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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Antonio plc makes Product X, the standard costs of which are:
Â
|
 |
£ |
|
Sales revenue |
31 |
|
Direct labour (1 hour) Direct materials (1 kg) Fixed overheads Standard profit |
(11) (10) (3) 7 |
The budgeted output for March was 1,000 units of Product X; the actual output was 1,100 units, which was sold for £34,950. There were no inventories at the start or end of March. The actual production costs were:
Â
|
 |
£ |
|
Direct labour (1,075 hours) |
12,210 |
|
Direct materials (1,170 kg) |
11,630 |
|
Fixed overheads |
3,200 |
Â
Required: Calculate the variances for March as fully as you are able from the available information, and use them to reconcile the budgeted and actual profit figures.
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