Question

Note: Answer should be in typed words not in pic

Question 1 Lock Co makes a single product, a lock. The standard cost card for one unit is as follows: Standard cost card $ Selling price 80 Direct materials 12 Direct labour 20 Fixed overhead 4 A junior member of the accounts team produced a statement showing the following variances for the month of September, 2020. Variances Budget (1,000 units) S 80,000 Actual (960 units) $ 76,800 $ 3,200 Adv Sales Less: Direct materials Direct labour Fixed overheads Profit (12,000) (20,000) (4,000) 44,000 (11,126) (18,240) (3,283) 44,151 874 Fav 1,760 Fav 717 Fav 151 Fav Required: (a) Prepare a revised statement for the month of September, 2020, in the above format, using a flexed budget. (11 marks)