For August, Royal Consulting and Mediation Practice (RCMP) worked 900 hours for Alberta Company and 2,100 hours for Ontario Corporation. RCMP bills clients at the rate of $300 per hour; labor cost for its consulting staff is $150 per hour. The total number of hours worked in September was 3,000, and overhead costs were $45,000. Overhead is applied to clients at $18 per labor-hour. In addition, RCMP had $180,000 in marketing and administrative costs. All transactions are on account. All services were billed.
Show labor and overhead cost flows through T-accounts. (Record the transactions in the given order. Omit the "$" sign in your response.)
Transfer to Work in Progress
Service Overhead Control
Actual Transfer to Cost of
Work in Process
Transfer from Wages
Payable Transfer to Cost of
Cost of Services Billed
Transfer from Work in
Process Over applied
Applied Service O.H.
Transfer to Cost of
Services Billed Applied
Prepare an income statement for the company for August. (Input all amounts as positive values. Omit the "$" sign in your response.)
Royal Consulting and Mediation Practice
For the Month Ended August 31
check my workeBook Linkreferences
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