Find what should be the respective production costs

Assignment Help Cost Accounting

Reference no: EM132693976

Problem 1: The regular working days in a factory are Monday to Friday. Joe and Pat (who are being paid P25 and P27 per hour, respectively) worked on Jobs 31 and 32 for the period August 4 to 10. The weekly time records and summary of the job tickets show the following: Total number of hours time in: Joe = 45, Pat = 43; Overtime: Joe = 6, Pat = 5; Expended on the jobs: No 31: Joe = 26, Pat = 17; No. 32: Joe = 20, Pat = 21. Joe was authorized to work on overtime on job no. 31 because of its rush nature; Pat had to work on overtime on job no. 32 to make up for a machine breakdown during the week. Overtime premium is 25%. Factory overhead is 60% of direct labor cost and materials cost comprises 80% of total production cost. What should be the respective production costs of job nos. 31 and 32?

a. 7,338 and 6,829
b. 1,834 and 1,707
c. 9,172 and 8,536
d. Not given.

Reference no: EM132693976

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