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Job Costing Questions and Answers

To study and understanding the job costing questions and answers will be helpful to deal practically not just CA or ICWAI exams but also in the real position when you are doing work as cost accountant in any company.

After coming of advance and professional job costing software, to calculate job cost has become easy but still, you need to learn the basic practical questions and its answer for solving problem yourself.

Here I am writing 2 Job Costing Related Questions whose answers are given just below the questions.

1st Job Costing Question


Answer




2nd Job Costing Question

A manufacturing company uses job costing. It shows 2009 Dec. data in following ways

1.

Opening balance of job in hand on 1st Dec. 1993 for job no. 410 Rs. 430 and for job no. 411 Rs. 1270

for Job No. 410 is Rs. 80 and for job no. 411 is Rs. 420

Direct material for job no. 410 is Rs. 150 and job no. 411 is Rs. 450

Direct labour for job no. 410 is Rs. 200 and job no. 411 is Rs. 400



2. Direct labour material requisition during the of Dec. 2009

job no. 410  Rs. 120
job no. 411  Rs. 280
job no. 412  Rs. 225
job no. 413  Rs. 300
---------------------------
925
---------------------------

3. Direct Labour Distribution
         in hours
job no. 410  400 hrs
job no. 410  200
job no. 410  300
job no. 410  100
------------------------------------
1000
------------------------------------

4. Factory overheads are applied to jobs to production to direct labour rate which is Rs. 2

5. Factory overheads incurred in Dec. 2009 Rs. 2100

6. Job No. 411 and 412 were completed during the month. They were billed to a customer at a price which included 15% of the price of job for selling and administration expenses and another 10% of job for the profit.

Prepare :

i) Job Cost Sheet for Job Nos. 411
ii) Determine the billing price for the job.


Answer

i) Job costing Sheet

for job no. 411

Opening balance Rs. 1270 ( see 1. point in question )
Direct material Rs. 280
Direct labour Rs. 450
Factory overhead @ 2 per hour = Rs. 400
------------------------------------------------
Factory cost  Rs. 2400
------------------------------------------------

Add selling expenses 15%

3200 X 15% = Rs. 480

see working note for calculating bill price of job no. 411
---------------------------------------------------------
Cost of sale Rs. 2880
Profit 10% of billing price
3200 X 10% = Rs. 320
---------------------------------------------------------
ii) Sale price or bill price of job no. 411 = Rs. 3200
---------------------------------------------------------

Working note for calculating of bill price

Bill price = X

X = 2400 (Factory cost )+ X x 15% ( Selling expenses) + X x 10% ( profit )

X = 2400 +.15 X +.10 X

X -.25X = 2400

.75 X = 2400

X = 3200

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Accounting Education: Job Costing Questions and Answers
Job Costing Questions and Answers
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Accounting Education
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