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Please help me answer question 1 and question 2 below: Question 2 124 Marks - 43 Minutes! Normal 2013 Nov Four Seasons CC manufactures a

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Please help me answer question 1 and question 2 below:

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Question 2 124 Marks - 43 Minutes! Normal 2013 Nov Four Seasons CC manufactures a single product in one process. The following information for July 2013 is available: Work in process - 1 July 2013 - Material - 100% complete 150 000 - Conversion costs - 50% complete 255 000 Material issued for 44 000 units 1 056 000 Conversion cost 1 193 700 Units complete Work in process - 31 July 2013 - Material - 100% complete - Conversion costs - 75% complete Additional information: 0 Material is added at the beginning of the process. Conversion costs are incurred evenly throughout the process. 0 Normal spoilage is estimated at 10% of input that reaches the point of spoilage. 0 Losses occur at 80% of the process 0 Inventory is value according to the first-in-first-out method. REQUIRED: Prepare the following statements for July 2013: - - 2.1 Quantity statement (inclusive of equivalent units) - 2.2 Production cost statement per unit - 2.3 Cost allocation statement _ TOTAL MARKS m Question 1 121 Marks - 38 Minutes) Supp 2013 Nov Design Plastics CC produces and sells one product only, the standard cost for which is: Direct material 11 litres @ N$2.00 per kilogram Direct labour 5 hours @ N$6.00 per hour Variable overheads 5 hours @ N$2.00 per hour Fixed production overhead Total standard production cost per unit Standard gross prot Standard selling price N$ 22.00 N$ 30.00 N$ 10.00 N$ 20.00 N$ 82.00 N$ 38.00 N$120.00 The variable overhead is incurred in direct proportion to the direct labour hours worked. The unit rate for xed production overhead is based on an expected annual output of 24 000 units produced at an even rate throughout the year. Assume that each calendar month is equal and that the budgeted sales volume for March 2013 was 2 000 units. The following were actual results recorded during March 2013. Number of units produced and sold 1 750 units Sales revenue N$218 750 Direct materials: 19 540 litres purchased and used N$41 034 Direct labour: 8 722 hours N$47 971 Variable overhead N$26 166 Fixed production overhead N 37 410 N$152 581 Gross prot Ni 66 169 REQUIRED 1.1. Calculate the material price variance. 1.2. Calculate the material quantity variance. 1.3. Calculate the direct labour rate variance. 1.4. Calculate the direct labour efficiency variance. 1.5. Calculate the variable manufacturing overhead spending variance. 1.6. Calculate the variable manufacturing overhead efficiency variance. 3

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