Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Henry Ltd manufactures a single product and operates a standard costing system. An extract from a variance control sheet is shown below: Standard selling price

image text in transcribed
Henry Ltd manufactures a single product and operates a standard costing system. An extract from a variance control sheet is shown below: Standard selling price 80 Standard direct materials (7kg x E2 per kg) 14 Budgeted total material cost of sales 2,750 per month Actual results for the relevant control month: Sales revenue 17,500 Total direct material cost 3,000 Direct material price variance ES00 adverse Direct material usage variance 300 favourable Inventory remained unchanged during the month. Required: Calculate the following: (a) The actual level of production for the month in question. (b) The actual usage of direct materials for the month. (c) The selling price variance for the month. (4) (3) ( [2]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Of The Federal Bureau Of Investigation Annual Financial Statements Fiscal Year 2015

Authors: Office Of The Inspector G Eneral, U.S. Department Of Justice

1st Edition

1530341264, 978-1530341269

More Books

Students also viewed these Accounting questions