Business, 11.03.2020 00:02 risolatziyovudd
JLR Enterprises provides consulting services throughout California and uses a job-order costing system to accumulate the cost of client projects. Traceable costs are charged directly to individual clients; in contrast, other costs incurred by JLR, but not identifiable with specific clients, are charged to jobs by using a predetermined overhead application rate. Clients are billed for directly chargeable costs, overhead, and a markup.
JLR’s director of cost management, Brent Dean, anticipates the following costs for the upcoming year:
Cost , Percentage of Cost, Directly Traceable to Client,
Professional staff salaries $2,500,000 80%
Administrative support staff 300,000 60%
Travel 250,000 90%
Photocopying 50,000 90%
Other operating costs 100,000 50%
Total $3,200,000
The firm’s partners desire to make a $640,000 profit for the firm and plan to add a percentage markup on total cost to achieve that figure.
On March 10, JLR completed work on a project for Martin Manufacturing. The following costs were incurred:
professional staff salaries, $41,000; a
dministrative support staff, $2,600;
travel, $4,500;
photocopying, $500;
other operating costs, $1,400. .
Calculate the predetermined overhead rate. The rate is based on total costs traceable to client jobs.(Omit the "%" sign in your response.)
Answers: 3
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JLR Enterprises provides consulting services throughout California and uses a job-order costing syst...
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