Question: Fitting Work Ltd undertakes electrical work to customers' requirements. Job number XY397 has been completed and supplied at the agreed price of $1,700 and

Fitting Work Ltd undertakes electrical work to customers' requirements. Job number XY397

Fitting Work Ltd undertakes electrical work to customers' requirements. Job number XY397 has been completed and supplied at the agreed price of $1,700 and the following details have been recorded against the job: Direct materials PQ329 SR318 SX165 TS214 Direct labour Electricians Labourers Apprentices Quantity 400 metres 54 metres 6 units 4 kilograms Hours 30 30 15 Price $ 0.50 per metre 0.40 per metre 21.50 each 3.00 per kg Hourly rate $ 6.50 3.80 2.20 Production overhead is absorbed at a rate per direct labour hour on hours worked by the electricians and the current rate is $3.40. > Administration overhead is charged on the basis of 15% of total production cost whilst 5% of the selling price is allowed for selling overhead. Required to prepare a job cost sheet for Job XY397, showing separate totals for: (i) Prime cost > (ii)Production cost > (iii) +Total cost and profit (or loss)+ (10 marks), 3

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