Question No. 5... ...(Marks=10) Case scenario: Application of Cost accounting concept: Zonal Engineering works May 05, 2002 started production of 1000 grinding machines of model GH- 3307 Ordered by the Hinland corporation vide order No 2010-M-301 dated May 01 2002 at a price of 9500 per grinding machine. Production department allotted job No 768 and instructed the factory to produce & complete production till June 30, 2001. On June 01 weekly requisitions summary, No MBH-167 and weekly Labor cost analysis LBH-708 showed the below mentioned charges to job No 768. Direct Materials Dep 201 Rs. 62,700 Rs, 18,550 Dep 202 Rs. 21,500 Rs. 25,400(1500 Hours) Direct Labor Materials Requisitions summary No MBH-167 and weekly Labor cost analysis LBH-708 on June 15th + showed the following informatio Dep 202 Direct Materials Rs. 82,700 Rs. 41,500 Direct Labor Rs, 28,550 Rs. 35,400(1800 Hours) Dep 201 In department 201 FOH is applied @40% of direct labor cost and in dep 202 @ Rs. 24 per direct labor hour. Marketing & admin expenses are charges 12.5% and 17.25% of the sale price. The machines were delivered to customer on June 30 2002. Required: 1. Prepare Job Cost sheet for Job No 768 2. Pass the control entries to record. a. Cost incurred on job b. Sale of job c. Completion of job 3. Briefly state the reasons why Zonal Engineering works follow job costing in above scenario. Is there any situation in which company can move towards process costing? Discuss