The following details were extracted from the standard cost card of a component: Raw Materials 2.82 Kgs
Question:
The following details were extracted from the standard cost card of a component:
Transcribed Image Text:
Raw Materials 2.82 Kgs @ 4.80 Kg Direct Labour Type I 6.5 hrs @ 3.75 Type II 3.85 hrs @ 4.25 During a period actual results were as follows: Production 1,100 components. Direct Material Purchase and usage 3,200 Kgs at a cost of 15,100 Wages Paid Type I (7,120 hrs) 27,056 Type II (4,235) 18,210 You are required to calculate what variances have arisen.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following details were extracted on November 30, 2014, from the records of Seema Company for a specific product: On December 21, 2014, Seema sold 200 units to a customer at $ 18 per unit. Assume...
-
Plan the social media ad campaign for Facebook & Instagram using Facebook Ads Manager. Choose the best ad objective (s) to drive sales for this campaign. Clarify how you will split the budget for...
-
mental health stigma imagine you are asked to be on a panel as an expert cultural psychology consultant to discuss an international, credible news story or current event regarding children and/or...
-
What are the major considerations in structuring a channel of distribution?
-
In this exercise we use the Girsanov theorem to price the chooser option. The chooser option is an exotic option that gives the holder the right to choose, at some future date, between a call and a...
-
Eighteen data points on M and X are used to estimate the quadratic regression model M = a + bX + cX 2 . A new variable, Z, is created to transform the regression into a linear form. The computer...
-
Exotic Aroma Company buys bulk flowers and processes them into perfumes in a two-stage process. Its highest-grade perfume, Seduction, and a residue that is processed into a medium-grade perfume,...
-
The International Bank of Commerce (IBC) is an audit client of your public accounting firm. IBC is a multinational financial institution that operates in 23 countries. During the current years audit,...
-
How can the time value of money be used to determine whether capital projects are worthwhile investments? Specifically please address this question by incorporating IRR and PV into the framework of...
-
The following figures relate to the Milling Department: Calculate the variances using the simpler, combined overhead recovery rate approach. Budget Fixed overheads 2,500 Variable overheads 1,550...
-
How are the Mix and Yield variances calculated using the individual price method ? Using the weighted average price method? (19)
-
What are the four basic functions of nonverbal cues? Please provide examples of each.
-
Waverly Company Ltd. currently produces 8,000 units per year of SB 200 (snowboard), which is a component of the company's major products. SB 200 has the following unit cots Direct materials - $35.50...
-
Norton Ltd manufactures a single product, which is sold for $150 per unit. The standard variable costs per unit of the product are: Direct material 4 kilos at $8 per kilo Direct labour 5 hours at $10...
-
QUESTION 4 Murni Selasih Bhd is considering investing in a project that will generate higher returns Currently, the company has two projects with forecasted outcomes under consideration. The possible...
-
ABC plans to sell 60,000 units of product 751 in June, and each of these units requires five sq. ft. of raw material. Additional data is as follows: Product Raw No. 751 Material Actual June 1 11,200...
-
Case: Tom has felt anxious and constantly on edge over the past 3 years. He has few social contacts because of his nervous symptoms. He is married with 3 children and worries about if he is a good...
-
Describe the cash conversion cycle . How can a financial manager use knowledge of the cash conversion cycle to better manage the firms working capital?
-
Copy and complete the statement. 3800 m ? km =
-
why would an auditor want to complete dual-purpose tests? what procedure can be put into place to help prevent fraud? List 4 procedures.
-
Based on the following information, calculate sustainable growth rate for Groot, Inc.: Profit margin= 7.1% Total asset turnover = 1.90 Total debt ratio = .45 Payout ratio = 20% What is the ROA here?
-
Consider the following: a call option on a stock has strike price $100, premium of $5 and the current price of the underlying stock is $100. If you buy the call option today, what is your holding...
Study smarter with the SolutionInn App