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Author Question: Financial Planning Partners Inc., employs 12 full-time CPAs and 10 paraprofessionals. Direct and ... (Read 133 times)

CORALGRILL2014

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on: Mar 6, 2021
Financial Planning Partners Inc., employs 12 full-time CPAs and 10 paraprofessionals. Direct and indirect costs are applied on a professional labor-hour basis that includes both attorney and paraprofessional hours. Following is information for 2018:

BudgetActual
Indirect costs$300,000$309,000
Annual salary of each attorney$118,000$128,000
Annual salary of each paraprofessional$31,500$32,500
Total professional labor-hours50,000dlh56,000dlh

When using a normal costing system, year-end accounting records will show that indirect costs are ________.
◦ perfectly allocated
◦ underallocated
◦ within budget
◦ overallocated
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by CORALGRILL2014 on Mar 6, 2021

mtmmmmmk

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Reply #1 on: Mar 6, 2021
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CORALGRILL2014

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Reply 2 on: Mar 6, 2021
YES! Correct, THANKS for helping me on my review

ttt030911

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

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