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Question - An accounting firm completes an audit for a local union and has the following cost information for the year. Indirect labor $60,000 Office lease $22,000 Depreciation on office equipment $8,000 Marketing expense $20,000 Utilities $15,000 The firm's direct labor costs are budgeted at $500,000 for the year and overhead is allocated based on direct labor costs. The firm used 1 partner and 2 audit associates on the audit. Partners are paid $150 per hour while audit associates earn $50 per hour. The partner spent 6 hours on the engagement while the audit associates spent a total of 40 hours. What is the cost of the audit?
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This individual assignment is based on the TerraCycle Inc.
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