Safari File Edit View History Bookmarks Window Help 5 7 9 8 0 Sat Nov 5 12:30 PM OOO B V mylab.pearson.com C @ 0 + Google Homepage - S...e University Home - > Students Introduction:.nt Accounting MBS Direct: Library Mighty Morph..X-85 Titanus Huffy 26" Ma.Walmart.com Search Resor.AFVClub.com Dashboard P Do Homework - 2-1 MyAccountingLab Homework: Chapter 4 ACC-311-R2992 Cost Accounting 22EW2 Harriet Creyer 11/05/22 1:30 PM Homework: 2-1 MyAccountingLab Homework: Chapter 4 Question 9, P4-46 (similar to) HW Score: 90.06%, 40.52 of 45 points Part 2 of 6 Points: 2.22 of 5 Save Powerful Leads (PL) provides market analysis services for clients. Consultants contract with clients to perform jobs for Following is cost information for May 2020: Question list K predetermined fees. All jobs feature the work of one professional consultant, and some larger jobs include additional support (Click the icon to view the cost information for May 2020.) labor. Because of this, PL's normal-costing system includes two direct cost pools, professional labor and support labor, and one indirect cost pool, overhead. As of May 1, there were two jobs in progress: Pump Products and Blaze, Inc. The job for Ranchera was started and Question 1 i (Click the icon for additional information.) completed in May. Read the re X Requirements Question 2 Requirement 1. Calculate JIP at the end of May. (If an input field is not used in the table, leave the input field empty; do not enter a zero.) 1. Calculate JIP at the end of May. Question 3 Professional 2. Calculate COCJ for May. Beginning JIP Labor Cost in Suport Labor May Allocated 3. Calculate under- or overallocated overhead in May. Client Balance May Cost in May Overhead Total 4. Calculate the ending balances in JIP and COCJ if the under- or overallocated Pump Products 106,000 16,340 13,200 18,450 $ 153,990 overhead amount is prorated based on the ending balances (before proration) Question 4 in JIP and COCJ. Blaze Inc. 41,000 60,200 31,500 132,700 5. Corrie Lu, the controller of Powerful Leads is concerned about the validity of 147,000 76,540 13,200 49,950 Total 286,690 allocating overhead equally for professional and support hours. She believes Question 5 that overhead related to professional labor is approximately twice as costly as Requirement 2. Calculate COCJ for May. (If an input field is not used in the table, leave the input field empty; do not enter a zero.) overhead related to support labor. Calculate new overhead rates per professional labor-hour and per support labor-hour that would address this Professional issue. How would the cost of the Ranchera job be affected by this change? Question 6 Beginning JIP Labor Cost in Suport Labor May Allocated (Ignore the impact of over- or underallocated overhead.) Client Balance May Cost in May Overhead Total Ranchera Question 7 Print Done Question 8 X X Data table More info PL charges $86/hour to jobs for professional labor and charges $60/hour for From Beginning JIP Incurred in May support labor. Overhead is applied to jobs at a rate of $45 per labor-hour, whether Professional Support Overhead Professional Support professional or support. This rate was determined based on an annual estimated Client Labor Labor Allocated Labor Hrs. Labor Hrs. overhead cost of $900,000 and estimated labor-hours of 20,000 (10,000 Pump Products $ 42,000 $ 36,000 $ 28,000 190 hrs. 220 hrs. professional hours and 10,000 support hours). Actual overhead in May was $75,000. PL tracks job costs in an account titled Jobs in Process (JIP). When the Blaze, Inc. 32,000 9,000 700 hrs. job is completed, costs are closed out to Cost of Completed Jobs (COCJ). Ranchera 490 hrs. 440 hrs. Clear all Check