PA limited operates a job costing system The company standard-00129

Online Quiz This subjective question is related to the book/course vu bnk603 Consumer Banking. It can also be found in vu bnk603 Mid Term Solved Past Paper No. 2.

Question 1: PA limited operates a job costing system. The company standard sale price is predetermined Rs. 505 based on cost plus 20% profit margin. The estimated cost for Job # 141 is as follows:
Direct material 5 meters@ Rs.20 per meter
Direct labor 14 hours@ Rs. 8.00 per hour
Production overhead for the year are budgeted to be Rs.200,000 and are to be recovered on the basis of the total 40,000 direct labor hour for the year.
Required:
Calculate Cost of Goods Sold for job # 141
Calculate amount of profit for job

Answer:

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