The following information has been collected from the cost records of a small company for the year ended 31st March:
Rs |
|
Direct Materials |
2,50,000 |
Direct Labour |
2,00,000 |
Direct Expenses |
20,000 |
Works Overheads |
1,60,000 |
Office Expenses |
94,500 |
The total number of direct labour hours were 1,00,000 involving 40,000 machine hours. What should be the price quoted for a job involving 2,000 labour hours @ Rs.3 per hour, 1,000 machine hours and Rs.10,000 in direct materials if the profit desired is 20% on the selling price?