Model: Piece-work premium and Selling price
2 fitters, one labourer and one boy undertake a job on piece for a rate of Rs.1,890. The time spent by each of them is 110 ordinary working hours. The rates of pay on time-rate basis are Rs. 3.00 per hour for each of the two fitters, Rs. 2 per hour for the labourer and Re 1.00 per hour for the boy.
You are required to calculate as follows:
Cost of direct materials = Rs. 3,110.
Work overhead at 20% of prime cost.
Selling overhead at 10% of works cost.
Profit at 20% on the cost of sales
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