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Author Question: An accounting firm completes an audit for a local union and has the following cost information for ... (Read 127 times)

genevieve1028

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on: Mar 6, 2021
An accounting firm completes an audit for a local union and has the following cost information for the  year. 

Indirect labor $60,000
Office lease  $22,000
Depreciation on office equipment $8,000
Marketing expense $20,000
Utilities $15,000

The firm's direct labor costs are budgeted at $500,000 for the year and overhead is allocated based on direct labor costs.  The firm used 1 partner and 2 audit associates on the audit.  Partners are paid $150 per hour while audit associates earn $50 per hour.  The partner spent 6 hours on the engagement while the audit associates spent a total of 40 hours.  

Required: 
What is the cost of the audit?
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by genevieve1028 on Mar 6, 2021

micaelaswann

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Reply #1 on: Mar 6, 2021
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genevieve1028

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Reply 2 on: Mar 6, 2021
Great answer, keep it coming :)

strudel15

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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