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COST ACCOUNTING ASSIGMENT FOR ALL GROUPS (SUBMISSION DATE, MONDAY, 7:00 AM, HAND WRTING). QUESTION ONE You have just been appointed the full-time Management Accountant for Tankama Limited, a company based in the North Industrial Area in Accra that produces cartons to meet customers' specific requirements. You have been tasked to determine the cost and invoice price per job for the forthcoming period and have been provided with the following: Budgeted statement of profit or loss for the financial year ended 31 March, 2020: GH'000 GH'00 GHCOO Revenues 0 0 Costs: 9,600 Direct material 800 3,156 Direct labour: Grinding department (10,000 @ 40/Hr) Finishing department (13,000 @ 40/Hr) 1040 1840 Production overheads: Grinding department 700 Finishing department 832 1532 Non-production overheads: Administration costs 468 Selling and distribution 684 1152 7.680 costs Net profit 1920 The sales department is currently negotiating a price for an enquiry for job number 45A/2020 and the following information has been provided for that purposes Direct costs estimates: GHO Direct material 36,000 Direct labour Grinding department 400 hours @ GHC20 each 8,000 Finishing department 300 hours @ GH24 each 17,200 51.200 Note: It is recommended that production overheads are charged to jobs on the basis of direct labour hours worked Selling and administrative expenses are charged at 10% of production cost It is a policy of the company to make a profit margin of 20% as budgeted on each job QUESTION ONE You have just been appointed the full-time Management Accountant for Tankama Limited, a company based in the North Industrial Area in Accra that produces cartons to meet customers specific requirements. You have been tasked to determine the cost and invoice price per job for the forthcoming period and have been provided with the following: Budgeted statement of profit or loss for the financial year ended 31 March, 2020: GH'000 GHC'00 GHC'00 Revenues 0 0 Costs: 9,600 Direct material 800 3,156 Direct labour: Grinding department (10,000 @ 40/Hr) Finishing department (13,000 @ 40/Hr) 1040 1840 Production overheads: Grinding department 700 Finishing department 832 1532 Non-production overheads: Administration costs 468 Selling and distribution 684 1152 7680 costs Net profit 1920 The sales department is currently negotiating a price for an enquiry for job number 45A/2020 and the following information has been provided for that purpose: Direct costs estimates: GHC Direct material 36,000 Direct labour: Grinding department 400 hours @ GH20 each 8,000 Finishing department 300 hours @ GH24 each 7,200 51,200 Note: It is recommended that production overheads are charged to jobs on the basis of direct labour hours worked. Selling and administrative expenses are charged at 10% of production cost. It is a policy of the company to make a profit margin of 20% as budgeted on each job