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Subject Name is Cost Accounting

Question:

Casual sports limited has two production departments which are Machining and Assembling and one maintenance service department . The below budgeted estimates are for year 1.

Particulars Machining Assembly Maintenance Total

No of employees 160 120 120 400

Floor Area (Sq/mtr) 7,000 5,000 4,000 16,000

Power (Kilowatt hours) 70,000 52,500 17,500 140,000

Direct Machine Hours 14,000 400 - 14,400

Direct Labor hours 1,000 6,000 - 7,000

Information:

Indirect material $300 $268 $320 $888

Indirect wages $2,720 $1,480 $860 $5,060

Value of machinery $52,000 $48,000 $100,000

Below is annual budgeted overheads in: USD ($)

Rent 12,800

Machine depreciation 10,000

Power 7,200

Supervision of employees 6,400

Indirect material 888

Indirect Labor 5,060

Total overheads 42,348

Required:

Make a job order cost sheet for Job no 001 and calculate selling price if the profit margin is 20% of selling price. Consider the below information.

Machining Assembly

Direct material in $ 3,500 100

Direct labor in $ 500 1,400

Machine hours 100 10

Direct Labor hours 20 60