Answer the questions from the information provided. 2.1 Use the information given below to prepare the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Answer the questions from the information provided. 2.1 Use the information given below to prepare the Income Statement for March 2022 according to the absorption costing method. (12 marks) INFORMATION The following information was extracted from the accounting records of Alpha Enterprises for the month ended 31 March 2022: Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the month Variable manufacturing costs per unit 3 200 units R100 400 units 3 600 units R26 Variable selling and administrative costs per unit sold R12 Fixed manufacturing costs R25 200 Fixed selling and administrative costs R12 400 Additional information The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively. 2.2.1 Labour rate variance 2.2 Use the information provided below to calculate the following manufacturing variances for March 2022. Note: Each answer must state whether the variance is favourable or unfavourable. (2 marks) (2 marks) (2 marks) (2 marks) 2.2.2 Labour efficiency variance 2.2.3 Variable overheads efficiency variance 2.2.4 Variable overheads expenditure variance INFORMATION Nevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 per labour hour. Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurred was R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours. Answer the questions from the information provided. 2.1 Use the information given below to prepare the Income Statement for March 2022 according to the absorption costing method. (12 marks) INFORMATION The following information was extracted from the accounting records of Alpha Enterprises for the month ended 31 March 2022: Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the month Variable manufacturing costs per unit 3 200 units R100 400 units 3 600 units R26 Variable selling and administrative costs per unit sold R12 Fixed manufacturing costs R25 200 Fixed selling and administrative costs R12 400 Additional information The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively. 2.2.1 Labour rate variance 2.2 Use the information provided below to calculate the following manufacturing variances for March 2022. Note: Each answer must state whether the variance is favourable or unfavourable. (2 marks) (2 marks) (2 marks) (2 marks) 2.2.2 Labour efficiency variance 2.2.3 Variable overheads efficiency variance 2.2.4 Variable overheads expenditure variance INFORMATION Nevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 per labour hour. Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurred was R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A certain species of ionized atoms produces an emission line spectrum according to the Bohr model, but the number of protons Z in the nucleus is unknown. A group of lines in the spectrum forms a...
-
Rome Deposit, Inc. has the following balance sheet and income statement. Income Statement ($ millions) Net sales $5,600.00 Expenses 2,600.00 Depreciation 1,100.00 Taxable income $ 1,900.00 Interest...
-
Identify the costs of merchandise inventory.
-
In this chapter and elsewhere we have argued that a stocks market price can deviate from its intrinsic value. Discuss the following question: If all investors attempt to behave in an entirely...
-
So far we have examined the four financial statements: Income Statement, Statement of Stockholders' Equity, Balance Sheet and Cash Flow Statement. Briefly discuss the four statements. Which is the...
-
Detal Home Statistics students in Oxnard College sampled 11 textbooks in the Condor bookstore and recorded the number of pages in each textbook and its cost. The bivariate data is shown below,...
-
How have you maintained your medical billing skills over the past 12 months? Include any courses or learning opportunity you used to build your current knowledge base. How did these skills help you?...
-
1. What issues does Bob Holland face as he takes over as CEO of Ben & Jerry's? Which are the most important? 2. Where is the market headed? What are the competitive influences and compare the...
-
Do you think there is a difference between diversity management and affirmative action? Provide an explanation for your response. Support your response with APA cited references. Response: Diversity...
-
1. In what ways do practical and statistical significance work together to help us understand program effects? Can one be important to aprogram evaluator withoutthe other? If so, how? If not, why...
-
How do IT metrics, measurements, productivity, and efficiency work together? Make sure you explain each word.Make sure to pick out two or three specific IT data and measures. Also, back up what you...
-
Allison had the following transactions during 2019: Salary $90,000 Bank loan obtained to pay for car purchase 30,000 Interest income on bonds Issued by City of Nashville $4,000 Issued by Procter &...
-
1. What reciprocal accounts arise when one company borrows from an affiliate?
-
2. Do direct lending and borrowing transactions between affiliates give rise to unrealized gains or losses and unrecognized gains or losses?
-
3. What conditions result in an actual retirement of bonds?
Study smarter with the SolutionInn App