The following expenses were incurred for a job during the year ended on 30st jun 2020 J.D Direct Materials Direct wages Chargeable expenses Factory overheads Selling &distribution overheads...

Cost Accounting

Extracted text: The following expenses were incurred for a job during the year ended on 30st jun 2020 J.D Direct Materials Direct wages Chargeable expenses Factory overheads Selling &distribution overheads Administrative overheads Single price for the above job was J.D300,000. You are required to prepare a statement showing the profit earned during the year ended 30.6.2020 from the job and an estimated price of a job which is to be executed in the year 2020-21, charging the same percentage of profit on sales as it was during the year 2020-21. Materials, 40,000 70,000 15,000 35,000 35,000 60,000 wages and chargeable expenses will be required of J.D100,000, J.D140,000 and J.D50,000 respectively for the job. The various overheads should be recovered on the following basis while calculating the estimated price: (a). Factory overheads as a percentage of direct wages. (b). Administrative and selling and distribution overheads as a percentage of factory cost.