Question: Question No 2: (30 Marks) Following information is given by Al Quram Toys Mills. about one of their product -Child Tricycle. Standard cost for

Question No 2: (30 Marks) Following information is given by Al Quram

Question No 2: (30 Marks) Following information is given by Al Quram Toys Mills. about one of their product -Child Tricycle. Standard cost for 500 Tricycles is as follows: Rials Materials 1,000 Kg @ 1.600 Rials per Kg 1,600 Labor 40 hours @ Rials 10.00 per hour 400 Variable overheads 10 hours @Rials 4.00 per hour 40 The monthly sales/production budget is 4,000 Tricycles. For the month of Dec 2015, the following actual data is available: Production/ Sales 4,800 Tricycles Material purchased and used (10,000 Kg) Rials 17,500 Labor worked and paid (409 hours) Rials 4,710 Variable overheads Rials 1,825 Required: A. Calculate the following variances. 1. Material price and usage variance 2. Labor rate and efficiency variances 3. Variable overhead expenditure and efficiency variances (5 Marks) (5 Marks) (5 Marks) 4. Comment on the causes of variances with solutions to overcome the same (5 Marks) B. List and explain advantages and disadvantages of Budgeting. (10 Marks)

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