Question: From the following data a unit cost statement showing the prime cost of product A and B together with analysis of variances: Material Product A

From the following data a unit cost statement showing the prime cost of product A and B together with analysis of variances:

Material Product A Product B

Standard: 600kg@ Rs 5 90kg @ Rs 3

Actual : 580kg @ Rs 5.50 100kg @ 2.50

Labor

Standard: 80hrs @ Rs 2 16hrs @ Rs 2.80

Actual : 92hrs @ Rs 1.75 14hrs @ 2.60

Calculate:

a)Direct Materials Usage and Price Variances

b)Direct Labour Efficiency and Rate Variances

c)Variance Overheads Efficiency and Expense Variances

d)Fixed Overhead Volume and Expense Variances

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 Direct Material Variances a Product A Usage Variance Usage VarianceActual QuantityStandard QuantityStandard Price 5806005 205 100 Usage Variance Rs ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2021 . She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...

The Hampshire Company manufactures umbrellas that sell for $12.50 each. In 2014, the company made and sold 60,000 umbrellas. The company had fixed manufacturing costs of $216,000. It also had fixed...

What role does culture play in shaping societal formations and dynamics, as shared beliefs, practices, and cultural artifacts mediate social relations and collective experiences within a given...

Let r and s be solutions to the quadratic equation x 2 b x + c = 0. For n N, define d0 = 0 d1 = r s dn = b dn1 c dn2 (n 2) Prove that dn = r n s n for all n N. [4 marks] (b) Recall that a commutative...

SECTION A Case Number 01 General Electric Company had cash of $14,000 on hand on January 1. During the year, the company expected the following cash collections from customers by quarter: (06) First...

Q5): ABC Ltd makes three products and reviewing the profitability of its product line. You are given following budgeted data about firm for coming Year. F1 F2 Products F3 120 100 Sales (in Units 000)...

This SLP has two parts. Part I Herrestad Company does produce and sell two products and the details below will be used to prepare a segmented income statement (showing the income for each product and...

please answer the following questions thank you The "flow" of manufacturing costs through the lodger of Able Mfg. Co. during April is summarized in the following T accounts. Certain amounts have been...

I've attached 6 problems for managerial accounting (ACCT 4302). Please "SHOW ALL CALCULATIONS". Thank you :) QUESTION 1 A distraught employee, Fang W. Arson, put a torch to a manufacturing plant on a...

Morton Salt is a subsidiary of 'Morton International, a manufacturer of specialty chemicals, air bags, and salt products. The Morton salt-processing facility in Silver Springs. New York between...

Some results from a survey administered to a nationally representative sample are presented here. For each table, conduct the chi square test of significance and compute column percentages. Write a...

1317. Determine the acceleration of the blocks when the system is released. The coefficient of kinetic friction is mk, and the mass of each block is m. Neglect the mass of the pulleys and cord. A B...

Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 60,000 pounds. The subsidiary immediately borrowed 140,000 pounds...

Bovine Company, a wholesale distributor of DVDs, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement below: Sales . . . . . . . . . ....

Costco Wholesale Corporation (COST) operates membership warehouses throughout the United States and the world. Fifteen Costco metrics and recent initiatives are as follows: 1. Increasing same store...

After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Marcy Delivery Services Co.: Retained Earnings ..............

A stock price is currently $50. Over each of the next two three-month periods it is expected to go up by 6% or down by 5%. The risk-free interest rate is 5% per annum with continuous compounding....

6 Theory of Machines 5. A shaft carries five masses A, B, C, D and E which revolve at the same radius in planes which are equidistant from one another. The magnitude of the masses in planes A, C and...

Describe the users who would be interested in the performance of an entity and explain their interest.

M.Bramstedt commenced business on 31 October 2013 as a hairdresser operating as iCutHair. Transactions for the month of October were: October 1 Started business by contributing capital of $60 000...

Some fund managers invested and lost client's money in the Bernie Madoff Ponzi scheme. One example was that of the Fairfield Greenwich Group that directed $US7.3 billion of client money into the fund...

=+4. change author been specified? Do the attributes of the configuration ob- ject reflect the change?

Example 3.9: Throwing a die How many times must a die be thrown on the average to produce the number 6? [Hint: The probability that in n trials the six appears once and no six n 1 times is P(n) =...

=+29.1. Why is the First Law of System Engineering true? Provide specific examples for each of the four fundamental reasons for change.