Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Gilbert Ltd uses standard costing methods for both budgeting and flexible budgets to understand and control variances. The following represents the data for December 2020.
Budget
Actual
Sales Volume
20,000
25,000
Sales Price
$25
$23
No of units produced
24,000
29,000
No of DL minutes per unit
20 mins
18 mins
Qty of Raw Materials per unit
2kg
1.8kg
Standard variable overhead rate (per unit)
$3
Rate for labour (per hour)
$30
$32
Rate per kg of raw material
$2.00
$2.30
Required - Calculate the following and provide brief feedback to the sales manager, procurement manager and production manager based on your calculations. Ensure you clearly indicate if variances are favourable or unfavourable
a) Sales price variance
b) The actual cost for direct materials
c) Flexed budget for direct materials
d) Flexible budget for direct materials
e) Direct material price variance
f) Direct material efficiency variance
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd