Reference no: EM133016950
Question - M&M makes Product E, the standard costs of which are:
Sales Revenue £40
Direct labour (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
Calculate the variance for March from the available information and use them to reconcile the budgeted and actual profit figures?
How will a flexible budget help this company to identify the budget variance?
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