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Problem - Amber Company uses a standard cost system and sets predetermined overhead rates on the basis of direct labour hours. The following data are taken from the company's budget for the current year.
Denominator activity
4,500 units
Variable manufacturing overhead (9,000 direct labour hours @53.80)
$34,200
Fixed manufacturing overhead cost
$63,000
Predetermined overhead rate ( 597,200+9,000 direct labour hours)
510.80
The standard cost card for the company's only product is given below:
Standard Quantity or hours
Standard price or rate
Standard cost Per Unit
Direct materials
4 kilograms
$2.60 per kilogram
$10.40
Direct labour
2 direct labour hours
$9 per direct labour hour
18.00
Variable overhead
$3.80 per direct labour hour
7.60
Fixed overhead
57 per direct labour hour
14.00
Total standard cost
$50.00
During the year. the company produced 4.800 units of product and incurred the following costs:
Quantity
Amount
Direct materials purchased
30,000 kilograms
$75,000
Direct materials used
20,000 kilograms
Direct labor
10,000 hours
$86,000
Variable manufacturing overhead cost
$35,900
$64,800
Required:
(a) Prepare an analysis of the variances for materials and labour for the year.
(b) Prepare an analysis of the variances for variable and fixed overhead for the year.
(c) Based on the results from your analysis above, comment on the cost control efficiency of the company.
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