Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 26 Sep 2017 My Price 8.00

four-weekly accounting

The following data relate to actual output, costs and variances for the four-weekly accounting period number 4 of a company that makes only one product. Opening and closing work in progress were the same.

 

(£000)

Actual production of product XY

18000 units

Actual costs incurred:

  

Direct materials purchased and used (150 000 kg)

210

Direct wages for 32 000 hours

136

Variable production overhead

38
 

(£000)

Variances:

  

Direct materials price

15 F

Direct materials usage

9A

Direct labour rate

8A

Direct labour efficiency

16 F

Variable production overhead expenditure

6A

Variable production overhead efficiency

4F

Variable production overhead varies with labour hours worked. A standard marginal costing system is operated.

You are required to:

(a) present a standard product cost sheet for one unit of product XY,

(b) describe briefly three types of standard that can be used for a standard costing system, stating which is usually preferred in practice and why.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 10:09 PM My Price 8.00

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