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dame Question 2 Shilongo Ltd uses Job costing to attribute costs to individual products and services provided to its customers. It has begun the preparation of its fixed production cost budget for the forthcoming period. The company has three production departments Machining, Assembly and Finishing; and two service departments Stores and Maintenance. The following costs have been produced: Machining Assembly Overhead cost $ 6,000 Finishing Stores Maintenance 1,500 1,000 800 2,500 The number of machine and labour hours budgeted for the forthcoming period is budgeted as follows:- til Machining Assembly Finishing Preda Machine hours 500 40 50 Labour hours 100 300 200 Overheads are absorbed in Assembly and Finishing departments on a Labour hour basis; and in Machining department they are absorbed on a Machine Hour basis. It has been estimated that service departments usage is as follows: Finishing Stores Maintenance Machining 55% Assembly 20% 5% 20% Maintenance Stores 40% 30% 20% 10% Required: (a) Prepare a schedule of overheads costs to be charged to production departments Machining, Assembly and Finishing. (work to the nearest Cent) (12 marks) (b) Calculate the overhead absorption rates for departments Machining, Assembly and Finishing for the forthcoming period. (work to the nearest Cent) (6 marks) (c) Prepare a quotation for job K64 to be commenced next period, assuming it has: Direct material Costing $240 Costing $150 Direct labour and requires: Machine Labour hours hours Machining department 45 10 Assembly department 15 Finishing department 12 and that profit is 20% of selling price. (7 marks) 5 4