Business, 18.03.2021 01:50 Samonerob2002

For August, Royal Consulting and Mediation Practice (RCMP) worked 1,100 hours for Alberta Company and 2,300 hours for Ontario Corporation. RCMP bills clients at the rate of $490 per hour; labor cost for its consulting staff is $290 per hour. The total number of hours worked in August was 3,400, and overhead costs were $69,000. Overhead is applied to clients at $26 per labor-hour. In addition, RCMP had $285,000 in marketing and administrative costs. All transactions are on account. All services were billed. Transaction Description (a) Record Labor cost (b) Record Applied Service Overhead (c) Record Cost of services billed (d) Record Actual Service Overhead Required: a. Show labor and overhead cost flows through T-accounts. b. Prepare an income statement for the company for August.

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For August, Royal Consulting and Mediation Practice (RCMP) worked 1,100 hours for Alberta Company an...

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