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Question - Plastic Company manufactures one product, called XXY, used in the plastic industry. The company prepares its budget on the basis of standard costs. The following planned and actual data are for December 2018.
XXY
Standard Data:
Direct Materials
4 kg @ £ 1.10/Kg
Direct Labor
6 hs @ £5/hour
Variable Overhead (per DL hour)
£ 3.50
Fixed Overhead
£ 26,520
Expected Activity (in DL hours)
7,800 DL hours
Actual Data:
4,700 Kg @ £ 1.15/Kg
7,400 hours @ £ 5.10/hour
Variable Overhead
£ 25,234
£ 26,400
Units Produced
1,200
Required -
1. Prepare a variance analysis for each variable cost component of XXY (hint: actual quantities of direct materials that were purchased equal the actual direct material quantities used into production).
2. Prepare a fixed overhead variance analysis, assuming that Plastic Company applies fixed overhead based on expected volumes (i.e., units).
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