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Real Ltd received an order for 10 race coil-over struts for team Blackout from California. The units were manufactured as Job #525 and passed through three cost centres. Fabrication Hydraulics and Finishing whose overhead absorption rates are as follows:
Fabrication $80 per machine hourHydraulics $36 per labour hourFinishing $48 per man hour
The following production costs and data were recorded:
Direct Materials $2 520
Labour:
Fabrication 160 hours @ $22.00 per hourHydraulics 280 hours @ $16.00 per hourFinishing 120 hours @ $18.00 per hour80 machine hours were recorded in Fabrication, and General and Administration overheads are absorbed at 20% of production cost. Profit is calculated at 40% mark-up.
Required:
Question 1: Calculate the total cost and selling price for job #525 showing a summarized job card.
Question 2: Prepare the job account for job #525.
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