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ANSWER ALL THE QUESTIONS 1. What do you understand by Job Costing? Explain its features, procedures, suitability, merits and demerits. (2 Marks) 2. Prepare a Job Cost Card for the Job No. 2121 from the following details. (3 Marks) Materials OMR 20,000 Labor OMR 30,000 Direct Expense OMR 10,000 Factory Overheads 60% of Labor Administration Overheads 20% of Factory Cost Selling Overheads 15% of Cost of Production Profit 1/6 of Sales (16.666% of Sales) 3. Discuss about the suitability of Process Costing, give few examples of Industries using process costing with its advantages and disadvantages. (2 Marks) 4. Prepare the Process Accounts showing the cost per unit at each stage of Production. (3 Marks) Particulars Process Process II Process III Raw Materials 500 Units@ OMR 20 Per Unit Wages 20,000 30,000 40,000 Direct Expenses 5,000 7,500 10,000 Overheads Expenses 60% wages 40% wages 30% wages Normal Loss 10% 8% 8% Output 450 Units 425 Units 400 Units