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Week 2 Workbook Acc543 Essay

1147 words - 5 pages

5.17 | Q1, Q2, Q3Job costing, service sector Consider the following budgeted data for a client job of Bob Crachit’s accounting firm. The client wants a fixed price quotation. Direct professional labor | $20,000 |
Direct support labor | 10,000 |
Fringe benefits for direct labor | 13,000 |
Photocopying | 2,000 |
Telephone calls | 2,000 |
Computer equipment | 6,000 |
Overhead is allocated at the rate of 100% of direct labor cost.REQUIRED:   | A. | Prepare a schedule of the budgeted total costs for the client. Show subtotals for total direct labor costs and total costs as a basis for markup. |
  | B. | Assume that the partner’s policy is to quote a fixed fee at 10% above the total ...view middle of the document...

HSE provides guidance for common sources of injury or illness, including the following. * Slips, trips and falls * Hazardous substances such as chemicals, dust, fumes, and bacteria * Musculoskeletal disorders * Noise * Electricity * Work equipment and machinery * Maintenance and building work * Workplace transport * Fire and explosion * Radiation * StressSOURCE: HSE, Performance Report 2007 and An Introduction to Health and Safety, available (accessed June 2, 2010).REQUIRED: | A. | Employers incur many costs because of health and safety issues, including: * Lost worker time * Employer-paid medical costs * Training to replace workers who are ill or injured * Record-keeping to comply with governmental regulationHow would each of these costs be recognized in a process costing system? |
| B. | Who is responsible for workplace health and safety? Discuss the responsibilities for each of the following groups: * Governments * Employers * Managers * Workers * Customers |
| C. | What goal should an individual company establish for workplace health and safety? Should the goal be to meet government regulations? Should the goal be to experience zero health and safety incidents? Or is some other goal appropriate? What values did you use to arrive at your answer? |
7.21 | Q1, Q3, Q4ABC, ABM (CMA) Applewood Electronics manufactures two large-screen television models, the Monarch, which has been produced for five years and sells for $900, and the Regal, a new model that sells for $1,140. Applewood’s CEO, Harry Hazelwood, suggested that the company should concentrate its marketing resources on the Regal model and begin to phase out the Monarch model.Applewood currently uses a traditional costing system. The following cost information has been used as a basis for pricing decisions over the past year. Per-Unit Data | Monarch | Regal |
Direct materials | $208 | $584 |
Direct labor hours | 1.5 | 3.5 |
Machine hours | 8.0 | 4.0 |
Units produced | 22,000 | 4,000 |
Direct labor cost is $12 per hour, and the machine usage cost is $18 per hour. Manufacturing overhead costs were estimated at $4,800,000 and were allocated on the basis of machine hours.Martin Alecks, the new company controller, suggested that an activity-based costing analysis first be run to get a better picture of the true manufacturing cost. The following data were collected: Activity Center | Cost Driver | Traceable Costs |
Soldering | Number of solder joints | $ 942,000 |
Shipments | Number of shipments | 860,000 |
Quality control | Number of inspections | 1,240,000 |
Purchase orders | Number of orders | 950,400 |
Machining | Machine hours | 57,600 |
Machine setups | Number of setups | 750,000 |
  | Total traceable costs |   | $4,800,000...

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