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Question 2 The following are the budgeted and the actual results for the month of April 2021 of Tommy Limited Budgeted results Actual results Production and sales volume 25,000 units 28,500 units Selling price per unit $120.0 $115.0 Cost information: $27.0 $24.3 $16.0 $19.0 $285,000.0 $330,000 Direct materials per unit (variable) Direct labour per unit (variable) Production overhead (semi-variable) Sales commission expense per unit (variable) Administration overhead (fixed) $12.0 $13.2 $367,000.0 $382,000.0 Additional information relating to the budgeted results is as follows: (i) To encourage more sales, a 5% discount on selling price will be given when the sales volume reaches 27,500 units. The company can enjoy a 10% bulk purchase discount on all the material costs when the production volume exceeds 27,000 units. (iii) It is estimated that when the production volume increases to 29,000 units, the production overhead will amount $325,000. (iv) As an incentive to the salesmen, an extra sales commission of 10% per unit will be given to all the sales if the sales volume exceeds 28,000 units. Required: a) Prepare a flexible budget for 28,500 units and 29,000 units. (13 marks) b) Prepare a budgetary control statement (performance report) for 28,500 (12 marks) units, showing the columns (i) flexible budget, (ii) actual results (iii) variances (Total 25 marks) Question 1 A famous toy product, "Zero", is produced by Pirelli Ltd. The following information is extracted from its production budget of April 2021:- No. of unit produced: Direct material cost: Direct labour cost: 10,000 units 5,000 kg@$9 per kg 2,500 hours@$40 per hour The actual results for the month of April 2021 are as follows:- No. of unit produced: Direct material purchased: Direct material used: Direct labour cost: 8,000 units 4,000 kg costing $38,000 3,200 kg 2,000 hours costing $84,000 Required: (9 marks) a) Calculate material price variance, material usage variance and total material variance. b) Calculate the wage rate variance, labour efficiency variance and total labour variance. (8 marks) c) Describe the possible causes of material price variance calculated in (a). (4 marks) d) Describe the possible causes of wage rate variance calculated in (b). (4 marks) (Total 25 marks)