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Category > Accounting Posted 11 Aug 2017 My Price 13.00

Winkle, Kotter

Determine the total cost from the given data.

 

Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 10 support persons. The firm employs a job-order costing system to accumulate costs chargeable to each client, and it is organized into two departments-the Research and Documents Department and the Litigation Department. The firm uses predetermined overhead rates to charge the costs of these departments t its clients. At the beginning of the current year, the firm\'s management made the following estimates for the year:

  Department
  Research and Documents Litigation
Research-hours 20,000 -
Direct attorney-hours 9,000 16,000
Materials and supplies $18,000 $5,000
Direct attorney cost $430,000 $800,000
Departmental overhead cost $700,000 $320,000


The predetermined overhead rate in the Research and Documents Department is based on research-hours, and the rate in the Litigation Department is based on direct attorney cost.

The costs charged to each client are made up of three elements: materials and supplies used, direct attorney cost incurred, and an applied amount of overhead from each department in which work is performed on the case.

Case 618-3 was initiated on February 10 and completed on June 30. During this period, the following costs and time were recorded on the case:

  Department
  Research and Documents Litigation
Research-hours 18 -
Direct attorney-hours 9 42
Materials and supplies $50 $30
Direct attorney cost $410 $2,100


QUESTION 1 - Compute the predetermined overhead rates used during the year in the Research and Documents Department and the Litigation Department. Show your work.

QUESTION 2 - Using the rates computed in QUESTION 1, compute the total overhead cost applied to Case 618-3. Show your work.

QUESTION 3 - What would be the total cost charged to Case 618-3? Show computations by department and in total for the case.

QUESTION 4 - At the end of the year, the firm's records revealed the following ACTUAL cost and operating data for all cases handled during the year:

  Department
  Research and Documents Litigation
Research-hours 23,000 -
Direct attorney-hours 8,000 15,000
Materials and supplies $19,000 $6,000
Direct attorney cost $400,000 $275,000
Departmental overhead cost $770,000 $300,000


Determine the amount of underapplied or overapplied overhead cost in each department for the year.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 11:08 PM My Price 13.00

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