Fitting Work Ltd undertakes electrical work to customers' requirements. Job number XY397 has been completed and...

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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 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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JOB COST SHEET JOB NUMBER XY397 Direct Materials Materi... View the full answer