax Advisory and Business Advisory departments, whereas client Y required 640, 790 and 240 hours of professional time. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Assurance Service Tax Advisory Service Business Advisory Service Activity Cost Pool IT Support Admin Support Facilities Support Assurance Tax Advisory Business Advisory $ 3. You have recently learned about activity-based costing and decide to use six activity cost pools, one for each department. The additional information you have collected is as follows: Activity Cost Pool Client X IT Support Admin Support Facilities Support Assurance 0 $ Client Y 0 Cost Driver (allocation base) IT time Sales revenue Total professional time Assurance professional time Tax advisory professional time. Business advisory professional time Compute the predetermined allocation rate for each activity cost pool. (Round your answers to 2 decimal places.) Activity Rate per IT support hour % of sales revenue Allocation Base Quantity 15,600 hours $69.46 million 23,070 hours 9,400 hours 7,900 hours 6,400 hours per hour of professional time per hour of assurance professional time Compute the predetermined allocation rate for each activity cost pool. (Round your answers to 2 decimal places.) Activity Cost Pool IT Support Admin Support Facilities Support Assurance Tax Advisory Business Advisory Resource IT time (hours) Sales revenue IT Support Admin Support Facilities Support Assurance 4. In addition to the Assurance, Tax Advisory, and Business Advisory time specified in Requirement (2) above, the two clients consumed the following additional resources: Tax Advisory Business Advisory $ per IT support hour % of sales revenue Client X Activity Rate per hour of professional time per hour of assurance professional time per hour of tax advisory professional time per hour of business advisory professional time Client X 390 $1,450,800 Assign the costs to the two clients using activity-based costing. (Round intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.) 0 $ Saved Client Y 190 $967,200 Client Y 0