Question 3: A furniture manufacturing firm operates a job costing system. Production overhead is absorbed...
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Question 3: A furniture manufacturing firm operates a job costing system. Production overhead is absorbed at the rate of 3.50 per machine hour. In order to allow for non-production overhead costs and profit, a mark-up of 55% of prime cost is added to the production cost when preparing price estimates. The estimated requirements of job number 699 are as follows: Direct materials 650 Direct labour 260 Machine hours 120 The estimated price notified to the customer for job number 699 will be? A. 965 B. 1,330 C. 1,141 D. 1,830
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