Research Driven Activity Question1(Cost sheet) 2. The following particulars have been obtained from the cost Assume that all product manufactured during the year have beeb sold to earn a profit of 15% on selling price. Required: 1.Classify these costs according to the various cost terms such as 1 . Variable cost2. Fixed cost3. Selling and Administrative cost 4. Direct Materials5. Direct Labour6. Manufacturing Cost7. Sunk cost8. Opportunity cost . Carefully study the classification of each cost. 2. Prepare the Cost sheet find out the 1. Material Consumed2. Prime cost3. Factory Cost 4 . Cost of production 4 . Cost of sale 3. Assume that all product manufactured during the year have been sold to earn a profit of 15% on selling price. 3. From the following information prepare a Job cost sheet The following costs were incurred on Job No.655 Direct material 1600 Wages : Dept A 60 hours at BD 35 Per hour Dept B 75 hours at BD 32per hour Dept C 30 hours at BD 40 per hour Variable Overhead: Dept A BD 14 per hour Dept B BD 34 per hour Dept C BD 28 Per hour Fixed Overhead : Estimated at BD 36000 for 2000 normal working hours. You are required to find out cost of JOB NO655 and the price to give profit of 20% on selling price