Namibia Wood Products (NWP) is a company that manufacturers different types of furniture products under a...
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Namibia Wood Products ("NWP") is a company that manufacturers different types of furniture products under a job costing environment. To ensure that the company meets its customer expectations and the same time achieve operational efficiency, the company employs a standard costing system. At the end of each period, variances are calculated and investigations are undertaken to identify areas of improvement. The following information relates to the traditional wooden work bench that NWP produces and supplies to Small to Medium workshops in Namibia. Variance calculated: Variances Material price variance Material usage Labour rate Labour efficiency Month: November 2022 N$ 25 000 16 500 40 000 22 000 Actual data for the month of November 2022 was as follows: Month: November 2022 Material costs Labour costs Production volume N$ 850 000 600 000 Unfavourable Favourable Favourable Unfavourable Units 100 000 kilos 80 000 hours 30 000 units The actual and standard production volume for the month of November were the same. Namibia Wood Products ("NWP") is a company that manufacturers different types of furniture products under a job costing environment. To ensure that the company meets its customer expectations and the same time achieve operational efficiency, the company employs a standard costing system. At the end of each period, variances are calculated and investigations are undertaken to identify areas of improvement. The following information relates to the traditional wooden work bench that NWP produces and supplies to Small to Medium workshops in Namibia. Variance calculated: Variances Material price variance Material usage Labour rate Labour efficiency Month: November 2022 N$ 25 000 16 500 40 000 22 000 Actual data for the month of November 2022 was as follows: Month: November 2022 Material costs Labour costs Production volume N$ 850 000 600 000 Unfavourable Favourable Favourable Unfavourable Units 100 000 kilos 80 000 hours 30 000 units The actual and standard production volume for the month of November were the same.
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Variance The variance is the difference between the standard and the actual data The standard costs of manufacturing the products are determined based ... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
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