Maurice Tutor

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Category > Accounting Posted 26 Sep 2017 My Price 9.00

marginal cost accounting system

Flexible budgets and computation of labour and material variances

(a) JB plc operates a standard marginal cost accounting system. Information relating to product J, which is made in one of the company departments, is given below:

 

Standard
 

marginal
 

product cost

Product J

Unit
 

(£)

Direct material

  

6 kilograms at £4 per kg

24

Direct labour

  

1 hour at £7 per hour

7

Variable production overhead'

3
 

34

Budgeted fixed production overhead, per month: £100 000.

Budgeted production for product J: 20 000 units per month.

Actual production and costs for month 6 were as follows:

Units of J produced

18 500
 

(£)

Direct materials purchased

442650

and used: 113 500 kg

  

Direct labour: 17 800 hours

129940

Variable production overhead incurred

58800

Fixed production overhead incurred

104000
 

735390

You are required to:

(I) prepare a columnar statement showing, by element of cost, the:

(i) original budget;

(ii) flexed budget;

(iii) actual;

(iv) total variances;

(II) subdivide the variances for direct material and direct labour shown in your answer to (a) (i)—(iv) above to be more informative for managerial purposes.

(b) Explain the meaning and use of a 'rolling forecast'.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 10:09 PM My Price 9.00

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