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  3. required: you are required to prepare a statement

Required: You are required to prepare a statement showing the profit earned from the job...

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Question

Accounting

Required:
You are required to prepare a statement showing the profit earned from the job
during the year ended 31 March 2019, as well as an estimated price of a job which
is to be executed in the year 2019-20.
You should charge the same percentage of profit on sales as was the case for the
the year 2019-20. Materials, wages, and chargeable expenses will be required at
$50,000,$70,000, and $20,000, respectively, for the job.
The various overheads should be recovered on the following basis while calculating the
estimated price:
Factory overheads as a percentage of direct wages
Administrative and selling and distribution overheads as a percentage of factory
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