User Account

All Pages

Calculate the standard costing variances for the materials

Assignment Help Managerial Accounting
Reference no: EM132998827

Question - Simple Ltd uses variance analysis as a method of cost control. Information for the year ended 30 June 2000 is as follows;

Budget Production for the year 1400 units

Direct materials (Quantity 2800 at £4) £11,200

Direct Labour (700 hours at £9.5/hour) £6,650

Total £17,850

Actual Production for the year 1,200 units

Labour hours for year 750 hours

Labour cost for year £7,200

Materials used in year 2,700

Materials cost for year £10,260

Required - Calculate the standard costing variances for the materials and labour.

Reference no: EM132998827

Questions Cloud

Prepare the required journal entries for the transaction : Prepare the required journal entries for the above transactions, including the settlement. Strike price is $65 Date Market Price of Company X purchased.
Calculate Factory Cost for the year ended June : Stock of material, June 30 2015 Rs. 15,700 and Stock of materials, July 1, 2014 12,000. Calculate Factory Cost for the year ended June 30, 2015
Compute the ending inventory for james company : Use the dollar-value LIFO method to compute the ending inventory for James Company for 2016 through 2020. Find the LIFO reserve and LIFO effect for each year.
Explain what is an advantage associated with job rotation : Explain what is an advantage associated with job rotation? Florence is hired by a candy manufacturer. The company first teaches her how to wrap.
Calculate the standard costing variances for the materials : Budget Production for the year 1400 units and Direct materials (Quantity 2800 at £4) £11,200. Calculate the standard costing variances for the materials
Identify the gaps of caring for the patient : Identify the gaps of caring for the patient in a culturally sensitive manner and What ethical decisions must the health care providers make concerning
Explain which human resources activity does the scenario : Skills needed as well as advertising the open position on several job websites. Which human resources activity does this scenario describe?
What is the amount of insurance expense : The annual premium of P100,000 is payable every January 2nd of the year. What is the amount of insurance expense
Which of the items is most likely to appear on balance sheet : Which of the items is most likely to appear on a balance sheet? Which a balance sheet is a statement of a company's? Which another name for the income statement

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

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

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

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

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

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

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.

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd