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Calculate the variance for March

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Question - M&M makes Product E, the standard costs of which are:

Sales Revenue £40

Direct labour (1 hour) (13)

Direct materials (1 kg) (12)

Fixed overheads (5)

Standard profit 10

The budgeted output for March 2021 was 1,000 units; however, the actual production was 1,100 units sold for £44,400. There were no inventories at the start or end of March.

The actual production costs were:

Direct labour (1,075 hours) £14,513

Direct Materials (1,170 kg) 13,455

Fixed overheads 5,700

Required -

1. Calculate the variance for March from the available information and use them to reconcile the budgeted and actual profit figures?

2. How will a flexible budget help this company to identify the budget variance?

Reference no: EM133007688

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