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Category > Accounting Posted 26 Sep 2017 My Price 10.00

Perseus Co. Ltd

Variance analysis and reconciliation of budgeted and actual profit

The Perseus Co. Ltd, a medium-sized company, produces a single produce in its one overseas factory. For control purposes, a standard costing system was recently introduced and is now in operation.

The standards set for the month of May were as follows:

Production and sales

  

Selling price (per unit)

£140

Materials

  

Material 007

6 kilos per unit at
 

£12.25 per kilo

Material XL90

3 kilos per unit at
 

£3.20 per kilo

Labour

4.5 hours per unit at
 

£8.40 per hour

Overheads (all fixed) at £86 400 per month are not absorbed into the product costs.

The actual data for the month of May, are as follows:

Produced 15 400 units, which were sold at £138.25 each.

Materials

Used 98 560 kilos of material 007 at a total cost of £1 256 640

Used 42 350 kilos of material XL90 at a total cost of £132 979

Labour

Paid an actual rate of £8.65 per hour to the labour force. The total amount paid out amounted to £612 766

Overheads (all fixed) £96 840

Required:

(a) Prepare a standard costing profit statement, and a profit statement based on actual for the month of May.

(b) Prepare a statement of the variances which reconcile the actual with the standard profit or loss .

(c) Explain briefly the possible reasons for inter-relationships between material variances and labour variances.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 10:09 PM My Price 10.00

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