In June,Robust Engineering Worked on Three Contracts: 1,200 Hours for Tico

question 78

Essay

In June,Robust Engineering worked on three contracts: 1,200 hours for Tico Company,1,100 hours for Navel LLC and 3,400 for Lutron Corp.Robust bills clients at the rate of $150 per hour;labor cost for its engineering staff is $45 per hour.The total number of hours worked in June was 6,000 (any untraced hours are considered overhead),and non-labor overhead costs were $325,000.Overhead is applied to clients at $55 per labor-hour.In addition,Robust had $243,000 in marketing and administrative costs.All transactions are on account.All services were billed.Required:
a.Determine the cost of each of the three jobs.b.What is the amount of over- or underapplied overhead?
c.How much operating profit did Robust make in June? Assume the over- or underapplied overhead is not closed out each month.

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Definitions:

CSV File

A plain text file that stores tabular data in a simple format, with commas used to separate values, making it widely supported and useful for moving data between different programs.

Linked Table

In databases, a table that is connected to another table through a common field, allowing for relational data management.

Area Chart

A type of chart that represents quantities over time, shaded between lines and a baseline, typically used in statistics and business.

Cumulative Totals

Aggregated sums that increase over time by adding successive amounts.