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Sample Solution for MSFGN3006 - Estimate and cost job

1. Can you provide examples of other costs that may need to be estimated when costing a job in your industry? Write your answer using 140-160 words.

2. Your company is tasked with providing a set of custom-built furniture for a client. After assessing the job, you have estimated the direct material costs to be $2,000 and the direct labour costs to be $1,500. If additional estimated costs include transportation and handling fees of $300 and miscellaneous expenses of $200, how would you calculate and document the total cost of providing this product to the client? Write your answer using 100-120 words.

3. Your company is tasked with providing a set of custom-built furniture for a client. After assessing the job, you have estimated the direct material costs to be $2,000 and the direct labour costs to be $1,500. If additional estimated costs include transportation and handling fees of $300 and miscellaneous expenses of $200, how would you calculate and document the total cost of providing this product to the client? Write your answer using 100-120 words.

 

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Finance Assignment Sample

Q1:

Answer :

1. Your company is tasked with providing a set of custom-built furniture for a client. After assessing the job, you have estimated the direct material costs to be

$2,000 and the direct labour costs to be $1,500. If additional estimated costs include transportation and handling fees of $300 and miscellaneous expenses of $200, how would you calculate and document the total cost of providing this product to the client? Write your answer using 100-120 words.

Q1:

Answer :

2. To calculate the total cost of providing the custom-built furniture to the client, you would add up all the estimated costs. First, sum the direct material

costs ($2,000) and direct labour costs ($1,500), which gives a subtotal of $3,500. Then, include the additional costs: transportation and handling fees ($300) and miscellaneous expenses ($200). The total cost is the sum of all these values:

 

$2,000 (materials) + $1,500 (labor) + $300 (transportation) + $200 (miscellaneous) = $4,000.

 

Document this by listing each cost category clearly in your job cost estimate, ensuring all items are accurately accounted for to maintain transparency and clarity in pricing for the client.

Q1:

Answer :

3. To determine the overhead allowance, first calculate 20% of the direct labour costs. Given that the direct labour cost is $3,000, the overhead allowance would be:

 

Calculate the overhead allowance:

The overhead allowance is 20% of the direct labour cost.
Overhead allowance = 20% × $3,000 = $600.

Determine the total job cost:

Add the direct material cost, direct labour cost, and overhead allowance.
Total job cost = $5,000 (materials) + $3,000 (labour) + $600 (overhead) = $8,600.

Calculate the mark-up:

The mark-up is 15% of the total job cost
Mark-up = 15% × $8,600 = $1,290.

Determine the final price:

Add the markup to the total job cost.
Final price = $8,600 + $1,290 = $9,890.
Document this in your pricing estimate, clearly showing each step: material cost, labour cost, overhead allowance, and mark-up, to ensure transparency for the customer