35565 Set 2 minutempt test 12 Compatibility Mode View Help EndNote X9 0 Search Mailings Review A A A A 21 . Normal Body Test to 1 No Space Table Heading 1 1 Heading 2 Syles CRN 35585 Jacksons Ltd is a small manufacturing company producing and distributing leather products for industrial and retail customers. One of Jacksons products is known as 'Product A'. The standard cost card of Jacksons Ltd for Product A is shown below Jacksons Ltd - Standard Cost Card Product A (Currently attainable standards) Unit Description Quantities and prices Direct materials 2.5 litres @ 4.00 per litre Direct labour 1.5 hours @ 8.00 per hour Fixed overhead 10.00 per unit produced Standard total unit cost: Standard selling price: Standard unit gross profit: 10.00 12.00 10.00 32.00 50.00 18.00 Other information The fixed overhead absorption rate is based on a consistent monthly production of 550 units e Finance Student Re. Content - Google Word Thamer cv pat and lije CRN:35565 Actual trading results for December 2020 are: Jacksons Ltd Actual Trading Results (December 2020) E 28,050 Sales (for 550 units sold) Direct materials (for 1513 kilos consumed) Direct labour (1,100 hours recorded) Fixed overhead (550 units produced) Cost of sales: Gross profit: 5,294 6,600 4,950 (16,844) 11,206 mtandard that will reconcile Required: 3. Prepare a detailed analysis of the variances from standard that will reconcile expected (standard) and actual profits for the most recent trading period. (Show all workings) Requirement C.3 = 10 marks 4. Explain the results of your detailed variance calculations and the possible causes for each variance. Requirement C.4 = 5 marks 35565 Set 2 minutempt test 12 Compatibility Mode View Help EndNote X9 0 Search Mailings Review A A A A 21 . Normal Body Test to 1 No Space Table Heading 1 1 Heading 2 Syles CRN 35585 Jacksons Ltd is a small manufacturing company producing and distributing leather products for industrial and retail customers. One of Jacksons products is known as 'Product A'. The standard cost card of Jacksons Ltd for Product A is shown below Jacksons Ltd - Standard Cost Card Product A (Currently attainable standards) Unit Description Quantities and prices Direct materials 2.5 litres @ 4.00 per litre Direct labour 1.5 hours @ 8.00 per hour Fixed overhead 10.00 per unit produced Standard total unit cost: Standard selling price: Standard unit gross profit: 10.00 12.00 10.00 32.00 50.00 18.00 Other information The fixed overhead absorption rate is based on a consistent monthly production of 550 units e Finance Student Re. Content - Google Word Thamer cv pat and lije CRN:35565 Actual trading results for December 2020 are: Jacksons Ltd Actual Trading Results (December 2020) E 28,050 Sales (for 550 units sold) Direct materials (for 1513 kilos consumed) Direct labour (1,100 hours recorded) Fixed overhead (550 units produced) Cost of sales: Gross profit: 5,294 6,600 4,950 (16,844) 11,206 mtandard that will reconcile Required: 3. Prepare a detailed analysis of the variances from standard that will reconcile expected (standard) and actual profits for the most recent trading period. (Show all workings) Requirement C.3 = 10 marks 4. Explain the results of your detailed variance calculations and the possible causes for each variance. Requirement C.4 = 5 marks