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M/S GreekArt manufactures bust statues of famous historical figures. Since all statues are of the same size, they more or less, require the same amount
M/S GreekArt manufactures bust statues of famous historical figures. | ||||||
Since all statues are of the same size, they more or less, require the same amount of resources | ||||||
They planned to sell 5000 pieces at Rs1500/- each, consuming 50,000 kgs of raw material @Rs 100 per kg. 20000 | ||||||
direct labour hours were expected to be used @Rs 40 per hour. Additionally, Rs 10 lacs of fixed costs were expected | ||||||
to be incurred during the year | ||||||
During the year 5500 statues were actually produced and sold at an average price of Rs 1450/- per piece. | ||||||
Material worth Rs 5830,000 was purchased at Rs 110 per kg. | ||||||
25000 direct labour hours were used at the rate of Rs 36/- per hour. Moreover, actual fixed costs were Rs995,000. | ||||||
There were no beginning or ending inventories. | ||||||
Compare the actual performance with the planned performance and identify the deviations. Provide a detailed | ||||||
analysis of the variance between the planned performance and the actual performance. | ||||||
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