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0-1 : Master Budget (12 Marks) The Amsterdam Company prepared the following figures as a basis for its 2016 budget. Estimated per Product Expected sales unit sales price Required material per unit B units 100,000 Rs.1.50 1 kg 2 kg LED 60,000 2.00 2 Smart 120,000 1 LCD 0.80 Estimated inventories at the beginning and desired quantities at the end of 2016 are: purchase Material Beginning Ending price per kg 10,000 kg 12,000 kg Rs.0.20 B 12,000 15,000 0.10 Product LCD LED Smart Beginning 5,000 units 4,000 10,000 Ending 6,000 units 2,000 8,000 REQUIRED: Sales budget. b. Production budget. c. Material usage budget. d. Material purchase budget in rupees. Q-2: Standard costing & Variance Analysis (12marks) Heritage furniture co uses a standard cost system. One of the company's most popular products is an oak entertainment center that looks like an old ice box but houses a television, stereo, other electronics components. The per unit standard costs of the entertainment center, are as follows: Direct materials, 100 board feet of wood at Rs1.30 per foot Rs130 Direct labor, 5 hours at Rs8 per hour 40 During July, 1,600 entertainment centers were scheduled and actually produced at the following actual unit costs: R$132 42.90 Direct materials, 110 feet at 1.20 per foot Direct labor, 5.5 hours at 7.80 per hour REQUIRED: Compute the following cost variances for the month of July: 1) Material price variance. 2) Material quantity variance. roet3 . 3) Labor rate variance. 4) Labor efficiency variance. Q-3: Short Term Decision Making (12 marks) A company produces three products for which the following operating statement has been produced. Product X Product Y Product Z Total Sales Rs.32.000 Rs.50,000 Rs.45,000 Rs.127,000 Total cost 36,000 38,000 34,000 Net profit (loss) (4,000 12,000 11,000 19,000 The total cost comprise 2/3 variable 1/3 fixed. The directors consider that as product X shows loss it should be discontinued. Required: Based on the above information should product X be discontinued? Q-4: CVP Analysis (12 Marks) 108,000 Following are the products produced by ARY LTD. Particulars B Sale price per unit Rs.100 Rs.100 Rs.100 Variable cost per unit 20 60 80 Contribution margin 80 40 20 Fixed cost Rs1,000,000. EQUIRED 1. Calculate overall break even quantity, sales mix of 50%,30% & 20%. 2. Calculate break even sales in rupees for each of the above products: Q-5: Standard costing & Variance Analysis (12 marks) Heritage furniture co uses a standard cost system. One of the company's most popular products is an oak entertainment center that looks like an old ice box but houses a television, stereo, other electronics components. The per unit standard costs of the entertainment center, assuming a "normal volume" of 2,000 units per month, are as follows: Direct materials, 100 board feet of wood at Rs1.30 per foot Rs130 Direct labor, 5 hours at Rs8 per hour 40 During July, 1,600 entertainment centers were scheduled and produced at the following actual unit costs: Rs132 42.90 Direct materials, 110 feet at 1.20 per foot Direct labor, 5.5 hours at 7.80 per hour REQUIRED: Compute the following cost variances for the month of July: 1) Material price variance. 2) Material quantity variance. 3) Laborate variance. 4) Labor efficiency variance