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netineya [11]
3 years ago
15

JLR Enterprises provides consulting services throughout California and uses job-order costing system to accumulate the cost of c

lient 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 using a predetermined overhead application rate. Clients are billed for directly chargeable costs, overhead and markup. JLR's director of cost management, Brent Dean, anticipates the following costs for the upcoming year. Cost Percentage of Cost Directly Traceable to ClientsProfessional 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; administrative support staff, $2,600; travel, $4,500; photocopying, $500; and other operating costs, $1,400.Required:Question 1. Determine JLR’s total traceable costs for the upcoming year and the firm’s total anticipated overhead.Question 2. Calculate the predetermined overhead rate. The rate is based on total costs traceable to client jobs.Question 3. What percentage of cost will JLR add to each job to achieve its profit target?Question 4. Determine the total cost of the Martin Manufacturing project. How much would Martin be billed for services performed?Question 5. Notice that only 50 percent of JLR’s other operating cost is directly traceable to specific client projects. Cite several costs that would be included in this category and difficult to trace to clients.Question 6. Notice that 80 percent of the professional staff cost is directly traceable to specific client projects. Cite several reasons that would explain why this figure isn’t 100 percent.

Business
1 answer:
Shkiper50 [21]3 years ago
6 0

Find full question attached

Answer and Explanation:

Answer and explanation attached

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Variable manufacturing overhead incurred was $245,000. Fixed manufacturing overhead incurred was $373,000. Actual machine-hours
steposvetlana [31]

Before information shows is the correct and complete question.

The Lopez Company use a standard costing in its manufacturing plant for the auto part. The standard cost of particular auto part based on a denominator level of a 4.000 output unit per year. included 6 machine-hours of variable manufacturing overhead at $8 per hour and 6 machine-hours of fixed manufacturing overhead at $15 per hour.

Actual output produced was 4.400 units.

Variable manufacturing overhead incurred was $245.000.

Fixed manufacturing overhead incurred was $373.000.

Actual machine-hours were 28.400.

Prepare the analysis of all variable manufacturing overhead and fixed manufacturing overhead variances.

Additional diagram attached to this question is displayed in the first image below.

Answer:

Explanation:

By using a columnar method, the analysis of all the variance & fixed manufacturing overhead varaince can be computed as follows:

Variable manufacturing overhead analysis:

Actual cost Incurred: ║ Actual input ×  Budgeted ║ Allocated: Budgeted

Actual input × Actual     rate                                        Input for actual output

rate                                                                               × Budgeted rate

245000                         28400×$8.00 = 227200      (4400×6hrs×$8)

                                                                                      = 211,200

                17800 U                    16800  U

            Spending Variance      Efficiency Variance

                                      33800 U

                                Flexible Budget Variance

Hence;

The spending Variance = $17,800 U

Efficiency Variance  = $16,000 U

Flexible Budget Varaince = $33800 U

where;   F = Favourable  & U = Unfavourable

<u>For the fixed Manufacturing Overhead:</u>

Actual cost Incurred: ║ Flexible Budget Lump ║ Allocated: Budgeted

Actual input × Actual     sum regardless of the    Input for actual output

rate                                 output level                     × Budgeted rate

                                                                             

373000                        4000×6hrs×15 = 360000  (4400×6hrs×$15)

                                                                                      = 396000

13000 U                                   36000  F

Spending Variance/               Production-Volume

Flexible budgeted variance   Variance

                                                 23000 F

                                        Over allocated fixed

                                        Overhead

Hence;

The spending Variance = $13000 U

The production Volume Variance  = $36,000 F

Over allocated fixed overhead = $23000 F

where;   F = Favourable  & U = Unfavourable

NOTE: To have a better view of the above computation in a table format, refer to the second and the third diagram in the image below.

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Answer:

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Explanation:

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