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Tech Master is an information technology (IT) consulting company offering services to small firms. TechMaster bills clients for its various services based on the hours its professionals spend. In August, IT professionals billed 875 hours to clients and worked a total of 920 hours (the difference includes time for training, preparing bids, and so on, which are considered administrative costs). Tech Master bills clients at the rate of $200 per hour; labor cost for its IT professionals is $75 per hour. Overhead costs in August totaled $35,000. Overhead is applied to clients at $45 per labor hour. In addition, Tech Master had $55,000 in marketing and administrative costs (including labor time as described above). All transactions are on account. All services were billed.Required:
a. Show labor and overhead cost lows through T-accounts.
b. Prepare an income statement for the company for August.
How would the information a management accountant would use to determine company costs change depending on type of production?
required1. estimate the contribution to profit of a standard 180-guest cocktail party if chavez charges her usual price
Calculate the amount needed per employee if the discount rate is not 10%, but 6%. If the workforce numbers 3,000, what is the total difference in cost between these two assumptions?
During May, the number of equivalent full units of materials applied to units produced by Department Q totaled 50,000, computed as follows: beginning inventory, 7,000 equivalent full units; units started and completed in May, 35,000 equivalent ful..
Williams Inc. estimated overhead to be $440000 and direct labor hours to be 100,000 for the year. Actual direct labor ended up being 120,000. Actual overhead for the year amounted for $500,000. What is the predetermined overhead rate?
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What was Indiana Corporation's net operating income for the year using variable costing - Manufacturing costs and selling and administrative expenses for the year were as follows:
Using the following information from an annual report, prepare a vertical analysis of the consolidated balance sheet at June 30, 20x5. (Round percentage answers to one decimal place.)
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five star tools is a small family-owned firm that manufactures diamond-coated cutting tools chisels and saws used by
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