George & Co. Ltd is a manufacturing company with three main functional sections namely: Machining,...
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George & Co. Ltd is a manufacturing company with three main functional sections namely: Machining, Rolling and Assembling. The following information relates to the company: Production overhead: Machining - 10% of Direct Material Cost Rolling - $0.50 per machine hour Assembly - $0.60 per direct labour hour Selling and distribution overhead - 20% of production cost The company has just secured a contract Job #200 and the following estimates have been made: Direct materials Material. PZ9 600 units at $ 6 per unit Material. PM6 800 Units at $10 per unit Material PLS 900 units at $ 8 per unit Direct Labour wages: Machining: 370 hours at $8 per hour Rolling: 500 hours at $8 per hour Assembly: 480 hours at $12 per hour The contract price quoted for the job was $50,000 and the job took 1 000 machine hours to complete. Required: (a) Calculate the total cost and selling price for job #200 showing a summarized job card
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