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You are required to conduct a detailed analysis of all the prime cost and overhead variances. You must create a fictitious company (and a fictitious cost object) which has at least three direct material categories; at least two direct labour categories and both variable and fixed overheads. You can refer to pages 476 and 532 of your prescribed textbook for detailed illustrations and also the lecture illustration which was discussed in the lecture and tutorial in week 7 and 8. Please make sure you clearly mention the standard and the actual quantity and price of all the inputs. You're encouraged to use diagrams and flowcharts to illustrate your analysis. In total, you'll be analysing 6 direct material variances (both price and efficiency variance for the three types of direct material - 3 x 2 = 6), 4 direct labour variances (both price and efficiency variance for the two types of direct labour - 2 x 2 = 4), 2 variable overhead variances (spending and efficiency variance) and 2 fixed cost variances (spending and volume variance). You MUST make sure that any 4 out of the 6 direct material variances are unfavourable and any 1 out of 4 direct labour variances are favourable. In the end you must prepare a short report (maximum 1,000 words) of your analysis, identifying possible reasons for favourable and unfavourable variances. You're also required to record the necessary journal entries to close all the variances.
meaning and definition of operating costing
I need project help in Government and nonprofit accounting, can you help me in look out this problems?
A company is evaluating the following lease or buy option. A four year lease with annual payments of $25,000 payable at the beginning of the year. The tax shield is available a
Product Versus Period Costs Another way to look at manufacturing costs is to think of them as attaching to a product. In other words, goods result from the manufacturing proces
What is a standard and acceptable variance
Each unit of a product requires four components. The average number of components is 4.25 due to component failure. Purchasing higher quality components can reduce the average numb
A listed entity, had 3,000,000 $1 ordinary shares in issue, On 1 January 2009 CSA.CSA made a bonus issue of 1 for 3, On 1 May 2009. CSA issued 2,000,000 $1 ordinary shares for $3.2
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responsibility of director of finance and logistics
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