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Describe qualitatively and quantitatively source

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Reference no: EM132587351

The McKenna Collins LLP public accounting firm employs 10 full-time professionals who provide services to clients. All professional labour compensation is traced directly to clients on a per professional labour-hour basis. Any other costs are included in a single indirect-cost pool (same as overhead) and allocated to individual clients according to billable professional labour-hours.

Operating costs and data for the year included the following:

                                                      estimated                     actual

overhead (indirect) costs                     1,000,000              1,200,000

number of billable professional labour-hours 40,000                50,000

total professional compensation               750,000                  750,000

Required:

Question 1: Explain qualitatively and quantitatively (in as much detail as possible) the source(s) of any underapplied or overapplied overhead cost.

Reference no: EM132587351

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