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Problem - Job Order Costing for a Service Business - The Mad-Fly Agency provides consulting services to a variety of clients across the country. The agency accumulates costs for each consulting project on the basis of direct labor costs and allocated overhead costs. Mad-Fly's estimated direct labor and overhead costs for the year are as follows:
Direct labor hours (professional staff) 20,000 hours
Hourly rate for professional staff $180 per hour
Estimated total overhead costs $1,200,000
Mad-Fly allocates overhead costs to individual jobs based on the total estimated direct labor hours of its professional services staff.
Required -
a. Determine Mad-Fly's estimated predetermined overhead rate for the year.
b. Mad-Fly started and completed a consulting job for MT Industries during the year (Job 402). The job required 200 direct labor hours of professional staff. Determine the cost of the MT Industries job (Job 402).
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