Question: ABS plc makes a widget with the following information for the month just ended: The actual materials price was 4.50 per kg. 5,500 widgets were

ABS plc makes a widget with the following information for the

ABS plc makes a widget with the following information for the month just ended: The actual materials price was 4.50 per kg. 5,500 widgets were produced The materials price variance was 2,270 unfavourable. The standard quantity of material usage per widget was 3 kgs The actual quantity of material used was 16,000 kgs (a) Calculate the standard material price for a Widget [3] (b) Calculate the material usage variance [2] (c) Explain one possible cause of both the material price and usage variances at [2] ABS plc

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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!

Question A3 ABS plc makes a widget with the following information for the month just ended: The actual materials price was 4.50 per kg. 5,500 widgets were produced The materials price variance was...

QUESTON 5 Part A Quince Industries provided the following information about its standard costing system for 2019: Materials Standard Data 10 kg. @ RM4 per kg Quantity produced Actual Data 6,000 units...

I need help putting together a spreadsheet to solve this problem Below are the directions for the questions. All one problem. Build a spreadsheet to solve this problem. You should have 3 tabs: Input,...

Please show any formulas. Excel 4 20 Build a spreadsheet to solve this problem. You should have 3 tabs: Input, FB, and Variances. There should be no numbers keyed into the FB and variances reports....

this is all the information that was provided CC 212 Challenge #7 STANDARD COSTS AND VARIANCES Name Nakky Company produces widgets. In the table below, the company has begun the calculation of the...

Wing Fat Jr. Limited Wing Fat Jr. Limited makes a single product, Yoyo , using a single raw material XY. Standard costs relating to Yoyo have been calculated as follows. Standard cost schedule Yoyo...

Green Mountain Ltd is a merchandising company that is trying to decide how many units of merchandise to order each month. The company's policy is to have 20% of the next month's sales in inventory at...

How is a predetermined overhead rate calculated? Select one: budgeted amount of cost driver/budgeted manufacturing overhead. budgeted manufacturing overhead/budgeted amount of cost driver. budgeted...

1.Mechanics Ltd makes two products, A and B. Any quantities produced can be sold for 120 per unit of product A and 50 per unit of product B. Variable costs for the two products are as follows:...

Would like your help. Need help with study guides. Thanks. FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E22-32 Requirements 1. Prepare a budgeted income statement with columns for 1,300 units,...

At December 31, Trumpette Drapes owes $59,000 on accounts payable, plus salary payable of $15,000 and income tax payable of $13,000. Trumpette Drapes also has $270,000 of bonds payable that require...

Write an argument for automating the accounting process, and implement at least three (3) types of internal controls to prevent or detect theft or fraud in an organization

10.15 Repeat Problem 10.14 (a), assuming that the population variances from developed and emerging countries are not equal. Compare these results with those of Problem 10.14 (a).

7.1 Describe the Systems Development Life Cycle (SDLC), its major phases, goals, tasks, and deliverables in each phase. Discuss the roles and expected contributions of the organizations and skilled...

Self-confidence

The number of people commenting on the statement

3. Choose a social incident in your local area. (a) List three points that you believe are the cause of the social incident and develop a model that shows a linear relationship. (b) What is the...