QUESTION 1 Adekunle Furniture Works Limited, a Lagos-based furniture manufacturer, produces customised office furniture for corporate clients. The company operates a job costing system. During the month of March 2024, the following information relates to Job No. AK-047, an order placed by First Continental Bank Plc for 50 executive office chairs: Direct Materials issued from stores: N480,000 Direct Labour: Carpentry Department – 320 hours at N850 per hour; Finishing Department – 180 hours at N650 per hour Production Overhead is absorbed on the basis of direct labour hours. The budgeted overhead for the year is N18,720,000 and budgeted direct labour hours are 62,400 hours. The company adds a mark-up of 40% on total production cost to arrive at the selling price. Required: (a) Calculate the predetermined overhead absorption rate for the year. (3 marks) (b) Prepare a Job Cost Card for Job No. AK-047, showing clearly the total production cost and the selling price quoted to First Continental Bank Plc. (9 marks) (c) Explain THREE advantages of job costing to a company like Adekunle Furniture Works Limited. (6 marks) Total: 18 marks