1. A company operates a job costing system. Job 960 requires $60 of direct materials, $40 of direct labour and $20 of direct expenses. Direct labour is paid $8 per hour. Production overheads are absorbed at a rate of $16 per direct labour hour and non-production overheads are absorbed at a rate of 60% of prime cost. What is the total cost of Job 960? The following data are to be used for questions 2 & 3 A firm uses job costing and recovers overheads on a direct labour cost basis. Three jobs were worked on during a period, the details of which were: Job I Job 2 Job 3 Opening WIP 85000 46000 Material used in 17150 290250 period Labor for the 12500 23000 4500 Period The overheads for the period were exactly as budgeted, $140,000. Actual labour costs were also the same as budgeted. Jobs 1 and 2 were the only incomplete jobs at the end of the period. 2. What was the value of closing work-in-progress? 3. Job 3 was completed during the period and consisted of 2,400 identical circuit boards. The firm adds 50% to total production costs to arrive at a selling price. What is the selling price of a circuit board