4G 60 10014 19:02 MIDTERM MA... Q . . . MIDTERM MANAGEMENT ACCOUNTING NAME ID NUMBER PROGRAM BATCH Instruction: Answer ALL question SECTION A c.) Cuddle Star Company produces dolls for children below the age of six. The following information is provided for the dolls for period 1. Standard Cost RM Material: 5kg of material T at RM 3 per litre 15.00 Labour : 0.60 hours of direct labour at RM 10 per hour 6.00 Variable production overheads: 0.60 hours at RM 6 per hour 3.60 Fixed production overheads: 0.60 hours at RM 12 per hour 7.20 Actual Cost Material T purchased and used 9,500kg at a cost of 33,250 Direct labour hours used 1,100 hours at a cost of 12,100 Variable production overheads cost 7,500 Fixed production overheads cost 12,000 Budgeted fixed production overheads RM12,240 Budgeted production volume 1,700 dolls Number of dolls produced in June 2,000 dolls Compute the following i . Total Material cost variance. ii. Material price variance iii. Material usage variance. iv. Total labor cost variance. V . Labor rate variance. vi. Labor efficiency variance. vii. Total variable overhead variance MIDTERM : MANAGEMENT ACCOUNTING SECTION B QUESTION 1 (25 marks) a.) Magnum Limited produces an office chair. The following data relates to periods 1 to 2. RM Variable cost per unit 220 Selling price per unit 450 Fixed cost per period 36,440 Production and sales for the periods are as follows: Period 1 Period 2 (Units) (Units) Sales 700 1800 Production. 1,800 700