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Great Lakes Co. is about to commence the final quarter of activity for the current financial year. The results for the first three quarters of the year have been as follows:
Q1
Q2
Q3
Sales volume
12,000
20,000
18,000
Production volume
15,000
25,000
Costs (£000) Direct materials
150
250
180
Direct labour
130
190
148
Depreciation of plant
12
Other production overheads
50
70
56
Administration costs
30
Selling and distribution costs
38
47
Total costs
410
617
473
Notes:
(i) The variable elements of production costs are related to the volume of production. The variable element of selling and distribution costs is related to the volume of sales.
(ii) During the fourth quarter of the year sales volume is expected to range between 18,000 and 24,000 units; production will be set equal to sales in the quarter. The company has been informed that the unit price of materials will increase by 8% in the fourth quarter.
(iii) For the whole of the year the selling price is £30 per unit.
Prepare flexible budgets for the final quarter at production (and sales) levels of 18,000 and 24,000 units. Forecast the profit at these sales levels.
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