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Plz help for E,F,G A,B,C,D is solved and ans are attached 30 50 Standard Coasters Plc produces and sells one product, product S. Below is
Plz help for E,F,G
A,B,C,D is solved and ans are attached
30 50 Standard Coasters Plc produces and sells one product, product S. Below is the standard cost of one unit of Product S: Direct Material A - 10 kilos at 20 per kilo 200 Direct Material B - 5 litres at 6 per litre 30 Direct Labour - 5 hours at 6 per hour Fixed production overhead - 5 hours at 10 per hour Standard cost 310 Standard Profit 90 Standard Selling Price 400 Budgeted Fixed production overhead is 45,000 based on monthly output of 900 units and 4,500 direct labour hours. In April 2021, the first month in the company's financial year, the following were the actual results for an actual production of 800 units of Product S. 1. Sold 800 units for 320,000. 2. Direct Material A - 7,800 kilos at 20.50 per kilo 3. Direct Material B -4,300 litres at 5.50 4. Direct Labour 4,200 hours at 5.75 per hour 5. Fixed production overhead incurred 47,000. Required (a) Calculate the Actual Profit for April 2019 (6) Material A Price and Usage Variances (c) Material B Price and Usage Variances (d) Direct Labour Rate and Usage Variances (e) Fixed Production Overhead Expenditure and Volume Variances (f) Sales Price and Sales Volume Variances (g) Comment of any five of the variances you have calculated above a) Calculation of Actual Profit for April 2019 Amount () Amount () 320,000 Particulars Actual Sales Less: Actual Cost Direct Material A (7,800 Kilos * 20.50) Direct Material B (4,300 Litres + 5.50) Direct Labour (4,200 hours * 5.75) Fixed Production Overhead Actual Profit 159,900 23,650 24,150 47,000 254,700 65,300 b) Material A Price and Usage Variances Material A Price Variance = Actual Quatity * (Standard Price - Actual Price) - 7,800 Kilos * (20 - 20.50) - 3,900 (A) Material A Usage Variance = Standard Rate * (Standard Quantity - Actual Quantity) - 20 * [(900 Units * 10 Kilos) - 7,800 Kilos] = 20 * 19,000 Kilos - 7,800 Kilos] = 24,000 (F) c) Material B Price and Usage Variances Material B Price Variance = Actual Quatity * (Standard Price - Actual Price) = 4,300 Litres * (6 - 5.50) - 2,150 (F) Material B Usage Variance - Standard Price * (Standard Quantity - Actual Quar = 6* [(900 Units * 5 Litres) - 4,300 Litres] - 6* [4,500 Litres - 4,300 Litres] = 1,200 (F) d) Direct Labour Rate and Usage Variances Direct Labour Rate Variance - Actual Hours * (Standard Price - Actual Price) = 4,200 Hours * (6.00 - 5.75) - 1,050( F) Direct Labour Usage Variance - Standard Price * (Standard Hours - Actual Hours) = 6.00 * [(900 Units * 5 Hours) - 4,200 Hours) - 1,800 (F)
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