2 Job 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 1/3Labour 5/12Profit margin 1/6VAT 1/12
3 Job Costing Convert fraction to % (divide top by bottom) Component Fraction of CostMaterialsLabourProfit marginVAT%33.341.716.78.3Cost33.3% of 3645 = €1,213.7741.7% of 3645 = €1,519.9716.7% 0f 3645 = €8.3% of 3645 = €
4 Job CostingThree 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€ 22Standard working week39 hoursOvertime rate11/2 standard hourly rateTool allowance (taxable)€1.55 / dayMeal allowance (taxable)€1.80 / dayTax21%
5 Job Costing Total hours = 4 x 9 + 8 = 44 44 – 39 = 5 hours (overtime) €33 x 5 = €165 (hourly rate x 1.5)€1.55 x 5 (days) = €7.75€1.8 x 5 (days) = €9Total Gross = €1,039.75- 21% = €218.35Net wage = €821.40X = €2, AnswerStandard Hourly rate€ 22Standard working week39 hoursOvertime rate11/2 standard hourly rateTool allowance (taxable)€1.55 / dayMeal allowance (taxable)€1.80 / dayTax21%NB* 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.
6 Job CostingIt takes 3,000 meters of flooring to complete one house. How much would it cost to floor 18 houses given the following information?ComponentCostFlooring€0.25 per metre run. (Less 2% trade discount)Labour15 hours for each €25 per hourOverheads38% of labour costsV.A.T.+10%Cost for 1 house(2%)= €735€375€142.500.25 x 3,000 = € % = 15Subtotal €1,252.50€125.25Total for 1 house€1,377.75Total for 18 houses€24,799.50