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Question - Gem Box produces wooden boxes. You are the Finance Manager of the company, and was provided with the table below which shows the budget and actual units sold together with standard costs and actual costs for materials and labor used in the manufacture of wooden boxes:
Data for November 2021:
Description
Budget
Actual
Units of finished wooden boxes sold
4,000
3,800
Standard material required (kg per wooden box)
2.5
Actual materials used (kg per wooden box)
2.6
Standard material costs per kg (RM)
13.00
Actual material cost per kg (RM)
12.80
Standard labour hours required (hours per wooden box)
2.2
Actual labour hours used (hours per wooden box)
2.3
Standard labour costs per hour (RM)
10.00
Actual labour cost per hour (RM)
10.50
Assume that the quantity of materials purchased and the quantity used are identical.
Required -
Compare the original budget with actual costs for materials and labour and comment on the variances. What is the short coming of this report?
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