Question 2 Homework ] Adebisi \& Co. Ltd is an Engineering Company. The organization has three main functional sections namely: Machining, Rolling and Assembling. The overhead costs over the years were apportioned by means of blanket rate at N0.5 per direct labour hour of the three main functional departments. However, the overhead costs for the selling and distribution costs were calculated as 15% of the production costs. The company has just employed a new Executive Director who has introduced a new policy on overhead absorption starting from the second quarter of the year which commences on 1st April 2011. The new policy on overhead is as follows: Production overhead: Matching 10% of Direct Material Cost Rolling N0.50 per machine hour Assembly - N0.60 per direct labour hour Selling and distribution overhead 20% of production cost The company has just secured a contract Job PCM119 and the following estimates have been made. The contract price quoted for the job was $40,000 and the job took 1,000 machine hours to complete. You are required to prepare a job cost sheet for the job PCM119 (a) If it was started and completed in the first quarter of the year and (b) If it was started and completed in the second quarter of the year after the new overhead policy has been introduced