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AC3097 Management accounting: Sample examination paper 5. Eastgate Ltd makes two types of component WX and YZ and uses a standard absorption costing system The standards set for the month of May were as follows: WX YZ Production and sales 10,000 units 5,000 units Per unit Per unit Selling price f180 160 Material 007 at f12.25 per kilo 6 kilos Material XL 90 at f3.20 per kilo 3 kilos Direct, variable labour at f8.40 per hour 4 hours 1 hour Variable overhead El per direct labour hour The Fixed Overheads budget is f90,000 and relates to two departments: Maintenance $50,000 and General production f40,000. During the month of May a competitor company faced production difficulties enabling Eastgate Lid to achieve additional sales of WX from new customers. The actual data for the month of May are as follows: Production and sales WX10,600 units, generated sales of $1,950,400. YZ 4,500 units generating sales of $292,500 Material 007 Used 60,960 kilos at a total cost of 1786,384. Material XL 90 Used 14,600 kilos at a total cost of f44,530 Direct, variable labour Paid an actual rate of 18.60 per hour. The total amount paid was f403,598 Variable labour overhead Total $58,625 Fixed overhead expenditure Maintenance $53,260 General production f41.600 Required: a. Prepare statements of the budgeted net income and the actual net income for the month of May using a contribution approach. (4 marks) b. Calculate all possible variances (Including a sales mix variance), reconcile the actual profit with the budgeted profit and briefly comment on the performance for May. (12 marks) C. It was discovered that the price of Material 007 had increased to f13.50 per kilo at the beginning of May. However for the month of May the Eastgate buyer had negotiated a special price discount due to the high order placed. This may not be repeated. Calculate the planning and operating variances relating to this material and indicate whether the standard should be changed for subsequent months. (4 marks) (Total 20 marks)