Homework Answers
| Particulars | ` | |
| Budgeted Contribution | 32,000 | |
| Sales Volume Contribution | Less | 800 |
| Material Price | Less | 880 |
| Material Usage | Add | 822 |
| Labour Efficiency | Add | 129 |
| Variable Overhead Efficiency | Add | 89 |
| Actual Contribution | 31,360 |
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32,000 2. The budgeted contribution for R Limited for the last month was Rs. 32,000. The...
You have been assigned for reviewing the actual and budgeted figures of the variable manufacturing overhead...
You have been assigned for reviewing the actual and budgeted figures of the variable manufacturing overhead of straight umbrellas at Ombrelloni Felici (OF). The management at OF argues there are no evident issues with the variable manufacturing overhead budget as the static-budget variance is often favourable, which proves the budgeting process works quite well. The management at OF also argues the employees at the production line of straight umbrellas are always highly efficient because of the consistently favourable efficiency variances....
QUESTION 1: IDE company manufactures and sales one product. There is no opening or closing inventories...
QUESTION 1: IDE company manufactures and sales one product. There is no opening or closing inventories and work in progress is negligible. The company operates a standard costing system and analysis of variances and reports are prepared every month for management's planning control and decision making. The below product information is given; Standard selling price K32 Standard contribution K13.4 Variable overheads 2hrs@30ngwee/hr k0.60 Direct wages 2hrs@K8/hr K16 Direct Materials 0.5kgs @K4/kg K2 Further information is given as follows: Variable overheads...
Question 1 You are the senior management accountant for Carvalino Ltd. Carvalino Ltd produces bedroom furniture...
Question 1 You are the senior management accountant for Carvalino Ltd. Carvalino Ltd produces bedroom furniture made entirely from oak (a type of hardwood). Carvalino Ltd has positioned itself as a manufacturer of high-quality bedroom furniture, which it sells to a range of furniture retailers. Carvalino Ltd is broken down into various divisions, with each division focusing on the production of one particular type of bedroom furniture. Two of these divisions, Divisions A and B. produce wardrobes and beds respectively....
Question 7 (12 marks) Bright Electric Company Limited manufactures electric table lamps The standard cost specification...
Question 7 (12 marks) Bright Electric Company Limited manufactures electric table lamps The standard cost specification sheet of the company shows the following information related to its standard costs that have been set for its new model called Slim Line Elegance as: $14.00 $12.00 Direct materials (1 kg) Direct labour (2 hours) Overhead: Fixed - $1.10 per direct labour hour Variable - $1.30 per direct labour hour $2.20 $ 30.80 Actual production and cost information for December 2018 is as...
ks 1& 2 pending * FNSACC613 05-6.pdf Als/FNSACC613%20Q5-6.pdf Direct Materials: Direct Labour: Factory Overhead: 2 metres...
ks 1& 2 pending * FNSACC613 05-6.pdf Als/FNSACC613%20Q5-6.pdf Direct Materials: Direct Labour: Factory Overhead: 2 metres @$1.80 per metre 40 minutes $12 per hour 40 minutes $6 per hour $3.60 $8.00 $4.00 The factory overhead rate was arrived at using the following annual budgets: Variable factory overhead Fixed factory overhead $80,000 160,000 240,000 Estimated production for the year is 60,000 shirts (spread evenly over 12 months). Management keeps cost records and calculates material, labour and overhead variances. Details of actual...
. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products...
. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products for March. Budgeted profit Sales volume variance Standard profit on actual sales Selling price variance 4 250 85DA 3 400 4000А (600) Adverse Favourable Cost variances: 1 000 Direct material price Direct material usage Direct labour rate Direct labour efficiency Variable overhead expenditure Variable overhead efficiency Fixed overhead expenditure Fixed overhead volume Actual profit 150 200 150 600 75 2 500 150 1175 36502475F...
The monthly budget of Steelworks, manufacturers of specialist cabinets, was prepared on the following specification:
The monthly budget of Steelworks, manufacturers of specialist cabinets, was prepared on the following specification:Production and sales30 000 unitsSelling priceR80 per unitDirect materials input5 kg per unit at a cost of R1,20 per kgDirect labour input2 hours per unit at a rate of R4 per hourVariable overheadR2 per direct labour hourFixed overheadR110 000 per monthThe following actual results were recorded for the month of August:Stock of finished goods at start of month8 000 unitsSales40 000 unitsProduction42 800 unitsStock of finished...
Given the information from the Flea Tube Company: units of 18 000 tubes during last month....
Given the information from the Flea Tube Company: units of 18 000 tubes during last month. & Fixed OH costs @ standard rate of $19 per direct labor hour. Given info for direct labor: Standard cost: 6 tubes per hour @ $24 an hour Actual cost per hour: $24.50 Labour efficiency variance: $6720 Favourable Given info for fixed overhead costs: Estimated cost = $60,000 Actual cost = $58,720 Questions: (a) Calculate actual labor hours were worked to produce the 18...
Given the information from the Flea Tube Company: units of 18 000 tubes during last month....
Given the information from the Flea Tube Company: units of 18 000 tubes during last month. & Fixed OH costs @ standard rate of $19 per direct labor hour. Given info for direct labor: Standard cost: 6 tubes per hour @ $24 an hour Actual cost per hour: $24.50 Labour efficiency variance: $6720 Favourable Given info for fixed overhead costs: Estimated cost = $60,000 Actual cost = $58,720 Questions: (a) Calculate actual labor hours were worked to produce the 18...
Sap Sdn. Bhd. is a wholesale manufacturer of tea products. It operates a variable costing system....
Sap Sdn. Bhd. is a wholesale manufacturer of tea products. It operates a variable costing system. Given below, is information relating to one of its products, i.e. bottled premium tea leaves-grade A, which is made in one of the company departments: - Bottled premium tea leaves-grade A Standard variable product cost Unit (RM) Direct material (6 kilograms at RM4 per kg) Direct labour (1 hour at RM7 per hour) Variable production overhead (1 direct labour hour) Additional information - Variable...
You have been assigned for reviewing the actual and budgeted figures of the variable manufacturing overhead of straight umbrellas at Ombrelloni Felici (OF). The management at OF argues there are no evident issues with the variable manufacturing overhead budget as the static-budget variance is often favourable, which proves the budgeting process works quite well. The management at OF also argues the employees at the production line of straight umbrellas are always highly efficient because of the consistently favourable efficiency variances....
QUESTION 1: IDE company manufactures and sales one product. There is no opening or closing inventories and work in progress is negligible. The company operates a standard costing system and analysis of variances and reports are prepared every month for management's planning control and decision making. The below product information is given; Standard selling price K32 Standard contribution K13.4 Variable overheads 2hrs@30ngwee/hr k0.60 Direct wages 2hrs@K8/hr K16 Direct Materials 0.5kgs @K4/kg K2 Further information is given as follows: Variable overheads...
Question 1 You are the senior management accountant for Carvalino Ltd. Carvalino Ltd produces bedroom furniture made entirely from oak (a type of hardwood). Carvalino Ltd has positioned itself as a manufacturer of high-quality bedroom furniture, which it sells to a range of furniture retailers. Carvalino Ltd is broken down into various divisions, with each division focusing on the production of one particular type of bedroom furniture. Two of these divisions, Divisions A and B. produce wardrobes and beds respectively....
Question 7 (12 marks) Bright Electric Company Limited manufactures electric table lamps The standard cost specification sheet of the company shows the following information related to its standard costs that have been set for its new model called Slim Line Elegance as: $14.00 $12.00 Direct materials (1 kg) Direct labour (2 hours) Overhead: Fixed - $1.10 per direct labour hour Variable - $1.30 per direct labour hour $2.20 $ 30.80 Actual production and cost information for December 2018 is as...
ks 1& 2 pending * FNSACC613 05-6.pdf Als/FNSACC613%20Q5-6.pdf Direct Materials: Direct Labour: Factory Overhead: 2 metres @$1.80 per metre 40 minutes $12 per hour 40 minutes $6 per hour $3.60 $8.00 $4.00 The factory overhead rate was arrived at using the following annual budgets: Variable factory overhead Fixed factory overhead $80,000 160,000 240,000 Estimated production for the year is 60,000 shirts (spread evenly over 12 months). Management keeps cost records and calculates material, labour and overhead variances. Details of actual...
. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products for March. Budgeted profit Sales volume variance Standard profit on actual sales Selling price variance 4 250 85DA 3 400 4000А (600) Adverse Favourable Cost variances: 1 000 Direct material price Direct material usage Direct labour rate Direct labour efficiency Variable overhead expenditure Variable overhead efficiency Fixed overhead expenditure Fixed overhead volume Actual profit 150 200 150 600 75 2 500 150 1175 36502475F...
Sap Sdn. Bhd. is a wholesale manufacturer of tea products. It operates a variable costing system. Given below, is information relating to one of its products, i.e. bottled premium tea leaves-grade A, which is made in one of the company departments: - Bottled premium tea leaves-grade A Standard variable product cost Unit (RM) Direct material (6 kilograms at RM4 per kg) Direct labour (1 hour at RM7 per hour) Variable production overhead (1 direct labour hour) Additional information - Variable...
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