Question:
Cost performance report and budgeted profit and actual profit for a service business
The budget for the Baldwin Equipment, Inc. job in P9-1 consisted of the following amounts:
|
Partners' salary and overhead
|
$6,300
|
|
Associates' salary and overhead
|
9,175
|
|
Travel
|
4,150
|
|
Telephone/fax/copying
|
1,475
|
The successful bid price of the job was $30,000.
Required:
1. Prepare a cost performance report.
2. Compute the budgeted profit and the actual profit on the job.