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=(1,330x50)-(1,380x50)= 2,500 A 7 7 35. Reverse Working - Sales Variances only Compute the missing data, indicated by question marks in the following table. Particulars Product R Standard Sales Quantity (units) ? Actual Sales Quantity (units) 500 Standard Price per unit * 12 Actual Price per unit 15 Sales Price Variance ? Sales Volume Variance 1,200 Favourable Sales Value Variance ? Sales Mix Variance for both the products together was 450 Favourable. Products 400 7 15 20 ? ? ? 16.63 M 98 36. Reverse Working - Materials and Labour Variances MPPV Impact On 1st April , the Standard Electric Co. began the manufacture of a new electronic gadget. The Company uses a standard costing system to account for manufacturing cost. The Unit Standard Costs for the product are - Direct Material (3 Kgs at 5 per kg.) Direct Labour (0.5 hour at 20 per hour) Manufacturing Overhead (75% of Direct Labour Cost) 15.00 10.00 7.50 32.50 Debit () Credit () 1,25,000 68,250 Total Cost The following data was obtained from the Company's records for April - Particulars Sales Sundry Creditors (for purchase of Direct Materials in April) Direct Material Price Variance Direct Material Usage Variance Direct Labour Rate Variance Direct Labour Efficiency Variance 3,250 2,500 1,900 2,000 16.64 Answers: Standard Direct Labour Hours allowed for the 5. Std Quantity of Direct Materials allowed 12,000 kgs. actual output achieved = 2,000 hours. 6. Actual Quantity of Direct Materials used = 12,500 Kgs. 2 Actual Hours worked = 1,900 hours. 7. Actual Quantity of Direct Materials purchased = 13,000 Kgs. 3. Actual Direct Labour Rate = 21 per hour. 8. Actual Direct Materials Price per kg. = 5.25 4 Actual Direct Labour Cost = 39,900 37. Reverse Working - Materials and Labour Variances N 05 Rainbow Lid manufactures paint in batches. The Company uses Standard Costing system and the variances are reported weekly. You have taken the account sheet for study for variance analysis discussion. While working, coffee was spilled on these sheets and only the following could have been retrieved - Dr. Cr. Raw Material-1 Beginning Balance Nil Consumed 18,000 Closing Balance 6,000 16,65 Pachuka's - Students' Handbook on Strategic Cost Management & Performance Evaluation - CA Final 41,400 Raw Material-2 18,000 Closing Balance Beginning Balance Nil Work in Progress Nil 72,000 Closing Balance Beginning Balance Raw Material - 2 1,27,200 Sundry Creditors Wages Outstanding 51,750 Quantity Variance - Material-1 1,200 Price Variance - Material-2 6,600 7,200 Efficiency Variance - Labour . Other Information: Standard Cost of Material-2 is 180 per litre and Standard Quantity is 5 litres Standard Wage Rate is 24 per hour and a total of 2,300 hours were worked during the week. 1,000 kg of Material - 1 and 550 litres of Material - 2 were purchased. Sundry Creditors are for Material acquisition and Wages Outstanding pertain to Direct Labour . . For Variance Analysis discussion, compute - (a) Material - 1 Rate Variance, (b) Material - 2 Quantity Variance, (c) Labour Spending Variance, (d) Standard hours allowed for production, and (e) Purchase Value of Material - 1. Pac 5. Standard Costing and Variance Analysis 44. Reverse Working with given Reconciliation Statement and Variances N 08 The following Profit Reconciliation Statement has been prepared by the Cost Accountant of RSQ Ltd for March. (in ) Budgeted Profit 2,40,000 Sales Price Variance 51,000 (F) Sales Volume Profit Variance 42,000 (A) 2,49,000 Material Price Variance 15,880 (A) Material Usage Variance 3,200 (F) Labour Rate Variance 78,400 (F) Labour Efficiency Variance 32,000 (A) Variable Overhead Expenditure Variance 8,000 (F) Variable Overhead Efficiency Variance 12,000 (A) Fixed Overhead Volume Variance 1,96000 (A) Fixed Overhead Expenditure Variance 4,000 (F) Actual Profit 86,720 Budgeted Production and Sales volumes for March were equal and the level of Finished Goods Stock was unchanged. But the Stock of Raw Materials decreased by 6,400 kg (valued at Standard Price) during the month. The Standard Cost Card is as under: Material 4 kg at 22.00 8.00 Labour 4 hours at 32.00 128.00 Variable Overhead 4 hours at 12.00 48.00 112.00 N 06 15,000 45. Reverse Working with given Reconciliation Statement and Variances The following figures are available. Find out the missing figures, giving appropriate formulae - Budgeted Profit Less: Adverse Variances: Contribution Price Variance Direct Material Variance Fixed Overhead Variance 10,600 1,000 600 12,200 2,800 Add: Favourable Variances: Contribution Quantity Variance Direct Wages Variance Variable Overhead Variance 1,800 600 1,800 4,200 7,000 Actual Profit There is no inventory. Also, Production Units - Sales Units for both actual and budget. Other information: Standard Selling Price 18 per unit Actual Labour Hours at Actual Rate Standard Variable Cost 15 per unit Actual Labour Hours at Standard Rate Standard Contribution