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Q1. Keating & Associates is a firm specializing labor relations and employee-reated work. It employs 25 professionals (5 partners and 20 associates) who work directy with its clients. The average budgeted total compensation per professional for 2011 is $104,000. Each professional is bugeted to have 1,600 billable hours to clients in 2011. All professionals work for clients to their maximum 1,600 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 Keating & Associates other than professional labor costs are inlcuded in a single indirect-cost pool (legal support) and are allocaed to jobs using professional labor-hours as the allocation base. The budgeted of indirect costs in 2011 is $2,200,000. 1. Prepare an overview diagram of Keating's job-costing system. 2. Compute the 2011 budgeted direct-cost rate per hour of professional labor. 3. Compute the 2011 budgeted indirect-cost rate per hour of professional labor. 4. Keating & Associates is considering bidding on two jobs: a. Litigation work for Richardson, Inc,. which requires 100 budgeted hours of professionals labor. b. Labor contract work for Punch, Inc., which requires 150 budgeted hours of professional labor. Prepare a cost estimate for each job. Q2. The Blakely Company is a small machine shop that uses normal costing in its job-costing system. The total debits and credits in certain accounts just before year-end are as follows: All materials purchased are direct materials. Note that \"total debits\" in the inventory accounts would include beginning inventory balances on January 1, 2008, if any. The total debits and total credits above do not include the following: a. The manufacturing labor costs for the December31 working day: direct manufacturing labor, $5,000, and indirect manufacturing labor, $1,000. b. Miscellaneous manufacturing overhead incurred on December 31:$1,000. Additional Information: -Manufacturing overhead has been allocated as a percentage of direct manufacturing labor costs through December 30. -Direct materials purchased during 2008 were $85,000. -No direct materials were returned to suppliers. -Direct manufacturing labor costs during 2008 totaled $150,000, not including the December 31 working day described previously. 1. Use T-accounts to compute the January 1, 2008 beginning balances for the Materials Control, Work-in-Process Control, and Finished Goods Control accounts. 2. Prepare all adjusting and closing journal entries for the preceding accounts. Assume that all under- or overallocated manufacturing overhead is closed directly to Cost of Goods Sold. 3. Compute the ending inventory balances on December 31, 2008, after adjustments and closing, for Materials Control, Work-in-Process Control, and Finished Goods Control accounts. Q3. Glavine Corporation manufactures precision equipment made to order for the semiconductor industry. Glavine uses two manufacturing overhead cost poolsone for the overhead costs incurred in its highly automated Machining Department and another for overhead costs incurred in its labour-based Assembly Department. Glavine uses a normal costing system. It allocates Machining Department overhead costs to jobs based on actual machine-hours using a budgeted machine-hour overhead rate. It allocates Assembly Department overhead costs to jobs based on actual direct manufacturing labour-hours using a budgeted direct manufacturing labor-hour rate. The following data are for the year 2016: Machining Department Budgeted Manufacturing overhead costs Budgeted machine-hours $6,000,000 $5,000,000 100,000 Budgeted direct manufacturing labor-hours Actual manufacturing overhead costs Assembly Department 125,000 $6,200,000 $4,700,000 Machine-hours and direct manufacturing labour-hours and the ending balances (before proration of under-allocated overhead) are as follows: 1. Compute the budgeted overhead rates for the year 2016 in the Machining and Assembly Departments. 2. Compute the underallocated or overallocated overhead in each department for the year. Dispose of the underallocated or overallocated amount in each department using: a. Write-off to Cost of Goods Sold. b. Proration based on ending balances (before proration) in Cost of Goods Sold, Finished Goods, and Work-in-Process. c. Proration based on the allocated overhead amount (before proration) in the ending balances of Cost of Goods Sold, Finished Goods, and Work-in-Process. 3. Which proration method do you prefer in requirement 2? Explain. Q4. The Schramka Company manufactures a variety of prestige boardroom chairs. Its jobcosting system uses an activity-based approach. There are two direct-cost categories (direct materials and direct manufacturing labor) and three indirect-cost pools. The cost pools represent three activity areas at the plant. Manufacturing Activity Area Budgeted Costs for 2001 Cost Driver Used as Allocation Base Cost-Allocation Rate Materials handling Cutting Assembly $ 200,000 2,000,000 2,000,000 Parts Parts Direct manufacturing labor-hours $ 0.25 2.50 25.00 Two styles of chairs were produced in March, the executive chair and the chairman chair. Their quantities, direct material costs, and other data for March 2001 are as follows: Units Produced Executive chair Chairman chair Direct Material Costs Number of Parts 5,000 100 $600,000 25,000 100,000 3,500 Direct Manufacturing Labor-Hours 7,500 500 The direct manufacturing labour rate is $20 per hour. Assume no beginning or ending inventory. Required: 1. Compute the March 2001 total manufacturing costs and unit costs of the executive chair and the chairman chair. 2. The upstream activities to manufacturing (R&D and design) and the downstream activities (marketing, distribution, and customer service) are analysed and the unit costs in 2001 are budgeted to be: Upstream Activities Executive chair Chairman chair $60 146 Downstream Activities $110 236 Compute the full product costs per unit of each chair. (Full costs of each chair are the sum of the costs in all business function areas.)