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Standard Costing and Varlame 44. Reverse Working with given Reconciliation Statement and Variances N08 The following Profit Reconciliation Statement has been prepared by the Cost Accountant of RSQ Lid tor March (in) Budgeted Profit 2,40,000 Sales Price Variance 51,000 (5) 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 2.00 8.00 Labour 4 hours at 32.00 128.00 Variable Overhead 4 hours at 12.00 48.00 Fixed Overhead 4 hours at 28.00 112.00 296.00 Standard Profit 24.00 Standard Selling Price 320.00 You are required to calculate: 1. Actual Production and Sales Volume 3. Actual Number of Hours worked 2. Actual Quantity of Material purchased 4. Actual Variable and Fixed Overhead Cost incurred Value x 112 pu) less Actual FOH * Std FOH Rate pu) less Actual FOH So, Actual Fixed Overhead = 11,16,000 Less: 45. Reverse Working with given Reconciliation Statement and Variances The following figures are available. Find out the missing figures, giving appropriate formulae - Budgeted Profit Adverse Variances: Contribution Price Variance Direct Material Variance Fixed Overhead Variance N 06 15,000 10,600 1,000 600 Add: Favourable Variances: 12,200 2,800 Contribution Quantity Variance Direct Wages Variance Variable Overhead Variance 1,800 600 1,800 Actual Profit 4,200 7,000 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 * 3 per unit Variable Overhead Standard Rate Actual Selling Price 17 per unit Standard Hours of Production Budgeted Sales 10,000 units Variable Overhead at Standard Rate Std Material Cost p.u. 1 (5 kg at 20 paise / kg) Variable Overhead Expenditure Variance Material Usage Variance 400 (Adv) Budgeted Fixed Overhead 7 63,000 61,950 72 4 hrs per unit 84,800 400(A) 315,000 Find out the following: 1. Actual Sales Units 2 Actual Sales Rupees 3. Actual Quantity of Raw Materials used 4. Labour Efficiency Variance 5. Actual Variable Overhead in Rupees 6. Variable Overhead Efficiency Variance 7. Actual Fixed Overheads 8. Operating Profit Variance 70, Ik view tionc commutations 46. Reverse Working with given Reconciliation Statement and Variances - Single Plan, MPPV The following statement summarises the performance of one of Swing Ltd's products for the month of March. Less: Particulars Budgeted Profit Sales Volume Variance Standard Profit on Actual Sales Sales Price Variance 4,250 850 A 3,400 4,000 A (600) Less: 16.79 nts' Handbook on Strategic Cost Management & Performance Evaluation - CA Final Adverse) 3 Favourable (3) Particulars Cost Variances: Direct Materials Price Usage Direct Labour Rate Efficiency Variable Overhead Expenditure Efficiency Fixed Overheads Expenditure Volume 1,000 150 200 150 600 75 Actual Profit 2,500 150 3,650 1,175 2,475F 1,875 The budget for the above period contained the following data: 1. Sales: 1,500 units for a Total Revenue of 20,000 2. Production: 1,500 units. 3. Direct Materials purchased and used: 750 kg at a Total Cost of ? 4,500. 4. Direct Labour: 1,125 hours at a Total Cost of ? 4,500. 5. Variable and Fixed Overheads: 32,250 and 4,500 respectively. Additional information: Stocks of Raw Materials and Finished Goods are valued at Standard Cost. Actual Production during the above period was 1,550 units. Actual Sales Revenue was 12,000. Direct Materials purchased were 1,000 kgs. Calculate the following - 1. Actual Sales Volume 2. Actual Ouantity of Materials used 3. Actual Direct Material Cost 4. Actual Direct Labour Hours 5. Actual Direct Labour Cost 6. Actual Variable and Fired Overhead Cost Solution: ecial Variances 47. Sales Cost Variances - Salesmen Evaluation Aravind, Balan, Chandru and Divakar are salesmen distributing the product of SUPER PERFUMES Ltd. The Selling Price of the N92 product is 2 400 per unit. The Sales Quota and the Standard Selling Expenses for the year are -- Salesman Aravind Balan Chandru Divakar Sales Quota in 7,50,000 9,00,000 11,50.000 6,00,000 Standard Selling Expenses in 2,25,000 2,47,500 287,500 225,000 Actual data for the year were as follows - Particulars Aravind Balan Days on field work Chandru Divakar 200 175 22 Kilometres covered 250 20,000 18,000 18,000 30,000 Sales 8,00,000 10,00,000 10,50,000 5,20,000 Salary (3) 80,000 80,000 80,000 80,000 Free Samples 3 9,000 7,500 5,375 8,000 Postage & Stationery (3) 8,000 9,000 10,000 6,000 9,000 5,000 4,000 Other Expenses (3) 10,000 The Salesmen are allowed Conveyance Allowance of ? 1.50 per kilometer and a Daily Allowance of 80 per day for the days spent on fieldwork. Aravind gets a commission of 6% on Sales and others are given a commission of 5% on Sales. Corporate Sales Office Expenses are chargeable at the rate of ? 30 per unit sold in the case of Aravind and Balan and 40 per unit on the case of Chandru and Divakar, Prepare a schedule showing the Selling Cost Variances by salesmen. (in) 48. Salesmen Evaluation Standard Costing and Variance Analysis N 96 GLOBAL Ltd is engaged in marketing of wide range of consumer goods. A, B, C and D are the Zonal Sales Officers for four zones. The Company fixes annual sales target for them individually. You are furnished with the following information - The Standard Costs of Sales Target in respect of A, B, C and D are 5,00,000,