Joseph & Jordan, a consulting firm, specializes in providing internal audit services for its clients. It...

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Joseph & Jordan, a consulting firm, specializes in providing internal audit services for its clients. It bills the clients $159 per hour for it professional services; it costs the firm $84 per hour to cover the cost of its staff. To cover its MOH costs, the partners have always applied MOH costs to clients based on total direct labor hours. At the beginning of the year, they budgeted for 8,400 direct labor hours and $158,760 of MOH costs. In the current year, the firm's professional staff worked on three key client projects: All Ways, Inc., for 2,900 hours; My Way, Inc., for 2,400 hours; and High Way, Inc., for 4,600 hours. These clients were billed for this work by the end of the year. Naturally, there were other costs incurred to run the firm, including sales and marketing costs, which added up to $129,000 this year. Actual MOH costs for the year totaled $139,000. Show the effects of the labor and MOH costs through T-accounts for the company's inventory and Cost of Sales accounts. (For balances beginning/ending in 0 select "Beg. Bal." and "End Bal." for the date and O for the amounts for the balance of the account.) Beginning balance DL End balance Cost of finished iobs End balance Cost of finished iobs. End balance WIP Inventory 0 831600 187110 0 Cost of finished jobs FG Inventory Cost of sales Cost of Sales 000 NOT Prepare an income statement for the firm for the current year. $ LA LA 17 Determine the gross margin percentage and the profit margin percentage. (Round answers to 2 decimal places, e.g. 52.75%) Gross margin percentage Profit margin percentage % % Joseph & Jordan, a consulting firm, specializes in providing internal audit services for its clients. It bills the clients $159 per hour for it professional services; it costs the firm $84 per hour to cover the cost of its staff. To cover its MOH costs, the partners have always applied MOH costs to clients based on total direct labor hours. At the beginning of the year, they budgeted for 8,400 direct labor hours and $158,760 of MOH costs. In the current year, the firm's professional staff worked on three key client projects: All Ways, Inc., for 2,900 hours; My Way, Inc., for 2,400 hours; and High Way, Inc., for 4,600 hours. These clients were billed for this work by the end of the year. Naturally, there were other costs incurred to run the firm, including sales and marketing costs, which added up to $129,000 this year. Actual MOH costs for the year totaled $139,000. Show the effects of the labor and MOH costs through T-accounts for the company's inventory and Cost of Sales accounts. (For balances beginning/ending in 0 select "Beg. Bal." and "End Bal." for the date and O for the amounts for the balance of the account.) Beginning balance DL End balance Cost of finished iobs End balance Cost of finished iobs. End balance WIP Inventory 0 831600 187110 0 Cost of finished jobs FG Inventory Cost of sales Cost of Sales 000 NOT Prepare an income statement for the firm for the current year. $ LA LA 17 Determine the gross margin percentage and the profit margin percentage. (Round answers to 2 decimal places, e.g. 52.75%) Gross margin percentage Profit margin percentage % %

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Lets start by calculating the costs and revenues for Joseph Jordan the consulting firm for the current year Direct Labor DL Costs All Ways Inc 2900 ho... View the full answer