a CPA $440 76 89 49 Cost

Question

Question

business accounting

Answer 1

Answer #1

(a)	Lynn	=	$ 10,276
	Brian	=	$ 12,479
	Mike	=	$ 7,224

	Workings:
		Lynn	Brian	Mike
	Direct material	$ 700	$ 440	$ 250
Add:	Auditor labor cost	$ 5,700	$ 7,500	$ 4,475
Add:	Overhead cost	$ 3,876	$ 4,539	$ 2,499
	Total cost	$ 10,276	$ 12,479	$ 7,224

		Lynn	Brian	Mike	Total
(i)	Auditors hours	76	89	49
(ii)	Predetermined overhead rate	$ 51	$ 51	$ 51
(i) X (ii)	Overhead cost	$ 3,876	$ 4,539	$ 2,499	$ 10,914

(b)	Balance in service contracts in process account	=	$ 10,276

	As only the Lynn job is incomplete , therefore Balance in service contracts in process account is equal to the Total cost of Lynn

(c)	Balance in operating overheads account	=	$ 1,986

	Workings:
	Actual overheads for the month	=	$ 12,900
Less:	Applied overheads in the month	=	$ 10,914
	Balance in operating overheads account	=	$ 1,986

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Answer 2

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