Question
Question 1 The following information was obtained from records of a manufacturing unit using standard costing system. Budgeted Actual Production per month 2500 units 2000
Question 1
The following information was obtained from records of a manufacturing unit using standard costing system.
Budgeted Actual
Production per month 2500 units 2000 units
Assume 8 hours / day
Working days 25 26
Fixed overhead $ 50000 $45000
Variable overhead $ 15000 $ 15000
Required
Calculate the following overheard variances
- Variable overheard cost variance
- Variable overheard expenditure variance
- Variable overheard efficiency variance
- Fixed overheard cost variance
- Fixed overheard expenditure variance
- Fixed overheard volume variance
- Fixed overhead efficiency variance
- Fixed overhead capacity variance
Question 2
From the following information from the books of Magaga (Pvt) Ltd, draw up the trial balance as at 31 December, 2018
$
Sales 40000
Purchases 35000
Sales returns 500
Purchase returns 620
Opening stock 10000
Provision for doubtful debts 80
Wages and salaries 3000
Rates 600
Telephone 100
Shop fitting at cost 4000
Van at cost 3000
Debtors 980
Creditors 700
Bad debts 20
Capital 17900
Bank 300
Drawings 1800
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