2024 – Week 9 P9 1 P9 2 P9 3 P9 4 P9 6 Principles of Cost Accounting EXCEL TEMPLATE

Week 9 P9-1, P9-2, P9-3, P9-4, P9-6 Principles of Cost Accounting  – EXCEL TEMPLATE 

P9-1 Libby and Sandman, Attorneys-at-Law, provided legal representation to Williams Equipment, Inc., in a product liability suit. Twenty partner hours and 65 associate hours were worked in defending the company. The cost of each partner hour is $325, which includes partner wages plus overheard based on direct labor cost. The cost of each associate hour is $145, which also includes both wages and overhead. Other costs that can be directly identified with the job are travel ($2,800) and telephone/fax charges ($1,740). The date Williams contracted with Libby and Sandman was May 8, and the defense was successfully completed on December 21.

Prepare a job order cost sheet, in good form, for Williams Equipment, Inc.

Partners’ salary and overhead                         $6,300

Prepare a cost performance report
Compute the budgeted profit and the actual profit on the job.

Partners………………4,000
Associates……………14,000
Staff………………….22,000

Prepare a revenue budget
Prepare a professional labor budget

P9-4 Lynn and Paul, the systems consultants in P9-3, budgeted overhead and other expenses as follows for the year ended December 31, 2008:

Travel…………………………………..$123,000
Meals…………………………………..37,000

Required:
Prepare an overhead budget
Prepare an other expenses budget
Prepare a budgeted income statement

Prepare job cost sheets for Shank Products and Sayers Markets, using a simplified costing system with one direct and one indirect cost pool.