As newly appointed Cost Accountant, you find that the selling price of Job No. 1234 has been calculated on the following basis : Materials Direct Wages-22 hours at 25 paise per hour (Department A–10 hours, B--4 hours, C-8 hours) $ 12.08 5.50 17.58 Plus 33% on Prime Cost 5.86 23.44 An analysis of the previous year's profit and loss account shows the following : $ $ 77,500 Factory Overheads : A Materials used Diřect Wages : 2,500 4,000 1,000 30,000 You are required to (a) draw up a job cost sheet ; (6) calculate and enter the revised costs using the previous year's figures as a basis ; (c) add to the total job cost 10% for profit and give the final 5,000 6,000 4,000 Selling Costs A B В C selling price.

As newly appointed Cost Accountant, you find that the selling price of Job No. 1234 has been calculated on the following basis : Materials Direct Wages-22 hours at 25 paise per hour (Department A–10 hours, B--4 hours, C-8 hours) $ 12.08 5.50 17.58 Plus 33% on Prime Cost 5.86 23.44 An analysis of the previous year's profit and loss account shows the following : $ $ 77,500 Factory Overheads : A Materials used Diřect Wages : 2,500 4,000 1,000 30,000 You are required to (a) draw up a job cost sheet ; (6) calculate and enter the revised costs using the previous year's figures as a basis ; (c) add to the total job cost 10% for profit and give the final 5,000 6,000 4,000 Selling Costs A B В C selling price.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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