The budget for the Goode 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.