Engines Incorporated, a small engineering company, has the following results for April 2006 for its product, the
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Engines Incorporated, a small engineering company, has the following results for April 2006 for its product, the Widget. It budgeted to sell 12,500 widgets at £9.00 each. However, 16,000 widgets were actually sold at £8.80 each. The budgeted and actual costs are given below.
Required:
(i) Calculate the flexed budget.
(ii) Calculate the sales price and sales quantity variances.
(iii) Calculate the overall cost variances for materials, labour, variable overheads and fixed overheads.
(iv) Discuss the variances. In particular, highlight what extra information might be needed for a more detailed investigation.
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