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Question - JLT Limited manufactures one product only. The standard selling price and the cost to make one unit is as follows:
€ Direct material - 10 kilograms at €15 per kg 150 Direct wages - 5 hours at €8 per hour 40 Variable cost 190 Selling price 300 The budgeted fixed production overhead cost is €45,000 and sales of 750 units were budgeted. JLT Limited uses a marginal costing system in order to cost the product. During October 2017 the actual results were as follows: € Sales 700 units @ €320 224,000 Direct materials: 7,500 kg 111,750 Direct wages 3,400 hours 27,880 Fixed production overhead 37,000 176,630 Profit 47,370
Note: JLT Limited does not hold any inventories.
You are required to:
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