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The following details were extracted from the standard cost card of a component: Raw Materials 2.82 Kgs @ Rs.4.80 Kg. Direct Labour Type I 6.5 hrs @ Rs.3.75 Type II 3.85 hrs @Rs. 4.25 During a period original results were as follows: Production 1,100 components. Direct Material Purchase and usage 3,200 Kgs at a cost of Rs.15,100 Wages Paid Type I (7,120 hrs ) Rs.27,056 Type II (4,235) Rs. 18,210
Requirement: You are needed to calculate what variances have arisen.
Sensitivity Analysis The only certain thing is that nothing is sure thing. Cost structures can be anticipated to vary over the time period. Management should vigilantly analyze
At the end of Ehlinger Department Store's fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance: Freight-In $ 7,200
ABC bond is a 20-year bond with face value $1000. The coupon payment is $25 per 6 months. The semi-annual yield is 4%. Use the PV function in Excel (or equivalent) to Önd the price
Absorption vs. Variable Costing Varilux manufactures a single product and sells it for $10 per unit. At the beginning of the year there were 1,000 units in inventory. Upon further
Cost Account Ledger System A cost account ledger system is essential to analyze accounting information in order such costs may be accumulated for individual cost centers and c
Advantages of Standard Costing 1. Management via Exception: the standard costing is an example for management via exception. By studying the variances, management's attentio
Variable Overhead Variance (VOHV) VOHV is defined by ICMA, London, as 'the variation between the standard variable production overhead absorbed in the production achieved, whet
Raw Materials: Manufacturing Overhead Bal 1/1: 36,000 Credits: ? Debits: 383,000 Credits: ? Debits: 470,000 Bal: 12/3: 156,000 Work in Process: Bal 1/1: 73,000 Credits: 770,000
Alternative to Total Overhead Variances There is an easier approach to overhead variances. In this approach, the overheads are NOT sub-divided into their fixed and variable e
Balance Sheet Preparation with a Missing Element The following data are available for Schubert Products Inc. as of December 31, 2012. Cash . . . . . . . . . . . . . . . . . . .
price variance-15100-153620=260 (fav)usage variance-15360-14890=470 (adverse)total material variance=210 (adv)
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