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Costing 6th Edition Terry Lucey - Solutions
In what ways can variance analysis be made more useful for management?
What are the main sub-divisions of the Materials Cost Variance?
Define the Direct Labour Efficiency Variance.
What role does the number of standard hours produced have in overhead variance analysis?
What are the main Variable Overhead Variances?
What are the formulae for the — Volume Ratio, Capacity Ratio, and Efficiency Ratio?
When are Mix and Yield variances calculated?
How are the Mix and Yield variances calculated using the individual price method ? Using the weighted average price method? (19)
The following details were extracted from the standard cost card of a component: Raw Materials 2.82 Kgs @ 4.80 Kg Direct Labour Type I 6.5 hrs @ 3.75 Type II 3.85 hrs @ 4.25 During a period actual results were as follows: Production 1,100 components. Direct Material Purchase and usage 3,200 Kgs at
The following figures relate to the Milling Department:Calculate the variances using the simpler, combined overhead recovery rate approach. Budget Fixed overheads 2,500 Variable overheads 1,550 Hours 650 Actual Fixed overheads 2,625 Variable overheads 1,710 Clock hours 625 Standard hours produced
Using the data in Exercise 2, calculate the variances relating to variable and fixed overheads.Data From Exercise 2:-The following figures relate to the Milling Department: Budget Fixed overheads 2,500 Variable overheads 1,550 Hours 650 Actual Fixed overheads 2,625 Variable overheads 1,710 Clock
The standard mix of a product is as follows:The standard process loss is 15% of input weight. During a period 2,450 Kgs of good output were produced from the following inputs:You are required to calculate the relevant variances. Material % of input Standard cost per Kg X 30% 1.20 >N Y 50% 2.95 Z
In a period results were as follows:Variances:Calculate the Standard Prime Cost per unit. Output 6250 units Wages paid 33,680 for 10,400 hours Material 17,059 for 3,850 Kgs.
What product cost is used in sales margin variance analysis?
What is the standard sales margin?
What is the standard sales contribution?
What are the sub divisions of the total sales margin variance?
What drawbacks are there in sales margin variance analysis?
Distinguish between sales variances and sales margin variances.
What are the major differences between standard marginal costing and standard costing based on total absorption costing principles? (7)
What are the features of standard process costing?
What is a significant variance?
What are control limits?
In what ways can control limits be set?
How are variances dealt with in the accounting records?
What accounting differences arise when standard marginal costing is used?
What problems are encountered using standard costing in AMT factories?
Give examples of non-financial measures used for Performance Appraisal.
A firm makes and sells three products, A, B and C. For period 9 the budgeted and actual results were as follows:Calculate all relevant sales margin variances. Total Sales Units Price per unit Standard Manufacturing Cost 10,000 2,000 12,000 4,000 6,000 500 12 532 3.50 1.80 8.50 28,000 6,500
A firm employing standard marginal costing has the following actual results for a period:Unfortunately the standard cost card has been lost together with the budget for the period but the accountant recalls that the budgeted output was 7,000 units.You are required to derive the standard cost card
The standard labour cost of a component is £5 and a standard deviation of 20p has been estimated.a. Calculate the 2% control limits.b. Ina period the output was 480 units and the labour cost was exactly on the upper 2% limit. What was the actual labour cost in the period and what was the labour
A firm operates a Standard Process Costing system and three partially complete accounts are given below:Required:a. Complete the entries 1, 2, and 3.b. Explain their meaning.c. Where would the double entries be? Stores Control Materials A/c 42,800 Process A/c 44,750 44,750 44,750
What is uniform costing?
What are the objectives of uniform costing?
What are the major features which determine whether a system can be classed as uniform?
What are the advantages and disadvantages of uniform costing?
A firm of printers is contemplating joining the uniform costing system operated by its Trade Association but the Managing Director is dubious about the advantages of becoming involved in the scheme.Prepare a report to the Managing Director describing the advantages that the firm is likely to gain.
The cash flows for two projects are given below:Calculate the Payback period for the above projects and their NPV assuming that the cost of capital is 12%. Year 0 Project X -5,000 Project Y -8,000 1 + 2,500 + 1,500 2 +1,000 + 2,000 3 + 1,000 +2,500 4 +500 + 1,000 5 + 1,500 + 1,000 6 + 1,000 + 2,500
Find the Internal Rates of Return of the projects in Exercise 1 using graphical methods.
A firm with a cost of capital of 10% has estimated that it will have to pay its Sales Manager the following amounts of commission at the end of each of the next 5 years:The Sales Manager would prefer to receive a regular amount at the end of each year.Calculate this amount. Year 2 3 4 10 5 4000
What are the benefits to be gained from budgeting?
How does the budgetary process assist communication?
What is the budget period?
What is the principal budget factor?
Describe the major steps in the budget process.
Why are the behavioral aspects of budgeting so important?
What is a Cash Budget and what does it contain?
What is the format for a cash budget ?
What is the Budget Manual?
What are the benefits and problems associated with budgeting?
Define and explain Zero-based Budgeting (ZBB).
What are the objectives of ZBB?
What are decision packages?
What are the advantages and disadvantages of ZBB?
What is Activity based budgeting ?
A company produces two domestic appliances, the Starfrig and Starfreezer. The following details have been estimated:Total costs are estimated to be:Each Starfreezer requires the same material as a Starfrig but twice as much labour.Variable overheads are absorbed on direct labour. The demand for the
A firm has produced the following budgets for two activity levels:Prepare a budget for an activity level of 6,200 units. Expense Budget for 5000 units Budget for 6000 units Wages 16,000 17,200 Materials 25,000 30,000 Salaries 22,500 23,000 Depreciation 18,000 18,000 Other Overheads 18,500 21,000
A company has a cash balance of £27,000 at the beginning of March and you are required to prepare a cash budget for March, April and May having regard to the following information.Creditors give 1 month credit Salaries are paid in the current month Fixed costs are paid one month in arrears and
Contrast the preparation of conventional and Activity Based Budgets.
What is standard costing?
Describe the three main types of standard.
What is the relationship between standards and budgets?
How are standards relating to materials set?
What is a standard hour?
How are overhead standards established?
What is the standard sales margin?
Who sets standards?
What is a standard cost card?
Why are the behavioural aspects of standard costing so important?
What are the advantages and disadvantages of standard costing?
How can standard costing enhance motivation?
There is a subjective element involved in the setting of all standards’. Discuss.
From the following data prepare the Standard Cost Card for one unit of the sole product manufactured.The budgeted total overheads for year:The fixed overheads (included in the above figures) are £25,000 and £48,000 respectively.The standard cost card should show sub totals for:a. Prime costb.
Standard Costing can only be applied in factories.’ Discuss.
What is marginal costing?
What is contribution and how is it calculated?
Distinguish between the accountant’s and economist’s view of marginal cost.
What are the main uses of marginal costing?
What is the essential difference between marginal and absorption costing?
How does the method of stock valuation differ between marginal and absorption costing?
What arguments are there for the use of marginal costing principles in the routine costing system of an organization?
What are the arguments for absorption costing?
The following data were taken from the past records of a company at two output levels.The company has three departments and all fixed costs have been apportioned to the departments on the basis of sales turnover.You are required to recast the above statements using the Marginal Costing approach
The following data were taken from the records of a company.All the above in Kgs The firm makes a single product the financial details of which are as follows (based on a normal activity level of 30,000 Kgs.)Selling price per Kg. £9 Administrative overheads are fixed at £25,000 and one third of
A firm has 3 departments and prepares operating statements using a marginal costing approach as follows (£000):Recast the above statement using a total cost approach assuming that fixed costs are apportioned on the basis of marginal costs. A B C Total Sales 650 480 1420 2550 less Marginal costs
What is relevant information for decision making?
Distinguish between marginal costing and differential costing.
What is a key factor?
What is the decision rule if there is a single binding constraint?
What are the steps in analyzing a problem where the use of marginal costing is being considered?
What are the general rules for dealing with an order at lower than normal prices?
If a firm has a choice between various products and there is a simple binding constraint how should it choose which products to manufacture?
What is the general rule in ‘make or buy’ decisions?
Is differential costing suitable for long run decisions?
Give examples of costs which are irrelevant for decision making.
What is opportunity cost?
What is Throughput Accounting?
What is the Throughput Accounting ratio and what is its value to management?
What is a bottleneck in TA?
What is the relationship between maximizing contribution per unit of the limiting factor and the principle behind TA?
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