Reference no: EM132941212

Questions -

RS is currently preparing the production budget for Product A and the material purchase budget for material X for the forthcoming year. Each unit of Product A requires 5 kgs of material X. The anticipated opening inventory for Product A is 5,000 units and the company wishes to increase the closing inventory by 30% by the end of the year. The anticipated opening inventory for material X is 50,000 kgs and in order to avoid stock outs the required closing inventory has been increased to 60,000 kgs. The Sales Director has confirmed a sales requirement of 70,000 units of Product A. How many units of Product A will need to be produced?

RS is currently preparing the production budget for Product A and the material purchase budget for material X for the forthcoming year. Each unit of Product A requires 5 kgs of material X. The anticipated opening inventory for Product A is 5,000 units and the company wishes to increase the closing inventory by 30% by the end of the year. The anticipated opening inventory for material X is 50,000 kgs and in order to avoid stock outs the required closing inventory has been increased to 60,000 kgs. The Sales Director has confirmed a sales requirement of 70,000 units of Product A. What will be the purchases budget for material X?

G repairs electronic calculators. The wages budget for the last period was based on a standard repair time of 24 minutes per calculator and a standard wage rate of $10.60 per hour. Following the end of the budget period, it was reported that: Number of repairs 31,000 Labour rate variance $3,100 (A) Labour efficiency variance Nil Based on the above information, the actual wage rate during the period was:

In a standard cost bookkeeping system, when the actual material usage has been greater than the standard material usage, the double entry to record this is

A company produces a single product that passes through two processes. The details for process 1 are as follows: Materials input 20,000 kg at $2·50 per kg Direct labour $15,000 Production overheads 150% of direct labour Normal losses are 15% of input in process 1 and without further processing any losses can be sold as scrap for $1 per kg. The output for the period was 18,500 kg from process 1. There was no work-in-progress at the beginning or end of the period. What value (to the nearest $) will be credited to the process 1 account in respect of the normal loss?

A company has been asked to quote for a job. The company aims to make a net profit of 30% on sales. The estimated cost for the job is as follows: Direct materials 10 kg @ £10 per kg Direct labour 20 hours @ £5 per hour Variable production overheads are recovered at the rate of £2 per labour hour. Fixed production overheads for the company are budgeted to be £100,000 each year and are recovered on the basis of labour hours. There are 10,000 budgeted labour hours each year. Other costs in relation to selling, distribution and administration are recovered at the rate of £50 per job. The company quote for the job should be

A company produces a single product that passes through two processes. The details for process 1 are as follows: Materials input 20,000 kg at $2·50 per kg Direct labour $15,000 Production overheads 150% of direct labour Normal losses are 15% of input in process 1 and without further processing any losses can be sold as scrap for £1 per kg. The output for the period was 18,500 kg from process 1. There was no work-in-progress at the beginning or end of the period. What is the value (to the nearest $) of the output to process 2?

In an integrated bookkeeping system, when the actual production overheads exceed the absorbed production overheads, the accounting entries to close off the production overhead account at the end of the period would be?

W Ltd makes leather purses. It has drawn up the following budget for its next financial period: Selling price per unit $11.60 Variable production cost per unit $3.40 Sales commission 5% of selling price Fixed production costs $430,500 Fixed selling and administration costs $198,150 Sales 90,000 units The margin of safety represents?

ZK has been asked to quote a price for a special job that must be completed within one week. The job requires a total of 100 skilled labour hours and 50 unskilled labour hours. The current employees are paid a guaranteed minimum wage of $525 for skilled workers and $280 for unskilled workers for a 35-hour week. Currently, skilled labour has spare capacity amounting to 75 labour hours each week and unskilled labour has spare capacity amounting to 100 labour hours each week. Additional skilled workers and unskilled workers can be employed and paid by the hour at rates based on the wages paid to the current workers.The materials required for the job are currently held in inventory at a book value of $5,000. The materials are regularly used by ZK and the current replacement cost for the materials is $4,500. The total scrap value of the materials is $1,000. What is the total relevant cost to ZK of using skilled and unskilled labour on this job?