Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 9.00

Oak Ltd

Oak Ltd makes a standard product which is budgeted to sell at €20 a unit, in a competitive market. It is made by taking a budgeted 0.4 kg of material, budgeted to cost €8.40/kg which is worked on by hand by an employee, paid a budgeted €15.00/hour for a budgeted 12 minutes. Monthly fixed overheads are budgeted at €16,000. The output for April was budgeted at 4,000 units.

 

Theactual results for April were as follows

€

Sales revenue (3,500 units) 77,000

Materials (1,425 kg) (15,000)

Labour (890 hrs) (19,580)

Fixed overheads (19,000)

Actual operating profit 23,420

 

No inventories of any description existed at the beginning and end of the month.

 

Required

(a) Prepare a statement showing the budgeted profit for April.

(b) Prepare the flexed budget for April.

(c) Prepare a reconciliation statement reconciling budgeted profit to actual profit, using variance analysis.

(d) Discuss possible reasons for the following variances calculated in c) above:

(i) Sales volume

(ii) Sales price

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 09:08 PM My Price 9.00

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