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Zeta Company, which produces a single product that it sells for 8 per unit, is currently producing its budgets for the period June - August 2023. The following are the budgeted sales in these months: The company aims to have in stock at the end of each month 30% of the budgeted sales for the following month. At the beginning of June 2023.12 .000 units were in stock. 50% of sales are made for cash and 50% on credit. Of these credit sales, 60% are paid at the end of the following month, a further 30% are paid at the end of the second month following the sale, and the balance remain unpaid and are written off as bad debts. At the beginning of June 2023, the outstanding debts were 165,000. Armstrong plc is considering selling a new product and has gathered the following information: If the company uses the cost-plus pricing method, the selling price for this product should be: A 17.50 B 18 (C) 21 None of the above Questions 5 Cornbrook Medical Centre has established standard costs for providing vaccinations to patients wishing to travel abroad (expected to be 130 patients in May 2023). These standard costs for travel vaccinations are: During May 2023, 150 patients received travel vaccinations. These patients used 35 hours of nurses' time at a cost of 660. Pharmaceutical records show that 470 vaccines were administered. These vaccines cost 2200 in total. Variable overhead costs were 500 for the month. The materials efficiency variance (rounded to the nearest ) for May 2023 is: A Efficiency variance =100 Unfavourable B. Efficiency variance =400 Unfavourable C Efficiency variance =150 Unfavourable D None of the above Question 6 390 Halford Manufacturing Limited is considering yhether to accept a contract to produce a special order which would require 8 tons of material. 10 tons of material Q was ordered 3 months ago, but delivery has been delayed due to afire at the suppliers' factory. The order price was 150 per ton, but the supplier has offered a 10% discount for late delivery and promised detivery immediately. The current price of material Q is 145 per ton and it is in (regular use) in the company. The relevant cost of material Q in evaluating the special order is: Question 1 If a market for the intermediate product exists and is perfectly competitivegthe most appropriate transfer price would be: AB.Fullcost-basedtransferpricesC.NegotiatedtransferpricesDMarketbasedtransferpricesVariablecost-basedtransferprices Question 2 The PIMO Company is considering whether to accept a one-off contract to produce a special batch of its laptop cases for a customer. To produce laptop cases/t uses a special sewing machine. It currently has eight of these machines which originally cost 1,000 each, and have been depreciated to a net book value of 6,400 in total. The machines are depreciated over 10 years using the straight line method. These machines are currently used to 80% of their capacity. The new special order would use all the spare capacity of these machines and it would be necessary to hire an additional machine for one year at a cost of 350. The relevant cost of the machine for evaluating whether the PIMO Company should accept this order is: (A) 350 B. 482 C. 510 D. Zero Each month Gamma Limited sells 8,000 kgs of compound X, which has a variable cost of 12 per kg. It is estimated that the breakeven point of compound X is 5,000kgs per month. If the current monthly profit earned by selling this compound is 54,000, the selling price is: A. 18.00 B. 18.75 C. 19.20 (D) 30.00 Question 8 The following information relates to the monthly production of Products A,B,C and D UIII In addition, there are total fixed costs of 3,000. Due to a machine failu@. production time in the coming month is limited t 2000 hours. In planning production for the coming month, the LEAST desirable product is: A. Product A B. Product B C. Product C D. Product D Answer ONE question (Each question carries 40 marks) Question 11 Lynch Ltd has set the following standard costs per unit for its production of window frames: The budgeted production for April was 1,000 units however, during that month 1100 window frames were produced and the following costs were incurred: Required: (a) Produce a statement showing the budgeted production costs for April. (4 marks) (b) Prepare a statement setting out the variances from budget during the month of April, In your answer, you should: (1) Prepare a flexed budget. (4 marks) (2) Calculate eight individua variances including the volume variance, the material price and usage variance, the labour rate and efficiency variance, variable overhead spending and efficiency variance and fixed overhead spending variance. (16 marks) (3) Prepare a statement reconciling the difference between budgeted production costs and actual costs. (6 marks) Question 11 continues overleaf PTO Use the following information for Questions 3 and 4 Harman Ltd produces a variety of packaging materials. Its plant is sem-automated, but it uses some direct labour. The current monthly direct labour is 4.000 hours. The annual manufacturing overhead comprises the following amounts and the indicated cost drivers have been selected: During May 50,000 units of product C2)were produced, using the following: Question 3 Using traditional overhead allocation based on direct labour hours, the overhead charged to product C2 in May is: A. 3,000 DL 4achr. B 3,600 (C) 36,000 36,000 D. None of the above Question 4 Using Activity-based Costing (ABC) methods, the everhead-charged to produc C2) in May is: A. 3,600 (B) 3,750 800+700+1500+150 C. 4,250 D. None of the above PTO