A firm makes special assemblies to customers’ orders and uses job costing. The data for a period are:
|
Job no. |
Job no. |
Job no. |
|
|
AA10 |
BB15 |
CC20 |
|
|
(£) |
(£) |
(£) |
|
|
Opening WIP |
26800 |
42790 |
— |
|
Material added in period |
17275 |
— |
18500 |
|
Labour for period |
14500 |
3500 |
24600 |
The budgeted overheads for the period were £126 000.
(i) What overhead should be added to job number CC20 for the period?
A £24 600
B £65157
C £72 761
D £126 000
(ii) Job no. BB15 was completed and delivered during the period and the firm wishe§ to earn 331% profit on sales.
What is the selling price of job number BB15?
A £69435
B £75 521
C £84 963
D £138870
(iii) What was the approximate value of closing work in progress at the end of the period?
A £58 575
B £101675
C £147 965
D £217 323