Basic wage rate is $. 2/- per hour. Overtime rates are as follows: Before or after working hours Sundays and Holidays 150 % of basic wage rate 200 % of basic wage rate, i.e. double time During the previous year, the following hours were worked: : 2,00,000 hours 30,000 hours Normal time Overtime before or after working hours Overtime - Sundays and holidays 20,000 hours : Total : 2,50,000 hours The following times have been worked on Job 'X': Normal time 3,000 hours Before and after working hours 300 hours Sundays and Holidays 200 hours Total 3,500 hours You are required to calculate the labour cost chargeable to Job 'X" and overhead in each of the following instances: (a) Where overtime is worked regularly throughout the year as a policy due to labour shortage. (b) Where overtime is worked irregularly to meet the requirements of production. (c) Where overtime is worked at the request of the customer to expedite the job.

Basic wage rate is $. 2/- per hour. Overtime rates are as follows: Before or after working hours Sundays and Holidays 150 % of basic wage rate 200 % of basic wage rate, i.e. double time During the previous year, the following hours were worked: : 2,00,000 hours 30,000 hours Normal time Overtime before or after working hours Overtime - Sundays and holidays 20,000 hours : Total : 2,50,000 hours The following times have been worked on Job 'X': Normal time 3,000 hours Before and after working hours 300 hours Sundays and Holidays 200 hours Total 3,500 hours You are required to calculate the labour cost chargeable to Job 'X" and overhead in each of the following instances: (a) Where overtime is worked regularly throughout the year as a policy due to labour shortage. (b) Where overtime is worked irregularly to meet the requirements of production. (c) Where overtime is worked at the request of the customer to expedite the job.

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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Answer with in half an hour