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Category > Accounting Posted 01 Aug 2017 My Price 15.00

variance accounting

BS Limited manufactures one standard product and operates a system of variance accounting using a fixed budget. As assistant management accountant, you are responsible for preparing the monthly operating statements. Data from the budget, the standard product cost and actual data for the month ended 31 October are given below.

Using the data given, you are required to prepare the operating statement for the month ended 31 October to show the budgeted profit; the variances for direct materials, direct wages, overhead and sales, each analysed into causes; and actual profit.

Budgeted and standard cost data:

Budgeted sales and production for the month: 10 000 units Standard cost for each unit of product:

Direct material:

X:

10 kg at £1 per kg
 

Y:

5 kg at £5 per kg

Direct wages:

  

5 hours at £3 per hour

Budgeted fixed overheads are £300 000

Budgeted sales price has been calculated to give a contribution of 50% of sales price

Actual data for month ended 31 October:

Production: 9500 units sold at a price of 10% higher than that budgeted Direct materials consumed:

X:

96 000 kg at £1.20 per kg

Y:

48 000 kg at £4.70 per kg

Direct wages incurred 46 000 hours at £3.20 per hour

Fixed production overhead incurred £290 000

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Maurice Tutor
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Status NEW Posted 01 Aug 2017 10:08 PM My Price 15.00

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