Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The standard cost card shows the following details relating to material needed to produce 1kg of sunflower oil: Quantity of sunflower oil required: 3kg Price
The standard cost card shows the following details relating to material needed to produce 1kg of sunflower oil:
Quantity of sunflower oil required: 3kg
Price of sunflower oil: RM2.50 per kg
The actual production data:
Production during the month: 1,000 kg
Quantity of material used: 3,500 kg
Price of sunflower oil: RM3 per kg
a) CALCULATE Labour Rate Variance and Labour Efficiency Variance based on the following information: (4 marks) Standard Direct Labour Cost per unit 3 hours @RM100 per hour Actual production 1,000 units Actual labour cost RM326,400 (Actual hours 3,200 hours X File 1 Revision FE - Word (Product Activation Failed) 5 Home Insert Design Layout References Mailings Review View Tell me what you want to do. Sign in Share & Cut Times New R - 12 AA Aa A., An Find - Pe Copy Aa Bb ab Replace Format Painter BIU - X, X A-ayA 1 Normal I No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis 7 Select Clipboard Font Paragraph Styles Editing Paste A b) CALCULATE Variable Overheads Expenditure Variance and Variable Overheads Efficiency Variance based on the following information: (4 marks) Standard variable cost of a Product A is RM30 (2 hours @RM15 per hour). Actual information is as follows: RM8.000 Actual Variable Cost Direct Labour Hours Actual production Actual rate per hour 500 hours 200 units RM16 per hour Page 5 of 6 875 words CE English (Malaysia) BE E + 100% 1 4:29 PM 14/4/2022 1 Type here to search C 28C Light rain ENG c) Actual and budgeted information for the last year are as follow. CALCULATE Fixed Overhead Expenditure Variance, Fixed Overhead Volume Variance and Fixed Overhead Cost Variance. (6 marks) [Total : 20 Marks] Budgeted information Budgeted Fixed overheads RM120,000 Budgeted Hours 100,000 hours (50 working weeks and 40 hours per week) Budgeted production 20,000 units Actual information Production 21,000 Monthly fixed cost RM115,500 Labour hours 104,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started