AutoSave Off Cost Accounting - Saved to this PC- O Search shaz25379@gmail.com S 7 File Home Insert Design Layout References Mailings Review View Help Table Design Layout Share Comments L 1..........1 ...2... 13.1.1.1.4.. ......l......l...... Question 2 (CLO 3 The following information was obtained from KMG Manufacturing Company. 4 yards @ $4 per yard 3 hours @ $6 per hour $2 per hour Standard Data: Direct material Direct labour Variable manufacturing overheads Actual Data: Direct material Direct labour Variable manufacturing overhead Actual units produced 48,000 yards a $4.20 per yard 34,000 hours @ $5.20 per hour 34.000 hours totalling $80,000 18.000 Required: a) b) Compute the direct material price variance Calculate the direct material usage variance Total Direct Material Cost variance d) Calculate direct labour rate variance Calculate direct labour efficiency variance e) f) Total Direct Labour Cost variance Variable Manufacturing Overhead Rate Variable Manufacturing Overhead Efficiency Give One (1) possible cause of an adverse material price variance. h) i) Page 2 of 6 640 words Focus 100% Type here to search 9:18 AM 4/14/2021 AutoSave Off Cost Accounting - Saved to this PC- O Search shaz25379@gmail.com S 7 File Home Insert Design Layout References Mailings Review View Help Table Design Layout Share Comments L 1.IIIIIIIIII.1 XIII.2.IT !!!!!!!!!4.. '5''''''''''''''' . QUESTION 3 (CLO 5 The following information relates to Contract 6502, which was undertaken for the construction of roadways for the City Council. The total value of the contract was $250,000 and it is at a stage where profits can be attributed to it. Details of the contract are shown in the books: Materials sent to site Labour engaged on site Plant installed at cost Direct expenditure General overhead charges Materials returned to store Work certified Cost of work not certified Materials on hand, December 31 Wages accrued on December 31 Direct expenditure accrued on Dec 31 Value of plant December 31 Cash received on account amount S 85,349 74.375 15,000 4,136 3,167 549 195.000 4.500 1,883 2.400 240 11,000 180.000 Required: (a) Prepare the Contract Account as at December 31, 2019. (b) Prepare the Contract P&L account for the year ended December 31, 2019. (c) Prepare the Contractes Account as at December 31, 2019. (d) Explain the term 'retention money. Page 3 of 6 640 words Focus 100% Type here to search 9:18 AM 4/14/2021