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Job CostingJob Costing

Sample Questions Sample Questions & Solutions& Solutions

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Job CostingJob Costing• The total cost of a job came to €3,645

• Calculate the cost of each component to the nearest cent if the costs were broken down as follows:

• Materials 1/3

• Labour 5/12

• Profit margin 1/6

• VAT 1/12

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Job CostingJob Costing

%

33.3

41.7

16.7

8.3

Cost

33.3% of 3645 = €1,213.77€1,213.77

41.7% of 3645 = €1,519.97€1,519.97

16.7% 0f 3645 = € 608.72€ 608.72

8.3% of 3645 = € 302.54€ 302.54

Convert fraction to % Convert fraction to % (divide top by bottom)(divide top by bottom)

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Job CostingJob Costing• Three carpenters work for 2 weeks constructing a

roof. They work 9 hours a day for 4 days and 8 hours on the fifth day each week. From the table below, calculate the net pay for the three carpenters after allowances and deductions.

Standard Hourly rate

€ 22

Standard working week

39 hours

Overtime rate 11/2 standard hourly rate

Tool allowance (taxable)

€1.55 / day

Meal allowance (taxable)

€1.80 / day

Tax 21%

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Job CostingJob Costing

Standard Hourly rate

€ 22

Standard working week

39 hours

Overtime rate 11/2 standard hourly rate

Tool allowance (taxable)

€1.55 / day

Meal allowance (taxable)

€1.80 / day

Tax 21%

Total hours = 4 x 9 + 8 = 44

44 – 39 = 5 hours (overtime)

€22 x 39 = €858

€33 x 5 = €165 (hourly rate x 1.5)

€1.55 x 5 (days) = €7.75

€1.8 x 5 (days) = €9

Total Gross = €1,039.75

- Tax @ 21% = €218.35

Net wage = €821.40

X 3 = €2,464.20€2,464.20 Answer AnswerNB* always take the time to read each question fully to be sure of what answer is required. In this example, the total for the 3 carpenters was requested.

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Job CostingJob Costing• It takes 3,000 meters of flooring to complete one

house. How much would it cost to floor 18 houses given the following information?

Cost for 1 house

750 -15 (2%)

= €735

€375

€142.50

Component Cost

Flooring €0.25 per metre run. (Less 2% trade discount)

Labour 15 hours for each floor @ €25 per hour

Overheads 38% of labour costs

V.A.T. +10%

Total for 1 house €1,377.75

Total for 18 houses €€24,799.5024,799.50

Subtotal €1,252.50

€125.25

0.25 x 3,000 = €750 2% = 15