Orpen Ltd had budgeted to make a profit of $72,500 for the year ended 31 December 2014.
Question:
Orpen Ltd had budgeted to make a profit of $72,500 for the year ended 31 December 2014. However, actual profit was less than expected and an investigation has shown the following variances occurred.
Prepare a statement reconciling the budgeted profit with the actual profit for the year ended 31 December 2014.
Transcribed Image Text:
Variance 2$ Direct labour efficiency 450 favourable Direct labour rate 220 adverse Direct materials price 990 adverse Direct materials usage 140 favourable Fixed overhead 3 600 adverse
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Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
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