JITU Engineering Sdn Bhd produces toys for children aged below 10. The following information is provided...
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JITU Engineering Sdn Bhd produces toys for children aged below 10. The following information is provided for the toy for period 1. Standard cost Material: 5 kg of material G at RM3.00 per liter RM15.00 Labour: 0.6 hours of direct labor at RM10.00 per hour RM6.00 Variable production overhead: .0.6 hours at RM6.00 per hour RM3.60 Fixed production overheads: 0.6 hours at RM12 per hour RM7.20 Actual: Material G purchased and used 9,500 kg at a cost of RM33,250 Direct labour hours used 1,100 at cost of RM12,100 Variable production overhead cost RM7,500 Fixed production overhead cost RM12,000 Number of toys produced during the period 2,000 toy units Budgeted production volume of 1,700 toy units Budgeted fixed production overheads RM12,240 Required: Compute: i) Total material cost variance ii) Materials price variance iii) Material usage variance iv) Total labor cost variance v) Labour rate variance vi) Labour efficiency variance vii) Total variable overheads variance vii) Variable overhead expenditure variance ix) Variable overheads efficiency variance x) Total fixed overheads variance xi) Fixed overheads expenditure variance xii) Fixed overheads volume variance xiii) Fixed overheads efficiency variance JITU Engineering Sdn Bhd produces toys for children aged below 10. The following information is provided for the toy for period 1. Standard cost Material: 5 kg of material G at RM3.00 per liter RM15.00 Labour: 0.6 hours of direct labor at RM10.00 per hour RM6.00 Variable production overhead: .0.6 hours at RM6.00 per hour RM3.60 Fixed production overheads: 0.6 hours at RM12 per hour RM7.20 Actual: Material G purchased and used 9,500 kg at a cost of RM33,250 Direct labour hours used 1,100 at cost of RM12,100 Variable production overhead cost RM7,500 Fixed production overhead cost RM12,000 Number of toys produced during the period 2,000 toy units Budgeted production volume of 1,700 toy units Budgeted fixed production overheads RM12,240 Required: Compute: i) Total material cost variance ii) Materials price variance iii) Material usage variance iv) Total labor cost variance v) Labour rate variance vi) Labour efficiency variance vii) Total variable overheads variance vii) Variable overhead expenditure variance ix) Variable overheads efficiency variance x) Total fixed overheads variance xi) Fixed overheads expenditure variance xii) Fixed overheads volume variance xiii) Fixed overheads efficiency variance
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To calculate the variances well use the following formulas i Total Material Cost Variance Actual Quantity Purchased x Actual Price Actual Quantity Purchased x Standard Price ii Materials Price Varianc... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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