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Question - Paine Ltd makes and sells a single product. Annual sales in units for 2017 are expected to be 200,000, and standard cost and selling price per unit is:
£
Selling price 35
Variable costs:
Materials 8
Labour 8
Overheads 2
Annual fixed overheads for 2015 are budgeted at:
Manufacturing: 600,000
Non-manufacturing 250,000
Actual production and sales for the first quarter was 45,000 units. The actual revenue and expenditure for the quarter was as follows:
Sales revenue 1,720,000
Expenditure:
Materials 365,500
Labour 375,500
Variable overhead 97,200
Fixed overheads
Manufacturing 135,000
Non-manufacturing 75,000
Paine Ltd divides the annual budget by 4 in order to produce quarterly variance analysis reports.
Required -
a) Prepare the first quarter variance analysis report showing the fixed budget, flexible budget and flexible budget variances.
b) Suggest how this report could be improved in terms of variable costs variance analysis, describing any extra information you would need in order to do so.
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