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Transcript of MA1
of a single order or contract. A responsible official sees the
prospective customer and
agrees the precise details
of the item to be supplied Procedure for the
Performance of Jobs The estimating department of the organisation then prepares an estimate for the job. The total of these items will represents the quoted selling price. Collection of Job Costs Materials requisitions
are sent to the stores The materials requisition note will be used to cost the materials issued to the job concerned, and this cost may then be recorded on a job cost sheet The job ticket is passed to the worker who is to perform the first operation When the job is completed by the worker who performs the final operation, the job ticket is sent to the cost office, where the time spent will be costed and recorded on the job cost sheet. The relevant costs of materials issued, direct labour performed and direct expenses incurred as recorded on the job cost card are charged to the job account in the work in progress ledger The job account is debited with the job's share of the factory overhead, based on the absorption rate(s) in operation On completion of the job, the job account is charged with the appropriate administration, selling and distribution overhead, after which the total cost of the job can be ascertained The difference between the agreed selling price and the total actual cost will be the supplier's profit (or loss) The prospective customer approaches the supplier and indicates the requirement of the job At the appropriate time, the job will be 'loaded' on to the factory floor Job Cost Card