Reference no: EM133119232
Question - Awford Industries manufactures sports equipment. One of its products (the Fratton) has the following standard costs per unit:
|
Cost Type
|
£
|
|
|
|
Material X (£2.25 per kg)
|
2.25
|
|
Material Y (£4.00 per kg)
|
8.00
|
|
Labour - skilled (£12.00 per hour)
|
3.00
|
|
Labour - unskilled (£7.00 per hour)
|
3.50
|
|
Variable overhead (Absorbed @ £6.00 per hour of skilled labour)
|
1.50
|
|
Total standard cost per Fratton
|
18.25
|
For the month of June, when 2,500 units of the Fratton were produced, production data was as follows:
Material purchased and used: X - 2,600 kgs @ £2.20 per kg; Y - 5,200 kgs @ £3.90 per kg.
Hours worked in producing 2,500 units of the Fratton: Skilled - 640 hours; Unskilled - 1,280 hours.
Actual variable overhead cost incurred £3,500.
At the beginning and end of the month Awford Industries had no stocks of any material, work-in-progress or finished product.
Required -
1) Calculate the materials price and usage variances?
2) Calculate the labour efficiency variance?
3) Calculate the variable overhead expenditure and efficiency variances?
|
Prepare journal entry for the issuance of the bonds on june
: On June 1, 2023, Twilight decided to retire 20% of the bonds. At that time the bonds were selling at 98. Prepare journal entry for the issuance of the bonds
|
|
Describe the concepts of probability
: Define a Frequency Table and all of the associated terms. Identify and describe the concepts of Probability.
|
|
Benefit from a risk management strategy
: Choose Intel (INTC) or Ford Motor Co. (F) or a company of your choosing which could benefit from a risk management strategy that uses futures
|
|
Expected excess return of the market portfolio
: If the expected excess return of the market portfolio is 7?%, which of these firms has a higher equity cost of? capital, and how much higher is? it?
|
|
Calculate the materials price and usage variances
: Material purchased and used: X - 2,600 kgs @ £2.20 per kg; Y - 5,200 kgs @ £3.90 per kg. Calculate the materials price and usage variances
|
|
Dividend discount model and fcfe model
: Kimberly-Clark, a household product manufacturer, reported earnings per share of $3.20 in 1993 and paid dividends per share of $1.70 in that year. The firm repo
|
|
What is dfa business strategy
: What is DFA's business strategy? What do you think of the firm? Are the DFA people really believers in efficient markets?
|
|
Forecast actual cash flows
: SignalClear is thinking of building a factory in Lisbon that will have an estimated life of at least 50 years. SignalClear is trying to do a valuation of the pr
|
|
What rate of annual return do they need to achieve
: Assume the couple John and Helen want to fund a college education for their son, William, age 2. William will attend 4 years of college starting at age of 18. H
|